Two Northeast Ohio agencies awarded $53M in federal New Markets Tax Credits

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Two Northeast Ohio agencies awarded $53M in federal New Markets Tax Credits

Crain's Cleveland Business – U.S. Sen. Sherrod Brown, a Democrat from Avon, said the U.S. Treasury Department has awarded a total of $53 million in New Markets Tax Credit allocations to two Northeast Ohio agencies authorized to disburse the valuable federal tax credits.

Mr. Brown said the Cleveland New Markets Investment Fund received $35 million in tax credits and the Northeast Ohio Development Fund in Cleveland received $18 million.

The Cleveland New Markets fund is one of the funds operated by Cleveland Development Advisors, a supporter of catalytic neighborhood development funds housed at the Greater Cleveland Partnership.

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