Dozens of downtown revitalization projects in Buffalo and elsewhere are expected to move ahead in the coming months, after Gov. David Paterson signed into law an amendment to the Historic Rehabilitation Tax Credit.

The new law will spur the renovation of historic downtown buildings, such as the Hotel Lafayette in Syracuse.According to Buffalo Rising, the amendment allows banks and insurance companies to now claim the credit. The idea is that, by expanding the pool of investors who can claims the credit, more dollars will be invested in downtown revitalization -- thereby discouraging sprawl and creating new jobs.

NYLCV Endorsed candidate and bill sponsor Assemblymember Sam Hoyt added, "This is a major victory for economic development in Buffalo and Upstate New York," Hoyt said. "The amendments will create a ripple effect of private sector investment that includes the creation of hundreds of new jobs and historic structures in communities across upstate will be saved and restored."

Passage of this bill was a big triumph and a key reason why NYLCV is strongly supporting Hoyt in his reelection.