WASHINGTON, D.C. — New federal resources have been awarded to a Miami Valley economic development agency. U.S. Sen. Sherrod Brown (D-OH) today announced that the Dayton Region New Market Fund was awarded a $20 million through the U.S. Treasury Department’s New Market Tax Credit (NMTC) program. NMTC helps attract investment in underserved regions that would otherwise suffer from a lack of financing.
“Economic development agencies are critical to maintaining and strengthening Ohio’s economy,” Brown said. “The Dayton Region New Market Fund has a proven track record in helping to leverage private and public financing in order to create jobs and promote economic growth. This tax credit could help build upon Ohio’s existing strengths and transform the region economically.”
Dayton Region New Market Fund will use today’s award to invest in comprehensive neighborhood redevelopment projects that will create jobs and provide improved access to goods and services in low-income communities.
According to the Treasury Department, the CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. Since its inception, more than $1.7 billion has been awarded to CDFIs and other community development and financial organizations. The CDFI was created to promote economic revitalization and community development through investment in and assistance to CDFIs. These institutions are eligible for funding because they are a legal entity with the mission of promoting development in the communities they serve. Specifically, CDFIs expand the resources available to financial institutions, enabling them to provide more loans and services to qualified, yet historically underserved, populations and communities.
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