Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund
Christopher Burnham.
Development Finance Authority.
The Development Fund of the Western Reserve (DFWR) has announced the Akron Community Revitalization Fund is now fully capitalized and open for business.
The Akron Community Revitalization Loan Fund is designed to fund projects in distressed census tracts, defined as areas with a poverty rate of at least 30% and unemployment rate of at least 10 percent.
The Fund is capitalized by U.S. Bank as the NMTC investor providing cash equity of $2.25M, along with investments from Akron Development Fund and PNC Bank, and the following major contributors:
- Akron Children’s Hospital,
- FirstEnergy,
- GAR, Goodyear,
- Huntington Bank,
- Medical Mutual Donor Advised Fund, and
- Summit County.
Other community funders include:
- Akron Community Foundation,
- Allio Family Fund,
- David Brennan, Brennan,
- Manna & Diamond, LLC,
- Brouse McDowell, LPA,
- Chase Bank,
- Development Finance Authority of Summit County,
- Dr. Cliff Deveny,
- J.W. Didado,
- Downtown Akron Partnership,
- GOJO,
- Greater Akron Chamber,
- Home Savings Bank,
- Novogradac & Company, LLP,
- Gertrude Orr Foundation,
- PNC Bank,
- Read Family Fund,
- Staff, Board and Advisors of DFA and DFWR,
- Paul Testa,
- Paul Thomarios and
- U.S. Bank.
DFWR continues to accept numerous pledges and funding commitments which will be used to further grow lending capacity of the Fund. DFWR has identified six prospective projects which are in various stages of review and underwriting.
PORT AUTHORITY TO RECEIVE $3.5 MILLION STATE GRANT One-Time Strategic Community Investment Fund Grant to Support Airport Infrastructure
(Wilmington, Ohio) The Clinton County Port Authority is one of several entities in the State of Ohio that will receive funding from a unique, one-time $700 million fund established by the Ohio General Assembly. The One-Time Strategic Community Investment Fund (OTSCIF)...
Ottawa County $1.5M to Expand Workforce Programs
Ottawa County Receives $1.5 million to Expand Workforce Programs This week, the Ohio State Senate appropriated $700 million in projects included in SB 288 that will fund initiatives across the state through this one-time Strategic Community Investments fund. One of...
OHIO-BASED OMNI SYSTEMS CONTINUES GROWTH WITH ACQUISITION OF WEST CHESTER MANUFACTURER
OHIO-BASED OMNI SYSTEMS CONTINUES GROWTH WITH ACQUISITION OF WEST CHESTER MANUFACTURER OMNI Systems, the largest privately-owned label printing company in the U.S., has joined the West Chester community with its acquisition of Honeywell International’s media...