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Cincinnati In The News

3CDC, CDF awarded $87 million in federal tax credits

Phase 1 of this 3CDC development features new construction along Race Street in OTR


Cincinnati's two premier nonprofit economic development organizations, 3CDC and Cincinnati Development Fund (CDF), have received federal New Market Tax Credits totaling more than $87 million, the Business Courier reported June 15. The announcement comes a year after neither received them, a big disappointment that temporarily slowed their respective investment plans.

3CDC, through its Cincinnati New Markets Fund, was awarded $45 million and CDF $42.35 million.

"The tax credits help plug gaps in financing for difficult projects located in areas from which private developers shy away," the Business Courier article says.

Upcoming 3CDC projects that might utilize the tax credits include housing and retail on Race Street and additional food/drink options in Over-the-Rhine as well as Memorial Hall, Music Hall and Ziegler Park renovations. Cincinnati Development Fund likely will invest in additional homeownership projects and could free up additional funds for its new facilities and equipment loan program for nonprofits.

Read the full Business Courier story here.
 
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