WASHINGTON, DC – U.S. Sen. Sherrod Brown (D-OH) today announced that $35,000,000 in tax credits were awarded to the Cleveland New Markets Investment Fund (CNMIF) to invest in real estate and economic development projects in Cleveland and $18,000,000 in tax credits were granted to the Northeast Ohio Development Fund (NEODF) in Cleveland. The tax credits were provided by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund under its New Markets Tax Credit (NMTC) program.
“New investments in Cleveland will provide new opportunities for workers and business owners alike,” Brown said. “These tax credits will provide a lift to a community development agency eager to see Cleveland meet the President’s challenge of out-innovating and out-educating the world.”
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 CNMIF.
The Northeast Ohio Development Fund plans to use the 2010 NMTC allocation to finance high-impact job creation industrial projects in the local International Trade District area, including clean energy technology.