Congresswoman Marcia Fudge Announces $95 Million in Tax Credits Awarded to Northeast Ohio Community Development Agencies
WARRENSVILLE HEIGHTS, OH – June 22, 2015 – (RealEstateRama) — Congresswoman Marcia L. Fudge (OH-11) is pleased to announce the U.S. Department of the Treasury awarded $95 million in tax credits to two community development agencies in Ohio’s Eleventh Congressional District. The Cleveland New Markets Investment Fund, LLC received $50 million and the Development Fund of Western Reserve (of Akron) received $45 million.
The tax credits are distributed through the New Markets Tax Credit (NMTC) Program, designed to revitalize low-income communities. The NMTC program provides these community organizations with the capital needed to grow and sustain local businesses and create jobs. Since its inception, NMTCs have created or retained an estimated 596,824 jobs nationwide.
“I have always been a vocal advocate of NMTCs, which are essential to the revitalization of low-income communities in Ohio and across the United States,” said Congresswoman Fudge. “I am pleased the Cleveland New Markets Investment Fund and the Development Fund of Western Reserve were chosen to receive tax credit allocation authority under the New Markets Tax Credit Program.”
In order to receive the allocation, participating agencies must agree to make at least 75% of their investments in severely distressed communities or communities with high unemployment. At least $453 million has been invested in distressed communities to date.
“I applaud the U.S. Treasury Department for continuing to support communities in need, and congratulate northeast Ohio’s community development organizations for contributing to the economic success of our region and its people,” said Congresswoman Fudge.