Finance Fund will receive $2 million in tax credits for a minimum of $5.1 million in investments. Finance Fund has received eight allocations from the Federal New Markets Tax Credit program, totaling $240 million. Their service area includes the entire state of Ohio. Finance Fund has previously completed projects across the state, including the $20.1 million renovation of the school and child development center situated on the grounds of the former St. Aloysius Orphanage which created 225 jobs and extended mental health and foster care services to children.
Cincinnati Development Fund will receive $3 million in tax credits for a minimum of $7.6 million in investments made in the city of Cincinnati. Cincinnati Development Fund has received four allocations from the Federal New Markets Tax Credit program, totaling $145 million. Cincinnati Development Fund has completed projects such as the $53 million revival of the historic Metropole building into the 160-room 21c Museum Hotel and contemporary art museum. The 21c Museum Hotel project created more than 275 jobs through construction and operations.
Development Fund of the Western Reserve will receive $2 million in tax credits for a minimum of $5.1 million in investments. Their service area covers 18 counties in Northeast Ohio. The Development Fund of the Western Reserve (DFWR) received its first allocation from the Federal New Markets Tax Credit program in 2012 of $20 million. DFWR has helped finance projects such as the Kent State University Conference Center and Hotel, which created a learning space for Kent State University students and brought a hotel and conference center to Kent State University, Ohio's second largest public university. The project brought in $15.4 million of investments into the Kent community and created more than 430 jobs.
Dayton Region New Market Fund, LLC will receive $3 million in tax credits for a minimum of $7.6 million in investments. The Dayton Region New Market Fund is controlled by the CityWide Development Corporation. Dayton Region New Market Fund has received two allocations from the Federal New Market Tax Credit program, totaling $31 million. Dayton Region New Market Fund has previously worked on projects including the Premier Plaza project which renovated the former Fifth Third Center into the headquarters of Premier Health Partners. The Premier Plaza project created nearly 300 jobs, retained nearly 300 jobs and leveraged more than $21 million in investments.
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