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CLEVELAND –The positive momentum in Cleveland is expected to continue as the region received a $60 million federal tax incentive that will help drive new projects in the city estimated to be valued at hundreds of millions of dollars.
The award of federal New Market Tax Credits to Cleveland Development Advisors (CDA)—an affiliate of the Greater Cleveland Partnership (GCP)—is an invaluable leveraging tool in advancing the city’s revitalization.
The tax credits are used to attract private investment needed to complete catalytic projects that create positive economic impacts in low-income communities, including workforce development, quality employment and neighborhood revitalization. CDA had been awarded a total of $215 million since the program’s inception. Read more.