Federal Historic Tax Credits (HTC) have been instrumental to the revitalization and redevelopment of downtown Syracuse over the past several years, and Centerstate CEO president Robert Simpson has been one of the strongest advocates for their use. In response to threats that the current tax reform plan in Congress, Simpson stated the following on PACNY’s email list:
I cannot say it strongly enough: this program is critical to our continued reinvestment in our urban core, to the revitalization of older cities and to all of our efforts not just in Syracuse but across Upstate New York.
We (our community) have literally used this tool dozens upon dozens of times, not just in downtown but in almost every neighborhood in the City. In small projects and large projects. For developers and for homeowners. It is a truly brilliant public policy/smart growth tool that encourages re-investment in the very places where sprawl has created disinvestment over decades. It is also, up until now, a highly predictable and consistent tool that businesses, homeowners and developers can count on as they examine the financial feasibility of these revitalization projects. To lose it would be an absolute travesty for our City and all Upstate NY communities. In anticipation of tax reform of some kind, we have been talking to Congressman Katko (and other Upstate NY representatives) about this issue for some time. He is fully supportive of KEEPING the credit, as are Senators Schumer and Gillibrand.
Ironically, at the very same time that some in Washington are looking to do away with this program that has triggered billions of reinvestment in our Cities, we are having the opposite conversation in Albany. As you recall, NYS established a parallel tax credit program that mirrors the federal credit at the state level several years ago. That program can be stacked on top of the federal credit, which has closed the “gap” on dozens of projects like the Hotel Syracuse, the Dietz Building, the Pike Block and so many others. That program is set to expire in January of 2019 and so we are making a strong push for NYS to reauthorize it in this coming legislative session so that there is no lag when the program’s future is in jeopardy. The Governor’s office has been a huge advocate for that, and for finding new and creative ways to make the program work even better. This is an issue where we have had support from our entire CNY state delegation over the years.
This program works. We need it.
Representatives will be in their districts October 27 to 30. Please consider inviting them to tour a Historic Tax Credit project. Engage municipal officials and local developers in meeting with Representatives in their district office. Contact information for your representatives is online here and senators here.
Learn more about the tax credits with this video posted at the National Trust for Historic Preservation website. It starts with President Ronald Reagan in 1981 praising the program and explaining how it will return federal dollars to local communities.
