Historic building rehabilitation projects completed in New York in 2025 represented $2.27 billion in investment, placing the state first nationally for the ninth consecutive year, according to Gov. Kathy Hochul's office.
The figure describes investment in rehabilitation projects using historic tax credits, rather than the dollar value of tax credits awarded. The state cited a National Park Service report covering the economic effects of the federal program, according to its announcement.
Completed work is part of a larger pipeline
The state reported 460 building rehabilitation projects that were completed, under construction or in planning. Of those, 106 completed projects accounted for the $2.27 billion in rehabilitation investment.
The cited analysis estimated that investment supported more than 37,000 jobs, $1.6 billion in income and $4.28 billion in economic output, including direct and secondary effects. Rutgers University's Center for Urban Policy Research prepared the report through an agreement with the National Park Service.
Since federal fiscal year 2021, property owners in New York have completed 606 projects representing $9.33 billion in investment, the state said.
Over that period, 164 affordable housing projects used historic tax credits to create 5,101 homes for low- and moderate-income households and rehabilitate 30,066 existing units.
Housing authorities among program users
Public housing authorities using or preparing to use the incentives include those in Elmira and Perinton, along with New York City, Middletown, Newburgh, Kingston, Albany, Troy, Cohoes, Watervliet and Tonawanda.
State officials said the programs support adaptive reuse of historic buildings for housing, businesses, arts organizations and other uses while preserving historic features.
Federal and state credits have separate requirements
Owners of income-producing properties listed on or eligible for the National Register of Historic Places may qualify for a federal credit equal to 20% of eligible rehabilitation costs, according to the state. New York's related credit ranges from 20% to 30%, with a $5 million cap per building rehabilitation.
Federal approval is required to qualify for the state credit. Commercial projects generally must be in eligible census tracts, but the state expanded eligibility statewide for rehabilitation that creates affordable housing through its 2024-25 budget.
The announcement describes program rules and statewide results; it does not determine whether an individual property or expense qualifies for a credit.
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