Finally - Get money for rehabbing your house!

Last night, I attended the first information session on the new NYS Residential Rehabilitation Tax Credit program, hosted by Assemblyman Sam Hoyt and a slew of preservation organizations in Buffalo. Staff from the NYS Office of Parks, Recreation and Historic Preservation (also known as SHPO) presented information about how the credit works, who can take advantage of it, and the process to do so. We'll have a similar session in Rochester soon, but in the meantime, I thought I'd pass along the basics.

First, who qualifies? This is a program for owner-occupied housing only - no rental properties. The house must be listed in the National Register of Historic Places (either individually listed or in a district) and must be located in a census tract where the median income is at or below 100% of the State Median Family Income. It doesn't matter what the homeowner's personal income is, just what the average is for the tract. I have a list of census tracts in Monroe County that qualify and can also find out whether your house is listed in the National Register; so far I know that parts of Maplewood and Browncroft qualify, as well as all of the Susan B. Anthony District. I haven't seen a map yet, but I suspect parts of the South Wedge and Mt. Hope neighborhoods will also qualify. There are other neighborhoods in the city that are eligible for the National Register but have not yet gone through the designation process, and would be able to take advantage of the credit if they did so.

Most of the rest of Monroe County does not qualify under the income requirement, but large portions of the other counties in our service area do. At last night's workshop, SHPO displayed helpful maps that illustrated exactly which areas are eligible, and we'll make that available for Rochester as soon as we can.

To take the credit, it isn't enough just to live in the house - you have to do at least $5,000 worth of work. SHPO staff must review the proposed work in advance to let you know if it meets the standards. At least 5% of that work has to be on the exterior; that can include roofing, painting, chimney work, and many other projects (but not landscaping or fences). Interior work can include almost anything from floors to ceilings. One type of project that would not qualify would be installation of vinyl windows; replacement windows could be covered if the existing windows are inappropriate, missing, or truly beyond repair, but the replacement windows would have to be appropriate to the building, and SHPO staffers were quite clear that vinyl windows would not be considered appropriate.

Keep in mind that this is a rehabilitation program, not a restoration program - the difference is that while restoration is about returning a building to its historic appearance rehabilitation has to do with keeping significant historic features while adapting the building to modern use. This means that you won't be required to bring back missing features or turn your house into a museum!

The credit will cover 20% of the cost of the rehab - so for a $5,000 project, you'd get to take $1,000 off of your state income taxes. The credit maxes out at $50,000 per project, so if you are spending more than $250,000 on your project, you'll only (!) get to take $50,000 - but note that this is per project; SHPO staff seemed to think a project could be broken up into multiple projects so that homeowners can take the credit more than once. Homeowners may spread the credit out over multiple years if their tax liability is not high enough for them to get the credit, or owners whose income is less than $60,000 can take the credit as a rebate.

One of the most interesting questions at the workshop last night had to do with a house that, in its current condition, would not be considered National Register eligible. This homeowner would like to take the credit for work such as porch repairs, asbestos siding removal, and window repair that would return it to its historic appearance. When the property is complete, it should be eligible for National Register designation, but can this homeowner take the credit given that the property is not now eligible? SHPO staff couldn't answer definitively, but I certainly hope that they will be able to work with owners in this situation, since this is exactly the type of project that this program should support. Removal of vinyl siding and/or reversal of other inappropriate alterations from one house can be a catalyst for similar projects throughout a neighborhood.

The process for obtaining the credit is pretty simple. There is a three-part application: part 1 asks the homeowner to list basic contact information and the location of the house, as well as answer a few simple questions that will help SHPO staff determine whether the house qualifies. In Part 2, the homeowner describes the house and any past alterations, describes the proposed work, and provides photographs of the house, as well as drawings of any new construction or alterations. Part 3 is completed after the work is done, and certifies that the work was completed as proposed. The owner must provide photographs of the completed work.

Projects can't be complete until January 1, 2010 (projects now underway that won't be done until January may qualify - contact SHPO to discuss) and the program is scheduled to sunset in 2014.

