Assemblymembers Woerner, McDonald, and Fahy Host Press Conference Celebrating Historic Tax Credit Improvements
League President Jay DiLorenzo positioned at a podium speaking at a press conference on Friday, May 7, celebrating improvements to the NYS commercial Historic Tax Credit. Assemblymembers Carrie Woerner, Patricia Fahy, John T. McDonald III, Redburn Development Principal Tom Rossi, and Troy Mayor Patrick Madden are pictured to the right. On the left is a banner featuring the Preservation League’s logo and tagline “So Our Past Has a Future.” Photo by John Salka, Communications Director for the City of Troy.
On April 6, 2021, Governor Cuomo and the NYS Legislature reached their final budget agreements. A major win for historic preservation is the increase in the NYS Historic Tax Credit for small projects. This improvement will help small business and Main Street building owners rehabilitate their historic buildings, while ensuring that the NYS Historic Tax Credit serves as an incentive throughout our upstate urban centers, by increasing the NYS Historic Tax Credit from 20% to 30% for small projects under $2.5 million.
The League was proud to support the Assembly and Senate bills that laid the groundwork for budget passage, A.3670 (Woerner) and S.4439 (Kennedy). Last year in NYS a job was created for every $12,000 of Historic Tax Credit investment. As part of economic recovery, improving program access to small projects will create community revitalization, sustainable economic growth, and the protection of historic buildings and landscapes.
On Friday, May 7, League President Jay DiLorenzo joined with Assemblymembers Carrie Woerner (113th District), John T. McDonald III (108th District), and Patricia Fahy (109th District) to celebrate this legislative victory. The press conference was held at the Collar Factory Lofts in Troy, a historic factory turned into loft apartments by Redburn Development — with the help of historic tax credits. Redburn Development Principal Tom Rossi and Troy Mayor Patrick Madden were also on hand to share remarks, mentioning to positive effect the increased credit is sure to have on Troy and other cities like it across the state.
Preservation Policy Manager Christina Hingle streamed the press conference live on Friday, May 7. Watch the recording above.
“Tax credits have the unique power to bring private investors into our cities to restore and repurpose historic buildings and to restore the cities themselves,” said Assemblymember Carrie Woerner. “Saratoga Springs showed the power of tax credits for revitalizing a downtown of historic buildings. This expansion of the tax credit program will put that power in the hands of many more people, including those who already live and work in small historic buildings and lets them know we value their work preserving our buildings and our communities.”
"As a long-time supporter of the Historic Tax Credit, a former mayor, and as the representative of a district with many properties that have benefited from the NYS Historic Credit, I am glad to see that our efforts have resulted in an increase in the NYS Budget for the NYS Historic Tax Credit for small projects,” said Assemblymember John T. McDonald III. “This increase is especially beneficial for our Upstate communities and will result in increased housing opportunities and decreased blight in our communities. Thank you to the Preservation League and all of our legislative partners who have supported the effort."
"New York's historic preservation tax credit is key for cities like Albany and the broader Capital Region considering the history steeped within our communities," said Assemblymember Patricia Fahy. "To date, the historic preservation tax credit has brought over $600 Million in investment funds and rehabbed over 180 properties in the Capital Region's historical building stock since 2011 when it was created, illustrating its powerful economic multiplier effect. I'm proud that New York State's final budget for FY 2021-22 includes language to expand New York's historic tax credit to continue our statewide revitalization of historic downtowns and 'Main Streets' in particular."
"New York's Historic Tax Credit preserves our state's culture and historic structures, while simultaneously accelerating growth and connectivity in our communities. By increasing it, we're further incentivizing this critical rehabilitation and investment, and encouraging the long-term repurposing of these properties," said Senator Tim Kennedy. "I was proud to sponsor this legislation because I know the direct impact it will have on once forgotten structures, particularly at a time when New York is taking comprehensive steps to Build Back Better from the COVID-19 pandemic. Thank you to the many advocates who championed this policy alongside us; your passion for preservation is evident in this victory."
“The NYS Historic Preservation Tax Credit has been an important driver of downtown revitalization projects across New York State,” said Senator Jose Serrano. “I’m proud that we were able to expand the credit in this year’s budget, as this program will be a vital tool for post-COVID recovery and returning vibrancy to our historic Main Street corridors.”
“The Historic Tax Credit is one of the most powerful tools we have to incentivize the rehabilitation of historic buildings,” said Preservation League President Jay DiLorenzo. “The inclusion of the HTC increase for small projects in the fiscal year 2021-2022 budget demonstrates the important role preservation can and will play in New York’s economic recovery. We are incredibly grateful to the legislature and governor for their commitment to historic preservation.”
“The Historic Tax Credit program has been a tremendous asset to local revitalization efforts in communities like Troy, helping to incentivize private investment that transforms long-vacant factories and buildings into hubs of economic activity and housing,” said Troy Mayor Patrick Madden. “We’ve witnessed the direct benefit that historic preservation projects have on improving neighborhoods, helping drive Troy’s own economic rebirth. In the wake of COVID-19, the historic tax credit program will play a critical role in ensuring a fuller economic recovery and meet the needs of growing communities across New York State, and we thank our state representatives for fighting to expand this valuable program to support those efforts.”
A big thank you to all our legislative supporters, who have championed this initiative for over two years. In the Assembly, those supporters include prime sponsor Assemblywoman Carrie Woerner and bill co-sponsors Assemblymembers John McDonald, Patricia Fahy, Steve Englebright, Sarah Clark, Michael Durso, William Magnarelli, Donna Lupardo, Steven Otis, Pamela Hunter, Robert Smullen, and Karl Brabenec. In the Senate, our supporters include prime sponsor Senator Timothy Kennedy and bill co-sponsors Senators José Serrano, Elijah Reichlin-Melnick, Anna Kaplan, Samra Brouk, Michelle Hinchey, Neil Breslin, Mike Martucci, and George Borrello.