Congressman Higgins is calling for a measure to pass that would make New Market Tax Credits* permanent. According to Higgins, New Markets Tax Credits have been one of the reasons that we have seen Buffalo rebound the way it has. Investors have been taking full advantage of the tax credits to redevelop/build numerous key structures in the city, including Babeville, the Electric Tower, and the new Clinical Sciences Building (Roswell) at the Medical Campus.
Higgins points to more than $300 million dollars in private investments that have been made in WNY over the past decade, which otherwise never would have happened. Higgins is asking his colleagues to support the legislation.
More than $100 million in New Markets investments have leveraged over $300 million in development at over a dozen sites.
Other WNY projects to benefit from the New Market Tax Credits include Oak School Lofts, Ellicott Commons, the Webb Lofts, AM&A’s Warehouse Lofts, Rapids Theatre, the Larkin U Building, and the Innovation Center (see map). Now, try to picture Buffalo without any of the aforementioned projects in place.
*The New Markets Tax Credit program was created in 2000 to revitalize communities experiencing economic distress by providing tax credits to investors for equity investments to community development entities that invest in low-income communities.
Lead image: Babeville – © 2013 Nickel City Studios Photojournalism, LLC