Cincinnati Development Fund receives $40M allocation for economic development

An Over-the-Rhine-based nonprofit lending institution, Cincinnati Development Fund Inc., that “fills gaps not covered by traditional lenders,” received a New Markets Tax Credit allocation of $40 million, the Cincinnati Business Courier reports. Joe Huber, chief operating officer of Cincinnati Development Fund, said “the allocation will allow the organization to partner with other community development entities to stretch its $40 million allocation to as many projects as possible,” helping “a number of projects come to fruition that otherwise would not happen,” according to the article. Huber said the goal of the program “is to drive investment into underserved communities, stimulate economic development, and create quality jobs and opportunities for all residents of these distressed communities.” For more, read the full article.

Economic Development, Project Finance, State Updates