New York Construction Report staff writer
New York led the nation in the use of state and federal historic rehabilitation tax credits in 2024, with 154 building projects completed, underway or in planning, generating $2.8 billion in economic activity, according to new data from the National Park Service.
That figure more than doubled the number of projects in any other state and tripled the economic impact of the next highest state, placing New York far ahead of Ohio and Texas, which followed in the national rankings.
“The state’s landmark buildings continue to find new life through the support of federal and state incentives for historic properties,” Gov. Kathy Hochul said in a statement. “New York’s rehabilitation tax credit programs are attracting strong private investment, spurring much-needed affordable housing and bringing new life to our communities.”
Much of the growth in tax credit usage has come from the adaptive reuse of historic buildings for affordable housing. Since 2022, 106 affordable housing projects have used the tax credit programs, creating 1,757 new units and rehabilitating 2,412 existing ones.
Since the 2019 federal fiscal year, New York has seen 491 property owners complete tax credit-supported rehabilitation projects, resulting in more than $5 billion in total investment — far surpassing other states.
“The historic rehabilitation tax credit has a strong record of helping to revitalize notable buildings, foster job growth, create more housing, and renew a sense of pride among New Yorkers for our state’s heritage,” said Randy Simons, commissioner of the state Office of Parks, Recreation and Historic Preservation.
This year’s enacted state budget expands the use of the tax credits to support more affordable housing. Previously, the New York State rehabilitation tax credit could only be used in census tracts at or below the state median family income. That restriction has now been lifted for projects that create affordable housing.
The state has also made technical amendments to the law to increase investor participation in the program.
For more information visit https://parks.ny.gov/shpo/tax-credit-programs/
