Governor David Paterson today (7/29) signed into law legislation that improves the New York State Historic Rehabilitation Tax Credit program. The measure (A.9023/S.6056) provides more effective incentives and program features for developers and municipalities seeking to rehabilitate historic buildings, and will advance redevelopment and economic stimulus goals throughout New York State. Prior to this legislation, limitations in both the commercial and residential programs failed to provide sufficient incentives to deliver economic and community revitalization to municipalities in need. A recent economic impact study predicts that the enhanced rehabilitation tax credit will spur over $500 million dollars of economic activity in New York State and create some 2,000 jobs over its initial five-year lifespan. Read More…