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.
The Ohio Economic Development Association (OEDA) is proud to congratulate the winners and finalists of the 2019 Annual Excellence Awards! Recognition was presented at the 2019 Annual Summit, held at the Embassy Suites Columbus-Dublin.
The Ohio Economic Development Association’s Annual Excellence Awards program recognizes the achievements of individuals and organizations throughout Ohio in the areas of economic and workforce development.
“The Annual Excellence Awards showcase the best of the best in economic development and gives members of the profession the opportunity to come together and collectively celebrate the success of the economic development profession,” Jennifer Price, OEDA Executive Director, said.read more
Call for Governor’s Cup Submissions: Collectively, you can make a positive impact by submitting your community’s successful economic development projects. The Governor’s Cup submission portal is now open at: https://www.jobsohio.com/govcup-input/read more
Success through Collaboration: A Regional Conference for Southeast Ohio, is being held on Friday, October 4th from 8:30 a.m. to 3:30 p.m. at Buckeye Hills Regional Council in Marietta. This event will bring together community leaders, elected officials, practitioners and more to explore how the power of collaboration has – and will continue to – garner success for southeast Ohio.read more