Seeking to encourage more redevelopment of Buffalo’s trove of historic buildings, in April 2014 city officials released a new survey report designed to make it easier for local and even out-of-town developers to know what properties could qualify for historic tax credits and what incentives are available.
The new Buffalo Preservation Ready Survey presents an inventory of 571 aging or neglected properties – mostly downtown – that could be eligible for state and federal historic tax credits as part of renovation projects. This database reorganized that data for search purposes.
Historic tax credits, which are income tax credits that can total 40 percent of the cost for rehabilitation projects in distressed areas, play significant roles in making the job financially affordable for developers. They have been used locally in many projects over the past decade. Otherwise, the costs are often prohibitive compared to new construction on vacant or “green” land.