COMMUNITY GRANTS AVAILABLE- click here
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4-16-14 Crown Heights Brooklyn Homeowner Tax Credit Workshop -click here for powerpoint file
Retrofitting for energy efficiency - click here
There are many great resources out there for those who own historic and/or landmarked buildings. Below is a partial list of information from the LPC and the site is a wealth of information.
LPC Facts http://www.nyc.gov/html/lpc/html/faqs/faqs.shtml The LPC RowHouse Manual (large file) LPC Work Guide LPC Rowhouse Styles LPC Rules Historic District Council Landmarking Faqs http://hdc.org/FAQ.pdf More information
The Local Development Corporation of Crown Heights Division of Housing and Community Renewal Brooklyn Community Board 8 Brooklyn Community Board 9 Human Resources Administration Department of Housing and Preservation Development Department of Youth and Community Development NYC Housing Development Corporation NYS Energy Research and Development Authority |
How to apply for State Historic Preservation Tax credits
Take pictures of the areas to be rehab'd - take pix from several different aspects.
- figure out the base amount for a 'substantial' rehab* see below - check which components of work qualify as 'structural' / eligible: see http://www.nps.gov/tps/tax-incentives/before-apply/qualified-expenses.htm Costs associated with these items are generally eligible
-submit Part I of application Summary program descriptionshttp://www.parks.ny.gov/shpo/tax-credit-programs/documents/NYSTaxCreditPrograms.pdf also see p 9 of brochure at : http://www.nps.gov/tps/tax-incentives/taxdocs/about-tax-incentives-2012.pdf IRS Requirements To be eligible for the 20% rehabilitation tax credit, a project must also meet basic IRS requirements: » The building must be depreciable. That is, it must be used in a trade or business or held for the production of income. It may be used for offices, for commercial, industrial or agricultural enterprises, or for rental housing. It may not serve exclusively as the owner’s private residence. *» The rehabilitation must be substantial. That is, during a 24-month period selected by the taxpayer, rehabilitation expenditures must exceed the greater of $5,000 or the adjusted basis of the building and its structural components. The adjusted basis is generally the purchase price, minus the cost of land, plus improvements already made, minus depreciation already taken. Once the substantial rehabilitation test is met, the credit may be claimed for all qualified expenditures incurred before the measuring period, during the measuring period and after the measuring period through the end of the taxable year that the building is placed in service. |