In 2016, the Prospect Heights National Register Historic District was expanded to include nearly 920 neighborhood buildings. Owners of properties in the National Register district are eligible to receive State and federal tax credits to help offset the cost of rehabilitating their buildings. A map of the NR district, showing eligibility for State and federal tax credit programs, is here.
The New York State preservation tax credit program is currently available to owners of income-producing properties, as well as individual homeowners (including owners of cooperative apartments). It provides a tax credit of 20% of the amount of qualified expenses that are part of a project to rehabilitate a historic building. To be eligible, a property must be in a distressed census tract (shown in green on the map).
Unfortunately, after March 31, 2020, properties in the Prospect Heights National Register District will no longer qualify for this credit. However, we understand from New York State Parks, Recreation and Historic Preservation that if a property owner sends in a Part 1 application before March 31, they will retain eligibility for the program for five years.
Therefore, property owners who are considering a renovation in the next five years of a building that would otherwise qualify for the New York State preservation tax credit should act quickly to file so they can preserve their elibility for this significant tax benefit.
For more information, see the New York State Parks web page on tax credits.