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Joyce Helps Secure $50 million Federal Investment in Northeast Ohio’s Economic Growth

Sep 09, 2021
Economy & Jobs
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WASHINGTON, D.C. – Congressman Dave Joyce (OH-14) applauded the U.S. Department of the Treasury for awarding $50 million in New Markets Tax Credits (NMTCs) to the Cleveland New Markets Investment Fund II (CNMIF). On June 16, 2021, Joyce wrote to Treasury Secretary Yellen in support of CNMIF’s application for these credits. CNMIF, which is managed by an affiliate of the Greater Cleveland Partnership (GCP) called Cleveland Development Advisors (CDA), invests in real estate and business development projects focusing on the poorest census tracts located in the neighborhoods of Cleveland.

“Economic growth is the most powerful tool we have at our disposal to revitalize struggling communities,” said Joyce. “I was proud to support CNMIF’s application and look forward to seeing the development these tax credits will bring to Northeast Ohio. I have no doubt that this investment will help create jobs and spur the growth necessary to confront economic challenges in low-income communities and increase both prosperity and opportunities for hardworking Buckeye families.”

“These tax credits will enable CDA to catalyze numerous impactful projects in our community,” said Baiju R. Shah, President and CEO of GCP. “GCP and CDA are grateful for the support of our Congressional delegation for their persistent effort to ensure that the program continues.”

Overall, 100 entities were awarded a total of $5 billion tax credit allocations, made through the calendar year (CY) 2020 round of the NMTC Program. The NMTC is a nonrefundable tax credit intended to encourage private capital investment in eligible, impoverished, low-income communities. NMTCs are allocated by the Community Development Financial Institutions Fund (CDFI), a bureau within the U.S. Department of the Treasury, under a competitive application process. Investors who make qualified equity investments reduce their federal income tax liability by claiming the credit. Previously, an NMTC allocation helped support $6.5 million worth of development for a manufacturing company in Orwell, Ohio.

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