Greater Cleveland Partnership President and CEO Joe Roman has written a guest column for cleveland.com urging Congress to to extend the New Markets Tax Credit (NMTC), which “has been an undeniable success,” before leaving Washington this month.
The New Markets Tax Credits program was designed to increase the flow of private capital in low-income communities by offering investors a tax credit on investments made in qualified businesses and economic development projects that will benefit the residents of these communities. In the column, Roman discussed the importance of NMTC to Cleveland Development Advisers
, the GCP’s real estate development affiliate.
“CDA has had substantial success using the NMTC to expand private investment in its strategic and targeted redevelopment effort. CDA was one of the first community development entities to be awarded a NMTC allocation in 2003. We have been awarded a total of $105 million from this program, which has enabled us to generate more than $660 million in investment to support 30 catalytic development projects in the city.
“The impacts of our NMTC investments are considerable and concrete – creating more than 4,800 permanent jobs, nearly 1,200 new housing units and more than 3 million square feet in new commercial and industrial space in Greater Cleveland.”
CDA’s NMTC investments have included supporting renovation of Fairmount Creamery (image right), the historic building in Tremont that had been vacant since 1980. The $14 million mixed-use historic rehabilitation is expected to lead to additional economic investment in both the Tremont and Ohio City neighborhoods.
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