Brown Helped Expand the New Markets Tax Credit, which has Provided Millions to Ohio Communities
WASHINGTON, D.C. — Today, U.S. Sen. Sherrod Brown (D-OH) announced $230 million for five community development entities throughout Ohio to help attract private investment in economic development projects. The funding was awarded through the New Markets Tax Credit (NMTC) program, which Brown has championed during his time in the Senate.
“Community development entities across Ohio are working to drive economic opportunity in our communities. The New Markets Tax Credit gives them the boost they need to attract private investment,” said Brown. “Today’s awards will help create good jobs and lift up local economies across Ohio.”
Funding from the NMTC includes:
- $35,000,000 to the Cleveland New Markets Investment Fund in Cleveland
- $45,000,000 to the Dayton Region New Market Fund in Dayton
- $45,000,000 to the Northeast Ohio Development Fund in Cleveland
- $60,000,000 to the Ohio Community Development Fund in Columbus
- $45,000,000 to the Uptown Consortium in Cincinnati.
The New Markets Tax Credit (NMTC) Program – operated by the U.S. Treasury Department’s Community Development Financial Institutions Fund – was established in 2000 with the goal of spurring revitalization efforts in American communities. NMTC provides tax credit incentives to Community Development Entities (CDEs) so they can invest in low-income communities. Under the program, CDEs apply to the U.S. Treasury Department for the authority to raise a certain amount of capital from investors. Awardees are then given a tax credit that equals a percentage of their investment output over the span of seven years.
Brown has been a strong supporter of the NMTC program, which helps drive investment in Ohio’s communities. In 2021, he helped secure $215 million for Ohio through the credit. In December 2020, Brown helped secure an extension of this critical tax credit in year-end legislation.