The Cincinnati Development Fund (CDF) will use about half of its recent $42.4 million allocation from the New Markets Tax Credit program to support four projects in Over-the-Rhine and Pendleton, Cincinnati.com reports. The projects include a renovation of Market Square, to “house 35 apartments and 50,000 square feet of retail space”; a renovation of Ziegler Park; Broadway Square’s Phase II that will include “47 residential units and seven commercial units”; and Shakespeare Theater’s renovation that will include gallery space for minority artists, community meeting space, and room for ArtsWave. Congress established the New Markets Tax Credit program in 2000 “to spur investment in projects located in low-income communities,” according to the article. CDF has received over $187 million in allocations from the program, and has financed more than $325 million for projects that have in turn “leveraged more than $1 billion of investment” and created 6,000 jobs. For more, read the full article.
New Markets Tax Credit allocation supports four projects in Over-the-Rhine and Pendleton