SHPO has a brochure about the credit and the application form online.

This program has the potential to be a great tool for revitalization, both in our existing National Register districts and in those that qualify but have never been designated. If you'd like more information about how to get started on your own project, get your community to qualify, or spread the word in your neighborhood, please give me a call!

Posted by Katie Eggers Comeau, Director of Preservation Services

More tax credit workshops!

Last week I posted a piece about two rehab tax credit workshops planned for September 22. If that's not enough education for you, you can also attend seminars in Syracuse and Buffalo (the latter includes a session on the tax credit available to owners of historic houses), as well as a conference in Schenectady on the broader issue of sustainable development. I've posted the list of events on our website, and will add to them if I hear of any others!

Posted by Katie Eggers Comeau, Director of Preservation Services

Learn more about the NYS Commercial Rehab Tax Credit

September 22 must be NYS Commercial Rehab Tax Credit day - there are two fantastic, free opportunities to learn more about this newly improved program.

Nixon Peabody LLP is hosting a free morning seminar at its Rochester office from 8 to 11 a.m. that day, cosponsored by the Preservation League of New York State, The Landmark Society of Western New York, Reznick Group P.C., and MacRostie Historic Advisors, LLC. A description of the program and online registration can be found here.

In the afternoon, Cannon Heyman & Weiss, LLP, is presenting a webinar on the commercial tax credit from 1:30-3:00 p.m. Learn “just the facts” from CHW about the Federal Historic Tax Credit and the newly expanded New York State Historic Tax Credit including a discussion of practical issues, monetizing credits to supplement other development sources, and the SHPO application and approval process. Conveniently log in on your desktop computer from the comfort of home or work. Questions may be submitted in advance or live during the Webinar.
For more registration information, contact Amanda McCrady at amccrady@chwattys.com.

Note that both of these educational opportunities will cover the commercial credits only (those available for income-producing properties, including rental residential, office, industrial, or retail buildings) - there will be no discussion of the residential credits available to private homeowners. For more on those credits, now available to thousands more homeowners in our region, stay tuned - we will be working with our partners at the state level to present workshops as the implementation details come together.

Posted by Katie Eggers Comeau, Director of Preservation Services

Signed, sealed, delivered, at last!

It was a happy day in Buffalo yesterday as well over 100 preservationists, developers, and others gathered to watch Governor Paterson sign legislation that enhances the New York State Historic Preservation Tax Credit. The Landmark Society has been part of a statewide coalition, led by the tireless efforts of Daniel Mackay at the Preservation League of New York State, that advocated for years for the original tax credit - which passed in 2006, with limitations that made it unworkable - and then on the revisions, which have been on an unbelievable legislative roller-coaster over the past three years.

Tuesday afternoon we got the news that the governor would be signing the legislation in Buffalo on Wednesday at 1. Joanne and I cleared our schedules - we wouldn't miss this for the world! It was wonderful to be part of the enthusiastic crowd that filled the gorgeous atrium of the Buffalo & Erie County Historical Society, including a number of legislators and other dignitaries. We heard remarks by Mayor Byron Brown of Buffalo, a strong advocate for the legislation; from legislative sponsors, including Assemblyman Sam Hoyt, whose persistent support of the program was crucial; and from Jay DiLorenzo, President of the Preservation League. Governor Paterson's remarks demonstrated that he truly understands the value of the legislation and its potential to create jobs and tax revenues, and be a significant catalyst for revitalization of neighborhoods and downtowns. We learned that he has a background in historic preservation in Harlem, and was the keynote speaker at a National Trust conference in Florida in the early 1990s - he told us there are few issues dearer to his heart than preservation and that he was delighted to sign the legislation.

In the coming weeks, we will be working with our colleagues at the Preservation League and at the State Historic Preservation Office to understand exactly how this program will be implemented and how we can best facilitate its use in western New York. One of the great benefits is that whereas the 2006 version of the program could only be used in the most distressed neighborhoods, this one is more broadly defined so that many more historic neighborhoods and buildings are eligible. Stay tuned for details!

