WASHINGTON, DC – U.S. Sen. Sherrod Brown (D-OH) today announced that $35,000,000 in tax credits were awarded to the Ohio Community Development Finance Fund (OCDF). The tax credits were provided by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI) under its New Markets Tax Credit (NMTC) program.
“Small businesses stimulate job growth and help to create stronger communities,” said Brown. “These tax credits will help to revitalize Columbus by easing the tax burden on women and minority owned businesses.”
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 OCDF.
The Ohio Community Development Finance Fund plans on using its NMTC to provide financing to small businesses such as minority or women owned start-ups, community facilities such as child care and health care centers, and manufacturing facilities in areas impacted by significant job losses.