Historic Tax Credit Workshop At Washington’s Headquarters
Posted in Uncategorized | Last Updated April 6, 2020
Thursday, June 28th, 2018
3:00 – 5:00 p.m. Commercial Workshop
6:30 – 830 p.m. Homeowners Workshop
If you are interested in purchasing commercial real estate in the city of Newburgh, N.Y. or residential real estate, you should consider attending the historic tax credit workshops being offered at Washington’s Headquarters on 84 Liberty Street, in Newburgh, N.Y. on Thursday, June 28th, 2018 during the day and the evening. The day session focuses on commercial real estate, while the evening’s focus is on residential.
In particular, if the building you own or may purchase is in need of rehabilitation, tax credits can not only help you make your home a safer place to reside in, they can help you protect your investment. Tax credits also have a beneficial effect on Newburgh neighborhoods, as they incentivize investment and provide local jobs for workers.
The good news about the New York State Historic Homeowner Tax Credit Program is it will cover up to 20% of rehab costs (they must be qualified) as long as the home is owner-occupied and meets the classification of “historic.”
There is also a Federal Historic Preservation Commercial Tax Credit program which may cover up to 20% of qualified rehabilitation costs. Furthermore, for those interested in buying in Newburgh’s East End Historic District, there is a possibility of combining both state and federal tax credits, and by so doing, qualifying for a tax credit of up to 40% of rehabilitation expenditures, again, provided they qualify. Remember, in this case, this is for commercial real estate.
There are thresholds and requirements based upon the property’s adjusted basis for the state and federal commercial credit.
To attend the program, call 518-462-5658 xt. 10 OR fgubler@preservenys.org, or online at www.preservenys.org
The program is presented by the New York State Parks, Recreation, and Historic Preservation and Preservation League of NYS and is sponsored by:
Representative Sean Patrick Maloney
The Newburgh Community Land bank