"New York has a wealth of historic properties, particularly in our small cities that are falling into disrepair or are underutilized. The enhanced Historic Rehabilitation Tax Credit will breathe new life into the State's historic downtown areas while creating jobs and revitalizing the economy," said Governor A. Paterson as he signed into law the legislation pushed by Empire State Future and a host of good government groups for the past several years.
Jay DiLorenzo, President of the Preservation League of New York State, applauded the signing by saying "We have every reason to believe that the New York State Preservation Tax Credit will prove one of the most effective economic and community development programs in the State. We are enormously grateful to Senator Valesky and Assemblyman Hoyt for shepherding this important Smart Growth initiative through their respective houses and to the leadership of the Senate and the Assembly for their vision in passing this legislation."
Although a preservation tax credit was adopted in New York's 2006, the program did not provide adequate incentives to attract sufficient investment to struggling municipalities, particularly those Upstate, according to supporters of the new legislation.
The full text of Governor Paterson's press release on the issue can be seen at: http://www.ny.gov/governor/press/press_0729092.html
