Summit County DFA explores plans for new financing tool

A new source of financing could be available for future Akron real estate development projects, if the Summit County Development Finance Authority (DFA) proceeds with plans for a community development financial institution (CDFI), Crain’s Cleveland reports. City and county officials “are encouraging” the DFA to pursue either creating or partnering with a CDFI, which would provide the organization with “access to more sources of capital, with fewer restrictions on where it could use that capital,” according to the article. DFA President Chris Burnham said CDFIs, which are supported by the Community Development Financial Institutions Fund within the U.S. Treasury Department, “can do the legwork for banks in terms of finding loan demand and credit-worthy borrowers in distressed and struggling communities.” For more, read the full article

Economic Development, Project Finance, State Updates