More Elmwood Village homes eligible for tax credit
Buffalo's list of historic districts is growing.
The proposed Elmwood Historic District East is expected to be approved for listing in the State and National Registers of Historic Places in December. Local officials announced that due to this action, more than 60 owners of historic homes will be newly eligible for rehabilitation tax credits.
State Senator Marc Panepinto worked closely with the Cuomo administration to secure the deal. The Buffalo Democrat says the tax credits will encourage reinvestments in the community.
“Your house has to be of a certain age, to have some historical significance, and then you have to be willing to spend the money yourself and then apply for the tax credits as a reimbursement for the investment that you make in the property,” said Panepinto.
He said the efforts to extend the tax credits was driven by community activists who want to see their neighborhoods restored. Panepinto says the credit, which offers an up to 20 percent return on pre-approved home improvements, will benefit more than a thousand homeowners in the area.
The state senator was joined at a news conference in the Elmwood Village by Assemblyman Sean Ryan, Buffalo Common Council Majority Leader David Rivera and Delaware Council Member Joel Feroleto.