Buffalo, Falls Designated Renewal Communities by HUD
By Mark Scott
Buffalo, NY – The US Department of Housing and Urban Development has designated Buffalo, Lackawanna and Niagara Falls as "renewal communities."
The designation is given to economically-distressed areas. Congressman John LaFalce says HUD will provide federal tax incentives designed to attract new businesses and create jobs.
"If your business is in a certain portion of the city of Buffalo or city of Niagara Falls, you will be eligible for a wage credit -- a credit against your taxes totaling $1,500 for every local employee who lives and works within this target zone," LaFalce explained.
LaFalce said companies will also be eligible for accelerated depreciation benefits as well as a capital gains tax exemption for local investments.
"This designation is critically important in our ongoing commitment to re-energize Western New York's economy," said Congressman Thomas Reynolds, R-Clarence.
"Over the past 50 years, the Buffalo area has lost more jobs and population than any other urban area in the United States," said Congressman Jack Quinn, R-Hamburg. "State and local governments, together with the private sector, have a number of significant projects and initiatives underway, which will assure the success of this renewal community."
"Washington is always being accused of not paying enough attention to Western New York," Senator Charles Schumer, D-New York, noted. "But today, not one, but two Western New York cities have secured approval of a designation that dozens of other areas across the country wanted."