Portman Announces $215 Million in New Market Tax Credits Across Ohio
CINCINNATI, OH – Today, U.S. Senator Rob Portman (R-OH) announced $215 million in New Market Tax Credits across Ohio. The U.S. Department of the Treasury’s Community Development Financial Institutions Fund’s announcement includes four Ohio recipients receiving a total of $215 million in New Markets Tax Credits (NMTC) that will spur investment and economic growth in low-income urban and rural communities throughout Ohio.
The four Ohio recipients are:
- Cleveland New Markets Investment Fund II, LLC – $50 million
- Dayton Region New Market Fund, LLC – $50 million
- Development Fund of the Western Reserve, Inc. – $50 million
- Ohio Community Development Finance Fund – $65 million
“This is exciting news for communities across Ohio,” said Portman. “New Market Tax Credits help companies grow and invest in hard-hit communities, creating jobs, and promoting economic development. Since being enacted in 2000, these tax credits have mobilized $5.5 billion in Ohio’s distressed areas – all with positive and lasting impact on Ohio families and communities. With this additional funding, I look forward to seeing continued improvement and growth throughout Ohio.”
Earlier this year, The Columbus Dispatch published Senator Portman's Op-Ed highlighting the NTMC program and the success that it has had in Ohio and around the country for the past 20 years.
In addition, in April, Portman continued his support to make the NTMC permanent, leading efforts with a bipartisan group of lawmakers to reintroduce New Markets Tax Credit Extension Act (S.456). This bill would permanently authorize a federal tax credit for businesses or economic development projects in areas with poverty rates of at least 20 percent, or median incomes at or below 80 percent of the area median. After seeing significant benefits for Ohio cities, Portman led efforts to preserve the credit during the 2017 tax reform debate and helped secure the five-year extension in the end-of-year spending package that passed Congress in December 2020.
NOTE: Portman sent letters of support to the Secretary of the U.S. Department of the Treasury on behalf of Cleveland New Markets Investment Fund II, LLC and Development Fund of the Western Reserve, Inc.