New York State Historic Home Ownership Rehabilitation Program for 20% Tax Credit!
New York State Historic Home Ownership Rehabilitation is a state funded program designed to assist homeowners in Albany NY with repairs. The home has to be located in one of the historic districts within Albany NY. The following districts within Albany NY that qualify: Arborhill (Ten Broeck), Center Square/Hudson Park, Mansion, Pastures Clinton Ave (Incl. Lark & Lexington historic districts, Washington Park, Elberon Triangle, Lafayette Park, Downtown Albany, South End/Groesbeckville and upper Madison. Additional properties that are included are properties individually listed on the National Register of Historic Places (NR) and other NR/ City of Albany Historic Districts, including – Broadway/Livingston, Buildings located at 744- 755 Broadway Albany NY, Knox Street, Lustron houses of Jermain street, & the south Pearl St Commercial Row. The list of resources at the bottom of this post can help you identify your current home or your future purchase falls within a historic district.
The eligible work that is included in the New York State Historic Home Ownership Rehabilitation Tax Credit Program is interior and exterior and repairs or replacement of different components listed below that DOES NOT significantly change the overall historic appearance of your Albany NY home.
Structural Systems – foundations, walls, ceilings and attic rafters
Roofing systems and components – roof coverings (Example Shingles), rafters, soffits, fascia, downspouts and gutters
Interior Work – walls, floors, stairs, ceilings and trim around doors and windows
Mechanical and Utility systems – Heating, air conditioning, ventilation, plumbing and electrical systems including fire safety and security systems as well.
Exterior – Cornices, porches including foundation, dormers, siding, brackets, railings, stairs, columns, door and window trim, chimneys and masonry walls
Weatherproofing- whether stripping, caulking, and some insulation upgrades.
Doors and windows including frames, glass, hardware, frames and storm windows
*The credit excludes work outside of the structure of the buildings such as fencing, landscaping, new additions etc
You must own and live in a house located in a census tract that is at or below the state median family income. All of the historic districts noted above meet this criterion
Repair cost must exceed $5,000 & you must spend at least 5% of the total cost on exterior work
All work must be approved the State Historic Preservation Office prior to starting ANY work.
Eligibility – Must be owner occupied and your household’s adjusted gross income is below $60,000. The credit can be carried over to subsequent years until it is used.
Where do you start to apply for the tax credit?
For more information or an application visit nysparks.com/shop/tax-credit-programs or contact your State Historic Preservation Office (SHPO) representative at (518) 237-8643
For additional information on the Albany NY Homeowners tax credit please visit nysparks.com/shpo
Use the resources below to search Historic addresses.
*The south Lake Ave Historic District (HD) is not eligible for historic tax credits.
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