SSPF Zoom Program Jan. 23: Unlocking Historic Tax Credits and Offsetting Rehab Costs
581 North Broadway, where the owner of the house used tax credits to help with their rehabilitation project. Photo provided.
SARATOGA SPRINGS — Homeowners located in a historic district listed on the National Register of Historic Places may be eligible for tax credits to offset work costs on their historic home.
The Historic Homeownership Rehabilitation Credit program can provide qualifying homeowners with a 20% tax credit on eligible expenditures, up to $25,000 in dollar- for- dollar tax credits.
The program aims to educate homeowners on what it means to live in a National Register historic district and how to use the program to save on home rehabilitation projects. Even for those not currently eligible, the information can be a valuable tool for future projects or for sharing with others in the community.
Eligibility for the program requires that a building must be an owner-occupied, primary or secondary residence, of a New York State taxpayer, located in a qualifying census tract, and be identified as a contributing building to a historic district or individually listed on the National Register of Historic Places. Eligibility is dependent on properties being in census tracts that are at or below the median family income level.
To learn more about the tax credits and eligibility, the Saratoga Springs Preservation Foundation offers the virtual program “Offsetting Rehab Costs: Unlocking Historic Tax Credits,” at 7 p.m. on Thursday, Jan. 23. The program will be hosted via Zoom. To register, visit www.saratogapreservation.org or call 518-587-5030. All registrants will receive a Zoom link in advance, as well as access to the program recording.