Congressman Tim Ryan Announces $45 Million to the Development Fund of Western Reserve
Akron, Ohio – Congressman Tim Ryan is announcing that $45 million in federal funds has been allocated to the Development Fund of Western Reserve Inc. to support economic development projects that will create quality jobs and provide commercial and community goods and services to residents throughout the organization’s 18-county service area in Northeast Ohio.
“This funding will be instrumental in forming strong public-private partnerships that will spur economic development and growth in underserved, low-income urban and rural communities throughout Northeast Ohio. These business and real estate investments will bring jobs and opportunities to our communities most in need. I applaud the Development Fund of Western Reserve for all their hard work to secure this funding and I will continue to advocate on their behalf in Washington,” said Congressman Ryan.
“The Development Fund of the Western Reserve now has the opportunity to fund economic development projects in Akron, Youngstown, Wooster and other areas in northeastern Ohio,” said Chris Burnham, President of the Development Finance Authority of Summit County. “We look forward to deploying the credits as rapidly as possible to bring private investment capital to projects in NE Ohio communities that otherwise cannot proceed.”
Areas served: Ashland County, Ashtabula County, Carroll County, Columbiana County, Geauga County, Holmes County, Huron County, Lake County, Lorain County, Mahoning County, Medina County, Portage County, Richland County, Stark County, Summit County, Trumbull County, Tuscarawas County, and Wayne County.
This award is funded through the United States Department of Treasury’s New Markets Tax Credit Program (NMTC Program), which was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs).