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| Brochure from 1888 advertising the Industrial and Agricultural Expo that was located in Hamlin Park |
Hamlin Park is Buffalo’s
only east side historic district and now has all three levels of designation:
local, state, and national. The local listing came in the late 1990s to ensure
that inappropriate alterations were not being made to the historic homes in the
neighborhood. While the local designation provided the power at the city level
to protect the neighborhood, it did not include the tax credit incentives that
the State and National listing has brought.
If you want to stay up to
date with events in the neighborhood, community meetings, residential and
commercial properties for sale, and lots of historic information soon to be forthcoming,
go like the Hamlin Park Historic District on Facebook, by clicking here.
Out of the nearly 1600
properties within the district boundaries, approximately 1370 of them are
contributing structures, while only 190 are non-contributing as a result of
integrity loss, significant alterations, loss of feeling/character, etc. That
means there are now close to 1400 east side residents that can utilize the
state and federal historic tax credit program.
If you own a contributing
home in the district you can get a 20% tax credit for the approved work you do
to the home. It basically includes anything related to the house itself
including roof replacement, HVAC, electrical, and plumbing systems, restoration
of architectural features, windows, etc. There are three requirements to enroll
in the program: the rehab cost must be at least $5000, 5% of that must be spent
on the exterior ($250), and home must be a contributing structure. Here
is the official application, which is very straightforward.
Here is an example of the
benefit. Let's say you have to replace your roof, want to restore your porch
details, and need a new furnace and the total cost is $15,000. The homeowner
credit is 20% of the rehab expenses, which in this case yields a $3000 tax
credit, which is applied to your state income tax for the year the project is
completed. If your state income tax is less than $3000, the credit covers the
taxes and the difference is paid back to you in a refund.
Even better news, if you own
an income producing property like renting a double or an industrial/commercial
building, you are eligible for a 40% tax credit on rehab work. Just like the
homeowner credit, 20% comes from the state and the other 20% comes from the
federal government. If you're keeping track, that means almost half of your
rehab expenses are pretty much covered.
People are already investing
thousands into their properties with the new tax credit incentives and
commercial property owners are considering expensive and historically
appropriate renovations to raise the profile of the properties and attract more
than just the student population; they’re going for doctors and professionals
given the reasonable pricing in the neighborhood and the proximity to Metro
Rail for commuting to the medical campus downtown.
Now that Hamlin Park is
officially listed on the National Register, I’ll be taking the nomination that
my company, Preservation Studios created and breaking it into several series on
the history of Hamlin Park. Keep an eye out for the new series starting soon
and like the Hamlin Park Historic District on Facebook to stay up to date
on the neighborhood happenings!
