WASHINGTON, DC – Sen. Sherrod Brown (D-OH) today announced that $11,000,000 in tax credits were awarded to the Dayton Region New Market Fund (DRNMF). The tax credits, provided by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund under its New Markets Tax Credit (NMTC) program, will be used to invest in hard-hit communities.
“New investments in the areas that surround the schools where Ohio children learn can generate greater economic growth, community pride, and safety,” Brown said. “These tax credits will help to generate redevelopment in hard-hit communities and spur new job growth and opportunities.”
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 DRNMF.
The Dayton Region New Market Fund will use its 2010 NMTC allocation to increase its lending capacity and invest in development opportunities in communities near schools and hospitals. These anchor projects are expected to spark surrounding redevelopment, according to DRNMF.