Establishes the historic preservation tax credit transfer program to provide flexibility and incentives for businesses which rehabilitate historic properties to further promote the development of affordable housing.

The bill aims to create a program that allows businesses to transfer tax credits for rehabilitating historic properties. This initiative is designed to encourage the restoration of these properties, with the goal of increasing affordable housing options in New York. By offering financial incentives, the bill seeks to make it easier for businesses to invest in historic sites.

Supporters of the bill argue that it will revitalize historic neighborhoods while simultaneously addressing the pressing need for affordable housing. They believe that by incentivizing the rehabilitation of historic properties, the program will stimulate economic growth and promote community development. This approach is seen as a win-win for both preserving cultural heritage and providing homes for those in need.

Critics of the bill may argue that it could lead to the gentrification of historic areas, pushing out low-income residents in favor of more affluent newcomers. They may also express concern that the tax credits could divert funds from other essential services or programs aimed at directly supporting affordable housing initiatives. Additionally, there is skepticism about whether the program will effectively balance preservation with the need for accessible housing.