The Federal Renewal Community Program provides federal Tax Credits to firms that are investing in "bricks and mortar" renovation or new building construction of commercial or industrial building structures and creating employment.

Buildings substantially renovated or built new, placed in service in 2009, and located in eligible distressed census tracts may qualify for up to $12 million in accelerated depreciation credits called a Commercial Revitalization Deduction (CRD).

Buffalo and Lackawanna have $12 million in deductions to allocate to eligible firms in 2008. These deductions reduce federal tax liability and provide accelerated depreciation based upon Qualified Expenditures.

To determine if your property is in an eligible area, an address locator is available at www.hud.gov/economicdevelopment or contact the BERC at (716) 842-6923 for further information.

A detailed description of the CRD allocation can be found here.

FIRMS MUST ACT NOW TO QUALIFY!
If your property is in an eligible area and would like to request an allocation, please complete the request form and submit to the BERC at your earliest convenience.