Yesterday in Baltimore, Treasurer of the United States Chief Lynn Malerba awarded $5 billion worth of New Market Tax Credits (NMTC) nationwide, with $80 million of that to support real estate development projects Greater Cleveland. The projects are intended to be transformative by attracting private investment to create jobs in underserved communities.
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There have been lots of plans over the decades for stopping the decline of East Cleveland. But most were unfunded or lacked the necessary political stability to be implemented over the long haul. A new plan has come to the fore over the past few years to rebuild the west end of the city, closest to University Circle. And now the money is finally coming, too.
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Today, the five-member Ohio Tax Credit Authority board awarded $100 million in tax credits to Transformational Mixed Use Developments (TMUD) to 13 applicant projects throughout Ohio. Of the 42 projects statewide and nine from Greater Cleveland that were submitted for credits, four received a total of $53 million in funding.
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In Greater Cleveland, there were nine TMUD applications for real estate development projects. Five are located in the city of Cleveland with one each in Shaker Heights, Lakewood, Elyria and Mentor.
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State lawmakers overwhelmingly passed a compromise two-year budget bill tonight that included a provision to double the dollar amount and duration of a new tax credit program to boost real estate megaprojects in Ohio’s largest urbanized areas.
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