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.

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The Program began accepting applications from ports in late January and will continue through March 27. The program is making available $11 million through June 30 and an additional $12 million for the 12 months ending June 30, 2021.

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