(Photos, from top: Governor Paterson's remarks; Jay DiLorenzo, President of the Preservation League of NYS, speaks; Governor Paterson about to sign, with bill sponsor Assemblyman Sam Hoyt at his left shoulder.)

Posted by Katie Eggers Comeau, Director of Preservation Services

The case for rehab tax credits

Fine editorials in the Syracuse Post-Standard and the Schenectady Daily Gazette lay out the reasons the Governor should sign the bill to enhance the NYS Rehabilitation Tax Credit as a wise investment in strengthening communities across the state.

In some ways, this is a difficult time to advocate for any type of tax credit, but on the other hand, this is the time when it's needed the most. Similar programs in other states have demonstrated impressive returns, in the form of jobs, investment, tax revenues, and revitalization in communities that badly need it. Specifically targeted to historic buildings in economically struggling areas, this is a program that encourages investment where it makes the most sense: our communities' cores, where the infrastructure already exists, where reuse of existing resources is inherently green, and where we can avert the negative impacts of new development elsewhere.

Posted by Katie Eggers Comeau, Director of Preservation Services

Senate success for rehab tax credits!

Thank you to all who made calls on behalf of the expansion of the NYS tax credit for rehabilitation of historic properties! The legislation passed the state Senate in the very early hours of July 17 and we hope it will be headed to the Governor's desk for signature very soon.

Daniel Mackay of the Preservation League of New York State notes that "this legislation represents a significant advance for the program, and will allow us to focus our advocacy completely on the issues the NYS Department of Tax & Finance has with credit allocation."

Stay tuned for updates as we hear when the legislation moves ahead - we may need one more round of phone calls!

Posted by Katie Eggers Comeau, Director of Preservation Services

Your Action Needed TODAY!

An update from Daniel Mackay at the Preservation League of New York State:

We are making a final push to assure that Senate Bill S.6056 which significantly expands the NYS Rehabilitation Tax Credit programs for commercial and residential historic properties, is on the Senate bill agenda for today’s session. While the Senate passed an earlier version of this tax credit expansion legislation in June before their leadership crisis, passage of this new bill is necessary to match the bill the Assembly passed in late June.

With Senate passage of S.6056 today, the bill can be sent to the Governor for signature.

We are requesting your call to Senate President Malcolm Smith’s office and request that “S.6056 be included on the Senate bill agenda for today’s session” as it represents a critical economic and community development for New York State”: 518-455-2701.

Calls by 1:00 PM would be extremely helpful, but session is expected to continue into the evening, so calls made later today are also worth making.

If you've never made one of these advocacy calls before, now is the time to give it a try! It is painless and takes a minute or less - they simply record your name, sometimes your address, and whether you support or oppose the legislation. That's it! It's important that supporters of this legislation log a lot of calls today so that the Senate can see that there is strong support for economic stimulus through historic preservation and finally get this bill passed. Thanks for your help!

Posted by Katie Eggers Comeau, Director of Preservation Services

We need your help today to improve the NYS Rehabilitation Tax Credit!

With all the political developments in Albany recently, you may be wondering what became of the effort to enhance the New York State Rehabilitation Tax Credit. It's been a long and interesting road for this piece of legislation, which passed the NYS Senate in May. Last week a different version of the legislation passed the NYS Assembly - which means it now goes back to the NYS Senate. And as you no doubt know, the Senate has been in a state of turmoil in the past few weeks.

Below is an update from Daniel Mackay at the Preservation League of NYS, who is spearheading efforts to get this legislation passed so that we can finally have a meaningful incentive for historic rehab in our state. The whole piece is interesting, but here is what we need you to do today:

Call the NYS Senate – Senator David Valesky (bill sponsor): 518-455-2838, with the following message: “I support Senate passage of S.6056; please include this legislation on the Senate agenda and pass before the end of session.”

Call Governor Paterson: 518-474-4246, with a request that a message be left for Deputy Secretary Larry Schwartz: “I request the Governor’s support for Senate passage of S.6056 and his subsequent signature on this critically needed rehabilitation stimulus legislation.”

