With the recent passage of New York State’s Enhanced Historic Tax Credit Program, providing tax credits of up to 40% of the costs of rehabilitating heritage structures, the event is a watershed moment in the ongoing development and economic revitalization of the Hydraulics.

The Kamman Building, 755-757 Seneca, is now well on its way to listing on the National Register of Historic Places, making it eligible for historic tax credits being sought by Chaintreuil | Jensen | Stark to transform the structure into apartments and office space to the tune of $1 million. The Hydraulics MPDF (check it out here), prepared by Jennifer Walkowski of the Clinton Brown Company, will make it easier for heritage structures in the Hydraulics to seek designation on the National Register of Historic Places and to take advantage of lucrative national and state incentives that can make projects happen.

“It definitely can help owners or potential owners apply for tax credits,” says Walkowski. “It’s a big support for the neighborhood. This will prove to be useful to the new development planned and will enable the rehab of the historic buildings in the neighborhood.” The next step, according to Walkowski, is a polishing-up of the state application for review by the National Parks Service, a process that’s likely to take another three to four months. It’s almost there. It is big news indeed!

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