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Ohio's congressional delegation supports key development tool

In recent weeks, Ohio’s U.S. Senators Rob Portman and Sherrod Brown signed on as legislative cosponsors of the New Markets Tax Credit (NMTC) Extension Act of 2017.

This legislation proposes a permanent extension of the federal NMTC program, currently set to expire in 2019. The legislative proposal would also increase the annual NMTC allocation. Several U.S. House members from Ohio are already lined up in support of the companion legislation in the House.

Those members include: Rep. Pat Tiberi (lead sponsor), Rep. Dave Joyce, Rep. Jim Renacci, Rep. Tim Ryan, Rep. Bob Gibbs, Rep. Bill Johnson, Rep. Betty Joyce, Rep. Steve Stivers, and Rep. Michael Turner.

“The NMTC program is helping drive Cleveland’s momentum,” said Greater Cleveland Partnership President and CEO Joe Roman.

“We applaud Ohio’s congressional delegation for their commitment to protect and grow the impact this program is having in our community and across the state,” said Roman.

Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, has managed $215 million in NMTC awards allocated to over three-dozen projects, creating more thanr 5,000 jobs and spurring additional investment nearing $1 billion.