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CityWide Awarded $11M in New Market Tax Credits
February 24, 2011
Dayton, Ohio – CityWide Development Corporation announced today that the Dayton Region New Market Fund, a qualified Community Development Entity that CityWide sponsors, has received an allocation of $11,000,000 from the US Treasury in New Market Tax Credits. (NMTC) NMTC leverage private investment to complete real estate, local business and other development projects in communities with high rates of poverty and unemployment.
CityWide President, Steve Budd said, “This is a great win for Dayton. Through this award we are able to leverage new sources of monies to fund local projects and create jobs.”
The New Market Tax Credit Program (NMTC) was authorized by Congress in 2000 to encourage investment in census tracts located in low-income communities. The Annual Awards of Tax Credits it based upon Congressional Appropriations. To date, Congress has authorized eight rounds of NMTC Allocations.
The Dayton Region New Market Fund Governing Board will look to deploy credits in local projects which are financial viable and can be underway within twelve months. The credits are often used in areas where comprehensive community development is already occurring to leverage other investments in the area. CityWide Senior Vice President, Brian Heitkamp, praised the work of the Board and their commitment to CityWide’s effort to bring new resources to the Dayton region. He said, “Through the NMTC award Dayton has bolstered our ability to attract significant investment capital from the private sector to fund development projects that benefit our businesses and community.”
CityWide was assisted in preparing its application by Ariel Ventures, a national consulting firm located in Cleveland, which provides technical assistance to organization seeking NMTC.
Since 1972, CityWide Development Corporation has played a part in transforming possibilities into reality for Dayton business owners and homeowners. The Mission of CityWide Development Corporation is to provide leadership in the creation and implementation of strategies addressing Dayton’s need for economic growth and viable, attractive neighborhoods. The Dayton Region New Market Fund is a Community Development Entity certified the Community Development Financial Institution of the United States Department of Treasury; the fund is an affiliate of CityWide Development Corporation.