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New Market Tax credits, EB-5 program highlighted in Congressional visit

The Greater Cleveland Partnership (GCP), Cleveland Development Advisors (CDA) and the Cleveland International Fund (CiF) hosted Congresswoman Marcia L. Fudge (D-OH-11) and her staff last week for a tour of New Market Tax Credits (NMTC) and EB-5 projects in downtown Cleveland and the Tremont neighborhood.

The GCP has actively and successfully lobbied on behalf of CDA for New Market Tax Credits allocations, including four allocation awards totaling $105 million. To continue the catalytic progress these awards have generated, the GCP and CDA are currently advocating for a fifth, multimillion-dollar allocation, which is expected to be awarded this summer, as well as reauthorization of the NMTC program.

The Congresswoman had the opportunity to see under-construction and completed projects that were made possible, in part, because of NMTC investments by CDA, as well as two projects that also included EB-5 investments by CiF.

Highlights of the day were walking tours of The 9 district in downtown Cleveland and the Fairmont Creamery project in Tremont. Meeting with developers and workers at both sites, the Congresswoman gained valuable first-hand knowledge of how these programs work and the impact they make in changing the face of Cleveland.

In the above photo: Naomi Sabel from Sustainable Community Associates, the Fairmount Creamery developer (left), talks about the project with Congresswoman Fudge (right).

Also joining the group for parts of the tour were Joseph Calabrese, general manager of the Greater Cleveland Regional Transit Authority, a Build Up Greater Cleveland member, who discussed the connection between catalytic transit projects, such as the Euclid Corridor/Healthline project, and residential and economic redevelopment; and Joseph Marinucci, president and CEO of Downtown Cleveland Alliance, who hosted the Congresswoman earlier in the day for a roundtable discussion with downtown property owners.