Last month, HDC and our colleagues at the Preservation League of New York State, The Municipal Art Society, and the New York Landmarks Conservancy signed a joint memo in support of legislation which proposes to improve access to the NYS Historic Homeowner Rehabilitation Tax Credit for long-term homeowners in historic neighborhoods in New York City.
Currently, the credit is only in Qualified Census Tracts (QCTs), which are tracts at or below 100% of the state median income in the most recent federal census. As numerous neighborhoods in New York City experience economic changes and gentrification, some former QCTs no longer qualify due to rising income levels.
This bill would allow homeowners in NYC who have owned their houses since at least January 1, 2010, and live in a census tract that was a QCT as of January 1, 2017, to use the Historic Homeowner Rehabilitation Tax Credit to offset part of the cost of rehabilitating their houses, even if the tract now exceeds the income limit for QCTs.
Click below to read the memo.
