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Tax Incentive Aims to Help Housing

Updated Monday, March 04, 2013

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The aging housing market in corning is an issue at the top of the list for city leaders.

March 4, 2013
Corning (WENY) - The aging housing market in corning is an issue at the top of the list for city leaders. But a new tax incentive will hopefully give developers a reason to step up when it comes to building more apartments throughout the city.
     More than half of the housing in corning is more than 50 years old. This incentive will bring in developers to renovate potential buildings and apartments. Corning city council members voted on a new local law to offer partial property tax exemption to developers that will renovate multi-use buildings.
     Mixed-use buildings are structures with commercial use on the first level and living space on upper floors. It's a reduction of property taxes on the new value of the property over a 12 year period. The tax incentive is targeting buildings along market street and bridge street. There are over 80 apartments on market street and city manager Mark Ryckman says that's a good start.
      “Peoples housing choices are changing, A lot of people want these apartments on the upper floors in downtown, and we have a number of buildings that are available to be renovated we're hoping this will accomplish those renovations and give the people the choices they're looking for,” says Ryckman.
      This incentive is for new projects and does not include any projects completed over the past 5 years.