Please make these calls right now, while it's on your mind - the session ends tomorrow and this legislation has to be on the priority agenda. I just called and it literally takes less than a minute per call - they simply record the fact that you called in support of the legislation, and may ask for your name & address.

Here's the full update from Daniel:

I wanted to provide an update as to where efforts to secure expanded NYS Rehabilitation Tax Credit programs stands. A flurry of activity in the last week, resulting in a late-session bill introduction in the Assembly, has reset the legislative agenda and process and our advocacy strategy has changed as well. Your calls to the NYS Senate are critical, along with a call to Governor Paterson’s office. See below for call-in information.

New legislation has been introduced in the Assembly (where it passed early Tuesday morning, June 23^rd). As this legislation no longer matched the bill passed by the Senate in mid-May, new legislation matching the Assembly bill language was introduced in the Senate Tuesday afternoon. These new bills are A.9023 and S.6056 respectively, and the bill language is attached with this email.

The Senate must pass this new bill before it can go to the Governor for signature. Obviously, leadership issues need to be resolved in the NYS Senate before there will be a vote on this bill, but we are hopeful that this bill will be a priority for passage once leadership issues are resolved (an agreement may be reached in the next 48 hours).

This legislation preserves the 20% credit rate, $5 million dollar commercial project cap, and makes essential changes to the residential (owner occupied) rehabilitation program. If signed into law, these changes would represent significant steps forward for this program in New York. Unfortunately, due to concerns raised by the NYS Department of Tax & Finance, language in the original 2009 bill specifying the ability to transfer and allocate credit value within business partnerships was removed.

We are concerned with the impacts of this change and will be requesting a meeting with the Department of Tax & Finance to discuss and resolve their issues with this critical program component. We will need the involvement of developers, syndicators, and other professionals seeking to use the rehabilitation tax credit program to inform this meeting, and would welcome your involvement.

It is important to note, however, that we will not be able to secure any further changes to the current bill – the NYS Assembly has ended their regular legislative session. A.9023/S.6056 is the only bill in play at this time.

As such, we are pushing for Senate passage and the Governor’s signature of the current bill legislation. Although this bill omits the transferability language, these bills upgrade program components across the board, and establish key features of the New York State Tax Credit programs at desired levels. As such, it represents a significant step forward for the NYS credit programs.

Passage of this bill will also allow us to focus our complete advocacy on one program feature – the need to establish a clear and effective credit transferability mechanism in the NYS commercial rehabilitation program. We will renew our efforts to secure this immediately after we have this bill signed into law.

We know you may be frustrated with this incremental approach to policy development regarding New York’s program. However, we hope you will support Senate passage and the Governor’s signature on this current legislation by advocating to secure these initial changes, and then joining us to address the remaining impediment to a robust and catalytic rehabilitation stimulus program in NYS.

Calls to the NYS Senate – Senator David Valesky (bill sponsor): 518-455-2838, with the following message: “I support Senate passage of S.6056; please include this legislation on the Senate agenda and pass before the end of session.”

Calls to Governor Paterson: 518-474-4246, with a request that a message be left for Deputy Secretary Larry Schwartz: “I request the Governor’s support for Senate passage of S.6056 and his subsequent signature on this critically needed rehabilitation stimulus legislation.”

While the NYS Senate has not yet resolved leadership issues, the Senate faces a June 30^th deadline for a number of critical bills (sales tax extenders, among others). As such, it is the hope that our calls, beginning today, secure a place on the priority agenda for S.6056.

Please email me with any questions or concerns (dmackay AT plnys.org). We need your involvement to push this program forward.

Posted by Katie Eggers Comeau, Director of Preservation Services

Historic Rehabilitation Tax Credit Passes Finance Committee

Good news from Albany: The expanded Historic Rehabilitation Tax credit has passed through the NYS Senate Finance Committee, and will be available for a floor vote beginning next week. The Preservation League of New York State is working to secure an economic and fiscal benefits study to assess the revenue and stimulus impacts of this legislation. They have raised over $13,000 in pledges to date, with a goal of $50,000, and are looking for any assistance in identifying parties to underwrite this study; if you would like to contribute, or have ideas of potential funders, contact the League.

