Destito: Historic Tax Credit amendments help propel urban rehabilitation projects

June 18, 2010 -- Assemblywoman RoAnn Destito (D-Rome) announced legislation she sponsored to amend the Historic Tax Credit program passed the Assembly (A.10839). The measure will allow banks and insurance companies to receive tax credits for the rehabilitation of properties.

“These amendments to the tax law give banks and insurance companies – often key investors in real estate development projects – the ability to generate upfront capital, removing a major obstacle for developers looking to undertake local, historical rehabilitation projects,” Destito said.

Destito said the legislation strengthens the state’s program, making New York State more competitive among the nearly 30 other states with similar programs. States with comparable policies have seen significant fiscal growth as a result, generating $3 to $5 for every state dollar invested, Destito added.

“The cities of Utica and Rome have a wealth of historic properties, like Genesee Street and Bleecker Street in Utica, that have been overlooked and underutilized,” Destito said. “By allowing banks and insurance companies full access to rehabilitation investments, commercial developers can begin construction on key projects, returning these structures to their former splendor, putting people in our community to work, and generating millions of dollars in local investments.”