New Markets Tax Credit Driving Downtown Cincinnati Revitalization
Yesterday, the New York Times wrote about the recovery of downtown Cincinnati, and the Over the Rhine neighborhood in particular. Although the article does not mention it explicitly, many of the catalytic projects described by the Times would not have been possible without financing provided through the New Markets Tax Credit (NMTC).
Below is a map of some of the projects covered in the piece along with an assortment of other Cincinnati projects. Click a green icon to learn more:
According to the latest data from the CDFI Fund, between 2003 and 2012, the NMTC delivered a total of $474 million in financing to Cincinnati businesses and economic development projects. Community Development Entities using NMTC allocation in Cincinnati between 2003 and 2012 include:
- Cincinnati Development Fund
- Cincinnati New Markets Fund, LLC (3CDC)
- Coastal Enterprises, Inc. (CEI)
- Consortium America, LLC (Trammell Crow Company)
- Fifth Third New Markets Development Company LLC
- HEDC New Markets, Inc (National Development Council)
- Key Community Development New Markets LLC
- Local Initiatives Support Corporation (New Markets Support Company)
- Merrill Lynch Community Development Company (Now BAML)
- National City New Market Fund, Inc. (Now PNC)
- National New Markets Tax Credit Fund, Inc (Community Reinvestment Fund, USA)
- Ohio Community Development Finance Fund (Finance Fund)
- PNC Community Partners, Inc.
- Stonehenge Community Development, LLC
- Uptown Consortium, Inc.
- Urban Development Fund, LLC
- WNC National Community Development Advisors, LLC
Thanks to NMTC Coalition board member Dave Gibson (PNC Financial Services Group) for alerting us to this article.