Tax incentive programs are powerful and prudent tools to encourage rehabilitation of historic buildings and promote economic revitalization. Various tax incentives have been adopted at the federal, state, and local level, and these incentives are often combined to make a historic rehabilitation project viable. In many cases, the economic viability of rehabilitation projects is dependent upon the combination of the federal historic rehabilitation tax credit with other federal and state programs. For example, investors in the rehabilitation of low-income rental housing properties may be eligible not only for the historic rehabilitation tax credit, but also for the low income housing tax credit and other incentives. The major financing options that may be considered in Bushwick Avenue study area have been identified as follows:

· Must be used as an income-producing property for five years after rehabilitation
· Cannot use to rehabilitate an owner’s private residence
· Must be listed on the National Register of Historic Places or as part of a “registered historic district”
· Cost of rehabilitation must exceed the pre-rehabilitation cost of the building
· Must meet the Secretary of the Interior’s Standards for Rehabilitation and be consistent with the historic character of the property (see Maintenance section)
www.nps.gov/history/hps/tps/tax/incentives/index.htm

20% state tax credit up to $5,000,000
· Must be used with the Federal Historic Rehabilitation Tax Credit Program
· Must be located in an eligible census tract (all of the Bushwick Study Area is eligible)
www.nysparks.state.ny.us/shpo/tax-credit-programs

Sacred Sites Grant
· Financial and technical assistance for maintenance, repair, and restoration of religious properties
City Ventures Fund Grant
· Available to non-profit developers of non-landmark yet architecturally significant buildings being converted to affordable housing and services that benefit low-income communities
Emergency Preservation Grant
· Available for non-profit organization owners of buildings with exterior problems that require immediate attention
www.nylandmarks.org/programs_services/grants

· Available for owners of historic residential, non-profit, religious, or commercial properties in low- to moderate-income communities in New York City
www.nylandmarks.org/programs_services/loans/

· Available each fall for organizations with strong board and community involvement
· Supports local efforts to protect and expand neighborhood investments and link residents to a full range of services
www.nycommunitytrust.org/GrantSeekers/GrantmakingGuidelines/CommunityDevelopmentandtheEnvironment/tabid/204/Default.aspx

· Supports local non-profits that work in the arts, community development, human services, youth development, education and the environment
www.brooklyncommunityfoundation.org/apply/eligibility-requirements

The New York State Office of Parks, Recreation and Historic Preservation
Sloane Bullough Merrill Hesch (Grants Office)
518.237.8643, ext. 3252 212.866.2599
www.nysparks.state.ny.us/shpo/tax-credit-programs
(New York State Historic Commercial Properties Tax Credit Information)
The New York Landmarks Conservancy
One Whitehall Street
New York, NY 10004
212.995.5260 (Preservation Hotline)
www.nylandmarks.org/
The New York Community Trust
909 Third Avenue, 22nd Floor
New York, NY 10022
212.686.0010
www.nycommunitytrust.org/
Brooklyn Community Foundation
45 Main Street, Suite 409
Brooklyn, NY 11201
718.722.2300
www.brooklyncommunityfoundation.org/
The Bushwiki
www.bushwick-studio.wikispaces.com
(Information compiled by Columbia University Historic Preservation students, 2011)