Road to Revitalization: Maximizing Historic Tax Credits Series Recap
During the final days of Preservation Month this May, we took the opportunity to highlight the positive impact of the NYS and Federal Historic Tax Credit programs here in New York. While significant challenges resulted from the COVID-19 pandemic this year, we continue to support the role preservation can play in recovery efforts. A notable victory came during this year’s NYS legislative session: a 10% increase to the state historic tax credit for small projects under $2.5 million (for a total credit of 30%). To celebrate, we presented a special three-part webinar series. If you missed it live, we’ve got you covered.
Big Wins: Increase to NYS Commercial Historic Tax Credit Program | 05.25.2021
We kicked off our series with opening remarks from Assemblywoman Carrie Woerner, who championed the recent increase to our NYS Historic Tax Credit program amidst a challenging budget early on in the 2021 legislative session. We learned how the increased credit value will incentivize investment and revitalize communities statewide.
We also heard a compelling success story from Seth Wochensky, Executive Director of Springville Center for the Arts and President of Art's Café, a rural multidisciplinary arts organization that takes an active role in community revitalization. We got a glimpse into their efforts to convert a collapsed Main Street building into a performance space, art workshop, artist residences, and public green roof centered around a bakery cafe. We were most intrigued by Seth’s artful utilization of a new model of financing that included a direct public offering of historic tax credits with over 100 community members as partners.
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Amplify your Investment: NYS/Federal Historic Tax Credit Program | 05.26.2021
Next, policy and other professionals joined forces to explore the synchronization between the NYS and Federal Historic Tax Credit. Thomas Rossi, Co-Founder/Owner of Redburn Development Partners led us through the tax credit process, highlighting 132 Broadway Lofts. Located in Schenectady, this impressive mixed-use project offers 11 apartments and 12,000 square feet of commercial space – featuring historic windows, industrial finishes and a walk to Downtown.
Then we dove into a comprehensive federal legislative update with leaders in preservation policy: Patrick Robertson, Executive Director of Historic Tax Credit Coalition; Shaw Sprague, Vice President of Government Relations at National Trust for Historic Preservation; William Fiederlein, Acquisitions Manager and Michael Phillips, Public Policy Director, National Trust Community Investment Corporation. We explored preservation advocacy in the context of the current Administration, proposed federal historic tax credit improvements, and explored the negative project impacts due to COVID-19. To conclude, we identified strategies for becoming an advocate in maintaining and enhancing programs that encourage revitalization, adaptive reuse, and preservation.
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Read more about Congressional Priorities & advocacy tips and stay tuned for updates
Show me the Money: Financing your Historic Tax Credit Project | 05.27.2021
To conclude our series, we continued our discussion of the improvements to our NYS Historic Tax credit program with opening remarks from Senator Timothy Kennedy, who advocated for the increase. The Senator discussed the importance of preserving the rich history in our state and touted the benefits of the historic tax credit program.
Turning our attention to navigating the financial aspects of rehabilitation projects whilst pursuing historic tax credits, we heard from Jason Yots & Phillip Borrelli, co-founders of Borrelli & Yots. Jason and Phil’s discussion was both interesting and palatable, and utilized a case study of the Mattress Factory project in Buffalo, which was transformed into a mixed-use facility with 34 apartments and commercial office space.
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Contact the New York State Historic Preservation Office for more information
This series was funded in part by a grant from the John E. Streb Fund for New York of the National Trust for Historic Preservation with special thanks to the American Planning Association, New York Upstate Chapter for providing continuing maintenance (CM) credits for AICP Planners, and to the New York Department of Education for providing continuing education HSW credits to NYS Architects.