Three Cincinnati development groups were awarded a total of $125 million from the U.S. Treasury Department’s Community Development Financial Institutions Fund, a program that helps leverage private investment in “struggling or low-income communities,” Cincinnati.com reports. Cincinnati Development Fund received a $65 million tax credit allocation, Uptown Consortium received a $45 million allocation, and the Kroger Community Development Entity LLC procured a $15 million allocation. The New Market Tax Credits program “gave community groups the ability to raise money from investors for their projects. In exchange, the investors can claim a federal income tax credit worth 39 percent of their investment over a seven-year period,” according to the article. Leaders of the development entities say the awards could benefit projects that will turn “the area around Reading Road and Martin Luther King Jr. Drive in Avondale into an innovation corridor” and breathe life into neighborhood business districts.
Cincinnati neighborhoods will feel benefit of $125M in New Market Tax Credits