The following is a press release from Senate Majority Leader Malcom Smith:

Program will bring unprecedented redevelopment to distressed areas; Legislation Expected to Pass Senate Next Week

(Albany, NY) The New York State Senate Finance Committee today passed the Historic Rehabilitation Tax Credit (HRTC) (S2960-A/Valesky), sending this important economic stimulus and community revitalization legislation to the full Senate.

The Senate is expected to pass the measure next week.

HRTC strengthens the State program first launched in 2006 and will make New York State more competitive against the nearly 30 other state’s with similar programs, who have had more success. The changes will allow the state to target reinvestment to distressed communities, as determined by the U.S. Census, and incorporate cost savings to the administration of the program.

Because of these changes, New York State will be among the most effective and cost-effective redevelopment programs in the country.

Senator David J. Valesky (D-Oneida), Vice President Pro Tempore of the Senate and lead sponsor said, "The Historic Rehabilitation Tax Credit will provide real incentives to stimulate Main Street and downtown development that will create jobs, increase property values and provide a better quality of life for all Upstate New Yorkers. This program has great potential to revitalize the Upstate economy and reduce the strain on urban, suburban and rural communities alike."

“This program will aid communities, in particular urban centers across the state, by reinvesting and rehabilitating structures and strengthening our population base,” said Senate Majority Leader Malcolm A. Smith. “Not only will this beautify neighborhoods and reinvigorate residents’ sense of pride, but it will help us attract new businesses and families back to communities that have suffered from urban flight.”

Features of the Senate’s legislation include:

* Increase the cap on commercial credit value from $100,000 to $5 million; the residential credit value will increase from $25,000 to $50,000. These are over the course of the program, which is 5 years.
* Limit the availability of the residential and commercial credit of the program to “distressed” areas, which is defined as being located within a Census tract identified at or below one hundred percent of the median family income.
* Increase the percent of qualified rehabilitation costs that can be claimed for the credit from 6-percent to 20-percent, allowing for a higher percentage of qualified rehabilitation costs.
* Make the credit assignable, transferable, and conveyable within business partnerships, to allow for greater flexibility on the part of the investor, and attract out-of-state financing to in-state rehabilitation projects.
* Offer the rehabilitation tax credit as a rebate to make the program a stronger financial incentive for homeowners without significant income tax liability.

“As a cosponsor of this important legislation, I support the effort to create economic stimulus and community redevelopment especially in western New York,” said Senator William T. Stachowski (D-Lake View), Chairman of the New York State Senate Committee on Commerce, Economic Development and Small Business. “Many historic buildings throughout upstate are currently vacant, underutilized, and deteriorating. By providing a tax credit for the rehabilitation of these properties, we can encourage their restoration to their former beauty and build up many distressed neighborhoods.”

"In these difficult economic times it is more important than ever to pass legislation that will stimulate the economy," said Senator Liz Krueger (D-Manhattan), Vice-Chair of the Senate Finance Committee. "This bill will significantly promote growth in distressed communities by creating an incentive to rehabilitate deteriorating historic buildings."

“Historic preservation tax credits are a cost effective incentive for increasing homeownership and property values,” said Senator Darrel J. Aubertine (D-Cape Vincent), Chairman of the Senate Upstate Caucus. “Preserving our past is an important part of preserving our sense of community. Tax credits and other incentives for historic preservation have been proven to attract new business and
investment, which improves our economy and builds pride in our communities.”

“A Historic Rehabilitation Tax Credit will provide an incentive to maintain and renovate infrastructure throughout our state and help protect valuable historic structures,” said Senator Brian X. Foley (D – Blue Point). “This measure is part of larger efforts by the Senate to boost economic development and stimulate New York State’s economy.”

