UCI Awarded $45 Million in New Market Tax Credits to Invest in Transformational Uptown Projects
Uptown Consortium, Inc. (UCI) received $45 million in New Markets Tax Credits, which it will use to spur development in transformational projects in Uptown Cincinnati.
UCI was one of five Ohio entities to receive Federal New Markets Tax Credits (NMTCs), among 107 across the U.S., and the only community development organization in Cincinnati to be awarded.
“We are honored to be among community development entities across the US awarded NMTCs, allowing us to invest in Uptown projects and continuing to create positive, sustainable changes here,” said Beth Robinson, UCI’s President and CEO.
NMTCs are designed to incentivize investment in low-income communities by attracting the private investment necessary to reinvigorate these areas.
The NMTC tool has been of immense value to UCI in advancing its mission to revitalize Uptown Cincinnati. Before this recent (and third) NMTC award, UCI has been awarded $130 million in NMTCs since 2009 and, in partnership with the Cincinnati Development Fund, managed an additional $52 million allocation as part of the Uptown Cincinnati Development Fund (UCDF).
In all, UCI has utilized $182 million in NMTCs in Uptown. “The NMTCs have helped create jobs, provide access to healthy and affordable foods, community facilities and healthcare centers, and bring renewed interest and development to the five Uptown neighborhoods (Avondale, Clifton, Corryville, CUF, and Mt. Auburn),” Robinson said. “UCI’s NMTC projects have leveraged an estimated $2 billion of additional investment into the community.”
Previous UCI NMTC projects include the Digital Futures project, UC Gardner Neuroscience Institute, Avondale Town Center, USquare @ the Loop and the Corryville Kroger.
According to Robinson, UCI has a robust pipeline of unannounced projects that could move forward using NMTCs. The organization will choose the projects that can have the most impact in Uptown—and will share more when plans are solidified.
Read more about the exciting announcement in the Cincinnati Business Courier.
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