Chances are the answer is yes if you live in Troy.
The NYS and National Register of Historic Places says, “Eligible properties must represent a significant historic theme (e.g., architecture, agriculture, industry, transportation) and they must be intact enough to illustrate their association with that theme. Properties must usually be more than 50 years of age to be considered for listing.”
That last part about 50 years old or more? There are 24,729 housing units in Troy according to the national census figures. Of the total, 14,356 were built before 1949. If you add up all the houses built from 1950 to 2020 (last year of figures) that amounts to 10, 373. So in 160 years (1789-1949) we built 14,356. From 1950 to 2020, a mere 70 years, we built 10,373. Of the total number 24,729, according to the national standards, all houses built from 1974 and earlier could be considered historic. That makes approximately 20,000+ houses as possible historic structures – most of Troy!
Why have you house on the National Register? Historic homes tend to have a higher property value. There is a historic homeownership rehabilitation credit if you rehabilitate a qualified historic home in NYS, or purchase a rehabilitated qualified historic home in NYS. A qualified historic home must be an owner-occupied residential structure (even a condominium or cooperative) listed on the State or National Register of Historic Places, or located in a state or national registered historic district and certified as being of historic significance to the district.
The home must also be located in a federal qualified census tract or area of chronic economic distress, or a census tract that is at 100% or below the state family median income level that is $81,386. Troy’s is $54,837. Or a city with a population of less than one million with a poverty rate greater than 15%. Troy has a poverty rate of 23.3%.
The historic homeownership rehabilitation credit is equal to 20% of the qualified rehabilitation expenditures. The credit cannot exceed $50,000 per taxpayer per year. A husband and wife who are both eligible to claim the credit can each claim up to $50,000, whether they file joint or separate returns.
If the amount of the credit exceeds your tax for the year, and your New York adjusted gross income for the tax year is $60,000 or less, any excess credit will be refunded without interest or more than $60,000, you may carry over any excess credit to the following year or years.
But wait there’s more! If your historic building is a commercial property you may be eligible for state AND Federal income tax credits equaling 20-50% of qualified rehab costs.
The requirements are you must own an income-producing property.
The property must be listed or be in the process of being listed in the New York State and National Registers of Historic Places (individually listed or contributing to a historic district). The federal credit is available statewide; the state tax credit requires that the property be located in a qualifying census tract. The cost of the rehabilitation must be equal to or greater than the adjusted basis of the property (IRS says the adjusted basis of a building is the cost of the property (excluding land) plus or minus adjustments to basis).
The rehabilitation work must follow the Secretary of the Interior’s Standards for Rehabilitation, which focuses on repairing historic materials, retaining character-defining features, and preserving important interior spaces. You can find that info at https://www.nps.gov/subjects/taxincentives/secretarys-standards-rehabilitation.htm
Credits only cover work on the historic building. New construction outside the existing building footprint doesn’t qualify. You can get more guidance from the NYS Historic Preservation Office at https://parks.ny.gov/shpo/contact/
If you live in a historic district that helps too. There are several in Troy.
The Central Lansingburgh Historic District was recently added in 2023 and includes properties from 110th Street to 120th Street up to part of 7th Ave. There is a Central Troy Historic District, roughly bounded by Grand St., Fifth Ave. and Third, Adams, and First and River Streets. There’s the Fifth Avenue–Fulton Street Historic District bounded by Grand, William, and Union Streets, and Broadway. Grand Street Historic District comprises Grand Street between 5th and 6th Aves.
Northern River Street Historic District consists of 403–429 and 420–430 River St. The PoestenKill Gorge Historic District, well, it’s the gorge. River Street Historic District is both sides of River from Congress to the junction with 1st Street. Second Street Historic District comprising the Troy Savings Bank and Music Hall and both sides of 2nd St. Trinity Church Lansingburgh, also known as Trinity Church Complex at 585 Fourth Ave. Washington Park Historic District comprising Washington Park and adjacent properties on 2nd, 3rd, and Washington Streets and Washington Place.
Got History? Don is the author of a dozen books about his hometown. You can reach him at drittner@aol.com
RITTNER: Is your home historic?
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16.03.2024
Chances are the answer is yes if you live in Troy.
The NYS and National Register of Historic Places says, “Eligible properties must represent a significant historic theme (e.g., architecture, agriculture, industry, transportation) and they must be intact enough to illustrate their association with that theme. Properties must usually be more than 50 years of age to be considered for listing.”
That last part about 50 years old or more? There are 24,729 housing units in Troy according to the national census figures. Of the total, 14,356 were built before 1949. If you add up all the houses built from 1950 to 2020 (last year of figures) that amounts to 10, 373. So in 160 years (1789-1949) we built 14,356. From 1950 to 2020, a mere 70 years, we built 10,373. Of the total number 24,729, according to the national standards, all houses built from 1974 and earlier could be considered historic. That makes approximately 20,000 houses as possible historic structures – most of Troy!
Why have you house on the National Register? Historic homes tend to have a higher property value. There is a historic homeownership rehabilitation credit if you rehabilitate a qualified historic home in NYS, or purchase a rehabilitated qualified historic home in NYS. A qualified historic home........
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