BUFFALO-The Buffalo Economic Renaissance Corporation, a Community Development Financial Institution and a certified Community Development Entity, is applying for an allocation of New Market Tax Credits. The intent is to apply for an allocation of 2008 tax credits in the current application period. The application period is expected to end February, 2008. The New Markets Tax Credit Program allows taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities.

"We are looking for support for our application by soliciting developers to submit preliminary project summaries to us," said Timothy Wanamaker, president of the Buffalo Economic Renaissance Corporation. "If a project meets the criteria and otherwise would qualify for NMTC, we will include 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."

The project must have a community impact in the following areas:

Create jobs, job retention or increased wages for workers.

Assist businesses owned by lower-income persons or residents of lower-income communities, or that are committed to remain in such communities.

Assist minority or women-owned businesses.

Assist businesses and non-profit organizations or real estate projects that provide childcare, health care, educational or other benefits.

Facilitate wealth creation or asset accumulation suchashomeownership.

Provide goods and services to low-income communities.

Regardless of the project meeting some or all of the above requirements, some projects are not eligible. These include:

Most residential real estate housing projects.

Developing/holding intangibles for sale or license.

Country clubs, golf courses, massage parlors, adult stores, hot tub or suntan facilities, racetrack or other gambling facilities or liquor stores.

Most farming businesses.

Most collectable businesses.

Most financial-related businesses.

The NMTC application can be found at www.berc.org. Interested businesses must respond to the questions and return your proposal to us by no later than February 1, 2008. For more information visit www.berc.org or call 851-5035.