2,879 Cleveland jobs created
$1.6 billion in total project financing in Cleveland
78 Cleveland businesses & revitalization projects financed
What Republicans are saying about the New Markets Tax Credit
NMTC Impact in Cleveland
Urban areas throughout the Midwest have been hit hard by a double whammy: the long term decline in the manufacturing economy and the Great Recession. Most former manufacturing cities are still struggling, but there are a few exceptions: Buffalo, New York, Pittsburgh, PA, and Cleveland, OH, where the RNC Convention takes place in 2016. While there is still work to be done, New Markets Tax Credit has played an important role in Cleveland’s revival, bringing private sector capital back to the city after decades of disinvestment.
According to the latest data from the CDFI Fund, the New Markets Tax Credit has delivered $1.6 billion in financing to 78 businesses and economic revitalization projects in low income areas of Cleveland at a cost to the federal government of a fraction of that amount, $175 million. Those projects have created about 2,879 jobs.