Five-Year HTC Extension Included in Governor's FY24 Budget

We are delighted that Governor Hochul’s Executive Budget Proposal for FY 2024, released on February 1, includes a five-year extension of the New York State Historic Tax Credit (HTC) programs. Securing an extension of the HTC programs is our top priority for the current legislative session, and its inclusion in the Governor’s budget is a key step toward achieving that goal.

The residential and commercial HTC programs are the strongest incentives available for the rehabilitation of historic properties in New York State. The credits are particularly valuable in retaining and creating affordable housing: since 2010, about 40% of the housing created through use of the commercial credit has been low to moderate-income housing. The residential credit, meanwhile, helps homeowners, particularly those in upstate communities, maintain and repair their houses. 

The Preservation League thanks Governor Hochul for her support of the Historic Tax Credit programs, and we look forward to working with our legislative partners to ensure that the extension is included in the final state budget. 

Along with the extension of the credits, we are working with our legislative sponsors, Assemblymember Carrie Woerner and Senator Timothy Kennedy, on proposals to enhance the commercial credit, with the goal of facilitating affordable housing production and the rehabilitation of large, long-vacant buildings. We thank Assemblymember Woerner and Senator Kennedy for their steadfast support of the HTC programs. 

The Executive Budget Proposal also includes $400 million for the Environmental Protection Fund and $140 million for NYSCA, both matching what was in last year’s budget. We appreciate the Governor’s continued support for these programs, which provide significant funding for historic preservation, the environment, and the arts in our state.

As we celebrate the good news about the credit extension, we are going through the rest of the Governor’s budget proposal to identify other items of interest to the preservation community and will be sharing more budget news soon.