Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund

Aug 2, 2017 | News, Newsletter |

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.

Economic Developers Earn Ohio Certifed Economic Developer Credential

The Ohio Economic Development Association is pleased to announce that seven economic development practitioners have been awarded the credential of Ohio Certified Economic Developer (Ohio CED) during the organization’s 2018 Annual Excellence Awards ceremony held Columbus, Ohio on October 17, 2018. The following individuals have been awarded the Ohio Certified Economic Developer (Ohio CED) credential:

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Thank You OEDI Capstone Mentors!

OEDA would like to take this opportunity to thank the following individuals who served as mentors for the first cohort of Ohio CED candidates:
Greg Davis, Ohio State University Extension
Harry Eadon, Economic Development & Finance Alliance of Tuscawaras County
Jeremiah Gracia, City of Dublin
Anthony Jones, City of Gahanna
Chris Lipson, City of Dayton
Lisa Patt McDaniel, Workforce Development Board of Central Ohio
David Zak, Tiffin-Seneca Economic Partnership

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