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Home > ADVOCACY > Where We Stand > Historic Preservation Tax Credit Support

June 8, 2009


Hon. Sam Hoyt (sent to all members of the WNY state delegation)
New York State Assembly
LOB 837
Albany, NY 12248

Dear Sam:

On behalf of the 2,500 employer members of the Buffalo Niagara Partnership, I urge you to support the proposed New York State Rehabilitation Tax Credit Act (S.2960/A.6471), which would spur rehabilitation of historic properties by allowing developers to earn tax credits up to 20% of their costs on such projects.

Restoration projects in Upstate New York often require gap financing because the costs, which are higher than new construction, are not worth the return on investment. However, these types of projects represent the type of “smart” growth outlined in the Framework for Regional Growth, approved by both Erie and Niagara Counties. Emphasis on these types of projects can benefit Upstate regional economies by guiding new investment back to areas with existing municipal infrastructure, mitigating cost factors that are currently pervasive.

Upstate cities continue to have an overabundance of vacant and underutilized buildings.  Quality-of-life and future opportunities for economic development are enhanced by the redevelopment of our historic buildings. In addition, much of our region’s restoration opportunity is located within the cities of Buffalo and Niagara Falls; the Partnership and our partners in economic development have taken a firm stance that reestablishing strong regional hubs are essential to the vitality of our region as a whole. This investment in rebuilding those hubs would strengthen our region’s efforts in that mission.

Rehabilitation tax credits have been an effective economic development tool in other states – including Rhode Island, where the historic rehabilitation tax credit program is hailed as the most effective economic redevelopment program in state history, generating $795.25 million in economic activity and creating 11,000 new jobs. The New York State Rehabilitation Tax Credit Act would be of similar benefit to economic development efforts throughout Upstate New York, and I urge your support of S.2960/A.6471.

Sincerely,

Andrew J. Rudnick