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.

Progress Update for MLK & Reading Road Redevelopment

Recently, Uptown Consortium, Inc. (UCI) shared an update on how 2022 was a year of working together to create a 21st-century urban district. UCI is pleased to share the latest update on how efforts at the MLK & Reading Road Redevelopment Area in the Cincinnati Innovation District (CID) continue to be the driving force behind the revitalization of the area.

read more

Crawford County Announces Available Federal Grant Funding

The Crawford County Commissioners announced today that they are seeking project proposals for community infrastructure and facilities for Community Development Block Grant (CDBG) funding. The Commissioners have selected the Crawford Partnership to facilitate the process, and information will be made available at public hearings, in-person and virtual community meetings, and council meetings, and online at buildcrawford.org.

read more