Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund
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,
- 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,
- 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.
Sometimes it only takes a simple conversation, a spark that lights the fire of collaboration and community partnerships. The simple conversations between OhioMeansJobs-Paulding County and the Paulding County Economic Development Office led to a meeting of the minds between the aforementioned pair, Vancrest of Payne, and Northwest State Community College.read more
The Ohio Department of Development (Development) announced today that the application for the new Transformational Mixed-Use Development Program is open. The program provides a tax credit for major, mixed-use developments in Ohio. Applications are now available on Development’s website.read more
Ohio’s 2022-2023 budget recently signed by Governor DeWine, allocates $500 million in new brownfield funding. Funding will be administered by the Ohio Department of Development (ODOD) which must adopt rules for allocation of brownfield funding and the demolition program. The rules will determine project eligibility and administration of the program.read more