A group focused on promoting economic development in Northeast Ohio received its largest ever allocation of tax credits.
The Development Finance Authority of Summit County was awarded $50 million in federal New Market Tax Credits. Fiscal Officer Rachel Bridenstine says the tax credits will help the organization attract investors to low-income community projects in their 18-county region.
“It’s really about leveraging funds that are already going into a project to attract additional capital that wouldn’t be there otherwise because of this tax credit,” she said.
Bridenstine says the Authority is focusing this allocation on three areas: projects that are in rural communities, manufacturing projects that will create jobs, and community and medical facilities. She says the goal is to leverage the tax credits to build up low-income communities by either creating jobs or providing services.
Bridenstine: lifting up low-income communities
“So, all of this is about building up distressed communities based on census data either through job creation or services to that immediate community and wanting to see the impact that residents there would have,” she said.
Bridenstine says there are a few projects in the pipeline but will continue to look for more over the next year.