"This legislation will spawn investment, increase property values and create jobs," stated Senator Antoine M. Thompson (D-parts of Erie and Niagara Counties).

Posted by Katie Eggers Comeau, Director of Preservation Services

Buffalo News editorial supports rehab tax credit

From today's Buffalo News:

Pass a rehab tax credit

Program benefits aging neighborhoods without immediate cost impact on state

Now is the time to expand the state’s Rehabilitation Tax Credit program, a move that would spur job-creating house and business reconstruction while initially costing the state little in the way of revenues. The legislation—introduced again by Assemblyman Sam Hoyt and Sens. David Valesky and Antoine Thompson—has been honed through years of effort, and the latest version should overcome the objections voiced by the governor when he vetoed last year’s bill.

The bill language this year makes significant changes in response to the cost issue, limiting the program to distressed areas for both commercial and residential historic properties and sunsetting it in 2014. The bill still caps per-project funding.

There is no cost to New York State in the 2009-10 budget cycle from this program, which would start providing meaningful state-level building rehabilitation tax credits at the beginning of next year. Just knowing that the program would be available in 2010 would let developers launch new projects based on the financial promise that the program holds.

The key piece in Gov. David A. Paterson’s veto message was that the program needed to be included in budget negotiations. That pitch was made during the fall in an accelerated budget process, to no avail. So, attention turned to persuading the Legislature to add this program. The result is a stronger bill with more effective incentive levels, which at the same time gives more fiscal cost certainty to New York State. One of the key points is the offering of a five-year sunset, making it easier to approve a program that works in terms of the credit rate and the other key components while setting a time to evaluate the effectiveness of the program before considering a renewal.

The rehab tax incentive concept holds promise for renewing time-damaged neighborhoods in places like Buffalo and some of its surrounding communities. That rejuvenation means not only jobs but economic redevelopment at very local levels through construction starts, job creation and putting buildings back into reuse. This year’s bill does a good job of meeting economic stimulus goals while not making the program too expensive for the state.

Posted by Katie Eggers Comeau, Director of Preservation Services

Reinvest New York!

The Landmark Society is part of a statewide coalition advocating for the creation of a viable New York State tax-credit program to stimulate the rehabilitation of historic buildings in our communities. The state's first-ever rehab credit was enacted in late 2006, but unfortunately has proven to have several limitations that make it ineffective. Our coalition, led by the tireless efforts of the Preservation League of New York State, continues to work for this credit, which we strongly believe offers the best hope for helping our communities see true revitalization, even in difficult economic times, and a necessary investment in our future.

The following is a public policy update by Daniel Mackay, Director of Public Policy at the Preservation League of New York State.

-Posted by Katie Eggers Comeau, Director of Preservation Services

Reinvest New York!

A public policy update reporting on efforts to pass an expanded New York State Rehabilitation Tax Credit

Revenue, spending and stimulus issues are dominating deliberations in the Governor’s Office and Legislature in New York State these past months, and hopes and timeline for an early budget agreement have passed. The next date to hit – or miss – is April 10th, on the eve of a legislative recess and religious holidays, as well as 2009 first quarter revenue reports. New York State is currently facing a $15 billion dollar revenue gap, and there are forecasts for that gap widening further. Staffing changes in the Governor’s Office and the change in majority party in the New York State Senate have made for interesting politics in Albany in 2009.

In the midst of New York’s political and budgetary remaking, a new partnership has formed to secure budget inclusion of expanded rehabilitation stimulus program legislation. Reinvest New York is a partnership among a wide range of economic development groups, developers, financial institutions, architects and other organizations that supports expansion of the New York State Rehabilitation tax credit programs for historic commercial properties as well as owner-occupied residential housing. The New York State Senate and Assembly have responded to Reinvest NY by introducing a new preservation stimulus bill that will expand New York’s 2006 rehabilitation tax credit program to make it a far more effective economic and community redevelopment tool.

Details follow, and we’d welcome your involvement – both advocacy and financial support -- in efforts to secure this rehabilitation stimulus program in New York State.

