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Dayton development fund awarded $40M in tax credits

Goodwill Easter Seals Miami Valley received a new market tax credit award to help build its new headquarters on South Main Street downtown.

Goodwill Easter Seals Miami Valley received a new market tax credit award to help build its new headquarters on South Main Street downtown.
Business
By Cory Frolik
Nov 17, 2016
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CityWide Development Corp.’s community development fund has been awarded $40 million in federal tax credits to trigger and support investment in struggling communities.

The award from the U.S. Treasury Department is nearly as much as CityWide received in all previous funding rounds combined.

“This is a great win for Dayton,” said Steve Budd, CityWide president. “Through this award we will be able to leverage additional investment into local projects which will improve the community and create jobs.”

On Thursday, the U.S. Treasury Department announced that 120 organizations across 36 states will receive $7 billion in New Markets Tax Credit awards.

The Dayton Region New Market Fund, a qualified community development entity sponsored by CityWide, will

New Markets Tax Credits are a financing tool that provides equity to community and economic development projects in distressed areas, said Caitlin Bortolotto Krebs, business development officer with CityWide.

“The tool is used for acquiring and improving or constructing facilities,” she said.

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About the Author

Cory Frolik