Governor Cuomo Announces New York State Led Nation in Investments to Revitalize Historic Properties Statewide
On April 6th, 2017, Governor Andrew M. Cuomo announced that in 2016, New York State led the nation in the number of completed historic property revitalization projects using rehabilitation tax credit programs. Since the Governor signed legislation to bolster the state’s use of rehabilitation tax credits in 2013, the state and federal program has spurred $3 billion of investment in historic commercial properties. In 2016, $748 million in investments was generated by the state and federal credit to revitalize historic buildings throughout the state.
“Rehabilitation tax credits provide a valuable incentive to invest in underutilized historic buildings and transform them into cornerstone landmarks for communities across New York,” Governor Cuomo said. “These numbers prove that this program is an effective economic development tool and we will continue our efforts to preserve this state’s historic properties and drive growth throughout the process.”
The full news relase can be found here.