S.2960 (Valesky)/A.6471 (Hoyt)

Senator David Valesky (D-Syracuse) and Assemblymember Sam Hoyt (D-Buffalo) have introduced legislation that expands the New York State Rehabilitation Tax Credit program to provide economic stimulus and community revitalization to distressed communities throughout the state. The legislation will direct rehabilitation stimulus to distressed areas, increase the rate of rehabilitation credit available in New York, and increase the size of the per-project cap. See below for a comparison of the existing and proposed expanded NYS programs:

Existing Commercial Program:

6% credit rate (30% of federal credit value)

$100,000 per project cap

No transferability (can only be taken by party claiming the federal credit)

Available statewide

Proposed Commercial Program:

20% credit rate (100% of federal credit value)

$5 million per project cap

Credit transferability within business partnerships

Limited to distressed areas, defined as census tracts at or below 100% State Median Family Income and Targeted Area Residences

Implementation date of 1/1/2010

Program sunset of 1/1/2014

Bill language and bill memo are available here. The legislation makes additional changes to the residential (owner-occupied) rehabilitation program as well.

Supporters feel the proposed new program will deliver an effective credit rate and stimulus to appropriately targeted municipalities and census tracts, striking a balance between program cost concerns and delivering meaningful incentives and stimulus to downtowns, main streets and older residential neighborhoods across New York State.

Meetings to secure support for this program have been on-going with Governor Paterson’s office, Empire State Development Corporation, other state agencies, and Senate and Assembly members – we would welcome your participation in this advocacy – see below for contact information for Reinvest NY.

Economic Benefits Study – Underwriting Needed

The Reinvest NY Partnership is seeking to raise $40,000 to fund an economic impacts analysis of the proposed legislation, in order to project the economic stimulus and fiscal costs of the proposed legislation. We have been discussing this study with several firms and are seeking to green light this project as soon as possible to inform our advocacy with the Governors Office and NYS Legislature. We’ve been promoting the economic and revenue impacts of programs in Rhode Island, Maryland, Virginia, Missouri and elsewhere, but feel we will gain more traction with a NYS-specific study of the proposed legislation.

At this time, we are seeking pledges of $2500 - $10,000 toward the cost of this study, and will not request your pledge until the full amount is raised. Please contact Daniel Mackay at dmackay@preservenys.org or 518-462-5658 x18 to discuss a potential pledge – your support will be much appreciated.

Upcoming Advocacy

Our best hope for securing this program in 2009 is to see the program language in S.2960/A.6471 included in the enacted 2009-2010 New York State Budget. The timeline for budget action is early April, and we are seeking commitments from both the NYS Senate and Assembly to advocate for the program during budget negotiations.

If your firm has business or clients in New York State, we ask that you join the Reinvest NY partnership and our advocacy efforts. Further details, and sample outreach letters to Senate and Assembly leadership, will be posted shortly for your use.

We are also looking to identify potential rehabilitation projects around New York State that will showcase the need for this program. Please let us know if you have a rehabilitation project that needs an enhanced rehabilitation tax credit program to proceed toward construction.

Rehabilitation Stimulus Summit, Syracuse New York

Earlier this year, a wide range of businesses and organizations convened at National Grid headquarters in Syracuse New York to support enactment of an effective rehabilitation stimulus program for New York State. The meeting launched the Reinvest New York partnership and reached agreement on bill components and the need for a diverse statewide partnership to advocate for legislative and gubernatorial approval of this much-needed program.

In 2008, the NYS Legislature passed legislation to expand the rehabilitation tax credit program, but that bill was eventually vetoed by Governor Paterson, citing, among other concerns, the need for such a program to be included in budget discussions, not passed as a standalone bill.

Sponsors of the Rehabilitation Stimulus Summit included:
NYS Urban Council
Metropolitan Development Association of Syracuse and Central New York
National Grid
Keybank
Cannon Heyman & Weiss, LLP
American Institute of Architects – NYS
Clinton Brown Company - Architecture/Rebuild
Preservation League of NYS