In a major victory for historic preservation in New York State, legislation that significantly expands the Rehabilitation Tax Credit programs for historic commercial and residential properties will be sent to Governor David A. Patterson. During the final hours of its regular session the State Senate unanimously passed a measure that had earlier been approved by the Assembly that advocates say significantly improves the existing but underutilized efforts to save and rehabilitate historic buildings in New York.
An economic impact study of the bill indicates it will spur more than $500 million dollars of economic activity and create 2,000 jobs over its five-year lifespan (there is a sunset provision requiring renewal after that time).
Empire State Future was an enthusiast backer of the legislation, sponsored by Senator David Valesky of Syracuse and Assemblyman Sam Hoyt of Buffalo, and many of its coalition members are long-standing supporters who have campaigned for the Smart Growth initiative for some time.
A press release from the Preservation League of New York State may be seen on their Web site at:
http://www.preservenys.org/downloads-ct/Legistature-PassPR-final.pdf
