Congratulations to Finance Fund!
Marketing Works is pleased to congratulate Finance Fund as they were recently awarded $3 million in Ohio New Markets Tax Credits. This is an exciting opportunity as the funds will be used to offer low-interest financing for projects that revitalize distressed urban and rural communities throughout Ohio.
In the past, Finance Fund has used similar New Market Tax Credits, awarded at the federal level, to improve the quality of life for people. For example, Finance Fund offered Columbus Compact Corporation a $1 million loan to aid in the development and construction of a Save-A-Lot grocery store. This project not only provided 46 full and part-time jobs, but also created access to affordable groceries for a neighborhood of approximately 25,000 people.
Finance Fund is one of four entities who will receive a portion of the $10 million in Ohio New Markets Tax Credits made available by the Ohio Department of Development. The Department’s Director Lisa Patt-McDaniel expresses her excitement about the program stating, “The Ohio New Markets Tax Credit program is one of the first of its kind in the country, and we are eager to see the new developments that come from this program.” The Ohio New Market Tax Credits are anticipated to spur at least $25.6 million in economic investments across Ohio.
Finance Fund is a statewide, nonprofit intermediary who has, for more than 20 years, provided millions of dollars for the revitalization of distressed communities and neighborhoods across the state of Ohio. To learn more about Finance Fund and itsofferings, visit www.financefund.org or read their blog.
admin • November 5, 2010
Posted in these categories:Client News
With these tags:client, Columbus, community development, Finance Fund, New Markets Tax Credits, nonprofit, Ohio, spotlight