Tax Credits Will Help to Foster Economic and Community Development in Over-the-Rhine and Throughout the Greater Cincinnati Area
WASHINGTON, DC – February 24, 2011 – (RealEstateRama) — U.S. Sen. Sherrod Brown (D-OH) today announced that $28 million in tax credits were granted to the Cincinnati Development Fund (CDF) and $18,000,000 in tax credits were granted to the Cincinnati New Markets Fund. The tax credits were provided by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund New Markets Tax Credit (NMTC) program. NMTC allocations will allow for economic and community development that fosters job growth in the Greater Cincinnati Area.
“Affordable housing is integral to creating strong, productive, and stable communities,” said Brown. “Strong communities that provide access to affordable housing are critical to our state’s economic competitiveness, and these tax credit programs show the vital role that public-private partnerships can play in revitalizing Greater Cincinnati and stimulating economic activity in hard-hit communities.”
The NMTC program is designed to stimulate economic and community development while creating job growth and attracting investment capital from the private sector. These tax credits are provided to investors who make investments in hard-hit communities through community development entities like the CDF.
The Cincinnati Development Fund plans on using its NMTC to finance affordable housing development and community revitalization in the Greater Cincinnati Area.
The Cincinnati New Markets Fund will use its 2010 NMTC allocation to modify its aggressive, non-traditional lending products to meet the needs of real estate development projects in Over-the-Rhine that provide community benefits to hard-hit communities and their residents.
Last year, Brown advocated on behalf of Over-the-Rhine residents and business owners to prevent a residential federal offender re-entry center from being built near the new School for the Creative and Performing Arts