Tax Credit Soft Launch

Part of the funding pie for the House's restoration includes the sale of roughly $950,000 of Federal and New York State tax credits through the Historic Rehabilitation Tax Credit program. These credits are a critical part of many large-scale rehabilitation projects and are used by mostly for-profit developers. As a not-for-profit, HAF cannot use the credits ourselves, but we can sell the credits to others who can. We are using a crowdfunding approach to our tax credits which will give the community a chance to be involved in the project.

Last Thursday, we held our first invite-only workshop and are now putting the information out to the public. The workshop explained how individuals with an annual income of less than $250,000, real estate professionals, and corporations can invest in the project to receive the tax credits. We were happy to welcome our consultants Will Bradshaw from Reimagine Fund in New Orleans, Rich Rogers from Yots Law, and Jake Walsh from Common Owner, both out of Buffalo. We had a lovely audience of about 40 individuals who have supported 48 Hudson with lots of good questions and interest. All of the questions and feedback generated will go on the Common Owner portal here: commonowner.com/project/48-hudson

Right now we are "testing the waters" and gathering interest while we finalize the last few details of the offering. As we get closer to the full launch in the spring we will be scheduling more workshops to introduce the topic and how the tax credits work. The offering site is up now for anyone to peruse.

We will also be resuming our First Friday tours on March 3rd where we will talk more about the tax credits. Please do reach out to Cara at cmacri@historic-albany.org with questions or interest!