Portman: $2.2 Million Federal Grant for Ohio University Will Boost Economic Development Efforts Across Southeast Ohio
WASHINGTON, DC – Today, U.S. Senator Rob Portman (R-OH) praised the $2.2 million federal grant awarded by the U.S. Commerce Department’s Economic Development Administration (EDA) is to Ohio University in Athens, Ohio. The federal grant will boost economic development efforts in Southeast Ohio by providing technical assistance to accelerate the economic transition to new industries in 18 Appalachian Ohio counties. The EDA grant will be matched with $550,000 in local funds.
The funding announced today will catalyze private investment in nearby Opportunity Zones. As part of the 2017 Tax Cuts and Jobs Act, Portman fought for to include Opportunity Zones in the final tax reform package. This tax incentive is designed to encourage investment and job creation in low-income communities.
“This $2.2 million federal grant to Ohio University is great news for our economic development efforts in Southeast Ohio and our workers and families in the region,” said Portman. “Opportunity Zones boost investments and jobs in struggling communities throughout Ohio which is exactly what Congress intended to accomplish when we created this incentive in the 2017 tax reform law. I want to thank Secretary Ross for this investment to allow Ohio University to help the Southeast Ohio region make the economic transition to new industries and ensure continued job creation as well as economic growth.”