The Buffalo Economic Renaissance Corporation (BERC) is a certified Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE). As such, we are qualified and eligible to apply to the U.S. Treasury for an allocation of New Market Tax Credits (NMTC). We do not have a current allocation of NMTC, but intend to apply for an allocation of 2009 tax credits in the current application period. The application period is expected to end April, 2009.
The award of an allocation of NMTC is based on a competitive process that focuses on the applicant’s experience and description of the use of the NMTC. As part of the application process, BERC must describe potential projects in Buffalo that will qualify for tax credits.
To that end we are seeking the support for our application and are soliciting developers to submit preliminary project summaries to us. If a project meets our criteria and otherwise would qualify for NMTC, we may include a general description of the project in our application as a description of potential deal flow. In the event that we receive an allocation of NMTC, we will solicit a formal more detailed request for proposals.
Those responding to this request for Preliminary Project Summaries and who / which meet our and the statutory criteria for NMTC will be given the first opportunity to respond if we are awarded an allocation of NMTC, but none are guaranteed to receive NMTC. The selection and inclusion of one or more project descriptions in our application should not be regarded as a commitment by BERC to award NMTC to such projects or any other party.
There are many technical requirements of the federal legislation that govern the nature of the projects that may qualify for NMTC. These are identified below. More detailed information regarding the requirements may be reviewed at: cdfifund.gov.
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The project must be located in a qualified census tract. Census Tract information may be reviewed at http://www.cdfifund.gov/what_we_do/census.asp The project must have a community impact in the following areas:
Regardless of the project meeting some or all of the above requirements, some projects are not eligible. These include:
Completing/responding to this form will not entitle the applicant to a commitment of any kind. Allocations of NMTC will only occur if and when the U.S. Treasury CDFI Fund awards us an allocation. Additional information requests are anticipated and must be expected by any entity that completes this Proposed Project Summary. In order to be considered, you must respond to the questions in this form and return your proposal to us by no later than March 31, 2009. Earlier submission will be appreciated. A BERC representative will contact you for further information. |





