Fahy, Peoples-Stokes Introduce Legislation Creating State Tax Credit for Office to Residential Building Conversions
ALBANY, N.Y. — Senator Patricia Fahy (D—Albany), Assembly Majority Leader Assemblymember Crystal Peoples-Stokes (D—Buffalo), and Assemblymember John T. McDonald III, RPh (D—Cohoes) announced introduction of legislation (S.9259/A.10192) today to spur the conversion of underutilized office buildings and space into residential housing in communities outside of New York City.
This legislation enables property owners who pursue substantial rehabilitation of vacant office buildings into residential units to earn a refundable tax credit equal to 10 percent of qualified rehabilitation expenditures. Eligible projects must be in cities, towns, or villages with populations under one million, and at least 50 percent of the building must be vacant and converted to residential use. Additionally, this legislation creates a new tax credit to apply to historic rehabilitation projects that meet the same residential conversion goals.
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