Public Hearing Regarding Bowery Historic Recognition
The Bowery is on the precipice of receiving significant national recognition for its historical significance to New Yorkers and Americans alike.
Members of the Bowery Alliance of Neighbors and the Two Bridges Neighborhood Council are fighting tooth-and-nail to secure nomination to the State and National Register of Historic Places. Community Board 2 is holding a public hearing tonight regarding this significant designation. If interested in showing your support, head over to the Church of Our Lady Pompei at 25 Carmine Street at 6:30 pm.
Below is some information about what it means to be on the National Register of Historic Places:
National Register status is an honorific designation. Unlike New York City Landmarks designation, which is not being sought as a part of this effort, there are no restrictions placed on private owners of registered properties in a National Register Historic District. Private property owners may sell, alter or dispose of their property as they wish, although an owner who demolishes a certified registered property may not deduct the costs of demolition from his/her federal income tax.
The benefits of National Register designation include:
- Eligibility of property owners (and in certain cases lessees) for federal tax credits on qualifying rehabilitation of historic buildings within the historic district. Owners of depreciable, certified historic properties may take a 20 percent federal income tax credit for the costs of substantial rehabilitation as provided for under the Tax Reform Act of 1986. Any contributing, income-producing building would be eligible for the federal investment tax credit.
- Owners of contributing buildings within distressed census tracts are eligible for additional New York State tax credits. Distressed census tracts are those identified as being at or below 100% of the state median family income ($51,691) in the most recent census. On the Bowery, this includes properties on the east side of the street south of East 3rd Street and on the west side south of East Houston Street.
- Private property owners of contributing buildings are eligible for grants and loans administered by New York City Landmarks Preservation Commission and other sources
- Municipal and not-for-profit owners of listed historic properties may apply for matching state historic preservation grants
- Registered properties and properties determined eligible for the Register receive a measure of protection from the effects of federal and/or state agency sponsored, licensed or assisted projects through a notice, review, and consultation process.