Cleveland Development Advisors, an affiliate of the Greater Cleveland Partnership, announced that nearly $20 million of an available $50 million in federal New Markets Tax Credits have been finalized for use to help fund two local projects.
The Greater Cleveland Food Bank will receive $10 million for the construction of a new 197,000-square-foot warehouse and distribution center in Collinwood. The new facility increases capacity for the storage and distribution of non-perishable food to nearly 1,000 partners across six counties in Northeast Ohio.
Additional funding was provided by Truist Financial Corp., the Development Fund of the Western Reserve and Community Builders, according to a statement about the project.
A second allocation of $9.5 million in New Markets Tax Credits, in conjunction with a $1.9 million capital campaign bridge loan, will be used to open a second Providence House facility in the Buckeye neighborhood. The crisis nursery, which provides emergency shelter and care for children, and supportive services to families, will also use the funds to increase those services to more children and families.
The project, according to a statement from GCP, is part of an ongoing effort to redevelop the Buckeye Commercial Corridor.
The $50 million in federal funding is designed to attract capital to low-income and distressed communities, providing private investors with a tax credit for business and economic development investments.
Cleveland Development Advisors, established in 1989, also manages a Community Reinvestment Fund, a certified Community Development Financial Institution, and has closed 43 New Markets Tax Credit transactions for $215 million, which, according to the group’s website, represents more than $1 billion of investment in severely distressed low-income communities in Cuyahoga County.
The Ohio Department of Development is urging Ohio counties to take advantage of Round 2 of the $1 million in state brownfield redevelopment funds allocated to each of the state’s counties.
As of Tuesday, March 1, of the state’s 88 counties, nearly 30 had had not applied for the full $1 million in brownfield redevelopment set-asides, and at least 28 had not applied for any of the state funds at all. The window for the first round of applicants ended Jan. 31.
The guaranteed $1 million per county will expire at the end of June, when the remaining funds will be available on a first-come, first-served basis.
The Brownfield Remediation Fund and the Demolition and Site Revitalization program provide nearly $350 million for abandoned, idled or underused industrial, commercial or institutional property where expansion or redevelopment is complicated by known or potential releases of hazardous substances or petroleum.
The recipients of Round 1 have not yet been announced. A list of available funds can be found here.
Source: news.google.com
