Northeast Ohio has won $53 M million from the federal New Markets Tax Credit program. These credits have proved invaluable for a range of development projects - from turning old industrial spaces into business centers to expanding the Cleveland Museum of Art. ideastream's Mhari Saito reports.
The latest round of New Markets tax credits - approved this week by the U.S. Treasury - were awarded to two northeast Ohio entities. The Cleveland New Markets Investment Fund, operated by Cleveland Development Advisers and housed in the Greater Cleveland Partnership, received $35 million. The NE Ohio Development Fund, a partnership between the Cleveland-Cuyahoga County Port Authority and Ariel Ventures won $18M million in tax credits. The credits, established by Congress in December 2000, are used to help leverage investment in development projects in areas with high rates of poverty and unemployment.
Tax credits are often an important piece in getting large projects off the ground. Area projects that have benefited from the New Markets credits include the renovation of the Capitol Theater in Cleveland's Gordon Square Arts District and the redevelopment of the East 4th Street neighborhood in downtown Cleveland.
Across the country 99 organizations received $3.5 billion in New Markets credits. Groups in Cincinnati, Dayton and Columbus received $92 million in the federal credits.