New York State Historic Tax Credit Program and Preserving Buffalo, New York

Buffalo, New York developed as an economic and industrial powerhouse in the late-nineteenth and early-twentieth centuries. Since the latter half of the twentieth century, Buffalo has been hit hard by economic transformation and demographic shifts. This resulted in a city full of significant architectural heritage with little ability to maintain it. Until recently, Buffalo has faced disinvestment in its downtown with high vacancy rates, neglect and demolition. The New York State Historic Tax Credit Program has become a powerful tool for reinvestment in Buffalo's historic structures and neighborhoods. Buffalo has been the state's epicenter for historic reuse projects and one of the key cities statewide for utilization of both the federal and state historic tax credits. This thesis explores the evolution of the New York State Historic Tax Credit Program and its subsequent impact on preservation and neighborhood revitalization in Buffalo through specific projects that have utilized the credits. This thesis uncovers the trends among the commercial and homeowner historic tax credit projects in Buffalo, and evaluates the program's ability to incite economic development and urban revitalization at the local level.