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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