Article Contributed by
Jamestown Renaissance Corporation
One of the biggest challenges for Jamestown’s revitalization is the financial burden of renovating historic buildings. Grants and loan programs from the city, state, and foundations are available to help fill financial gaps. However developers often need more support to sensitively restore older buildings and carry projects through to completion. Beginning in 2013, the Jamestown Renaissance Corporation (JRC) worked closely with the City to formally nominate the downtown Jamestown commercial district for historic designation. By November 2014, the district and just over 100 downtown properties were listed on both the State and National historic registers. With the downtown district listed, JRC turned its sights to Lakeview Avenue in 2015 with over 200 properties. The NYS and Federal Rehabilitation Tax Credit programs can be combined to cover 40% of qualified rehabilitation expenditures.
For the Downtown Jamestown Historic District, securing the historical designations means that most property owners can tap into historic preservation tax credits, one of the most lucrative and effective subsidies of recent years. The current federal and New York State tax credit programs have enabled much of the recent revitalization work in Buffalo and other parts of the state. Giving Jamestown property owners access to this subsidy significantly increases the chances of renovation downtown, improves the quality of the downtown environment, and increases the inventory of available space. Over time, this stimulates demand which brings new investments, rising rents, higher property values, a more stable financial picture for building owners, and a stronger tax base for the city.
The Lakeview Historic District is a unique opportunity to benefit our community, because unlike most states, New York State offers historic preservation tax credits to homeowners. This is the first residential neighborhood in Jamestown to be nominated. JRC worked with the State Historic Preservation Office to define the boundaries of the Lakeview district to be as broad as possible so that a large number of property owners would be eligible for the tax credits. Ultimately, over 200 properties were included in the designation. In December of last year, the nominating paperwork was approved by the State Preservation Review Board which added the district to the state register. It is now awaiting approval at the federal level.
NYS AND FEDERAL REHABILITATION TAX CREDIT FOR INCOME‐PRODUCING COMMERCIAL PROPERTIES
Thursday March 2, 2:30-4:30 PM
Wright Conference Room, 2nd Floor
Reg Lenna Center for the Arts
116 East 3rd St, Jamestown
Presented by Julian Adams, NYS Parks and Jason Yots, Preservation Studios
NYS HISTORIC TAX CREDIT FOR HOMEOWNERS
Thursday March 2, 6:30-8:00 PM
Christ First United Methodist Church
663 Lakeview Ave, Jamestown
Presented by Sloane Bullough and
Jennifer Walkowski, NYS Parks
Realtors, contractors, business and home owners, community leaders and anyone who wants to learn about new opportunities for community reinvestment should attend. These workshops are free and open to the public however advance registration is strongly encouraged as seating is limited. Please RSVP by February 27th by calling Mary Maxwell at 716-664-2477 ext. 224 and indicate Commercial or Homeowner.
To be eligible, your home or property must be located in the Lakeview Historic District or the Downtown Jamestown Historic District. For more information, call Larry Moss at (518) 268-2187. You can also learn more by visiting: https://parks.ny.gov/shpo/tax-credit-programs/
The Jamestown Renaissance Corporation supports downtown and neighborhood revitalization by promoting reinvestment, stakeholder engagement, and innovation in the greater Jamestown, NY area. For more information, please visit www.jamestownupclose.com or call 664-2477. You can also learn more about the organization by joining our Facebook page.