ASK ME ABOUT How we plan to use $70 million from the federal New Markets Tax Credit program.
DO YOU HAVE A GENERAL DIRECTION FOR HOW YOU’RE PLANNING TO USE THESE FUNDS? As a mission-driven Community Development Financial Institution (CDFI), Cincinnati Development Fund strengthens underserved neighborhoods and improves lives through innovative financing. Our New Markets Tax Credit work supports neighborhood revitalization, nonprofit facilities, and job creation while driving and leveraging capital where it is most needed. We’re currently evaluating our pipeline of projects in need of this capital.
WHY IS IT IMPORTANT TO INVEST IN “RISKY” COMMUNITY PROJECTS? As an unregulated nonprofit lender, we can take risks on projects that a traditional bank might not be able to support. We offer technical assistance, flexible terms, and local oversight, all of which set up the developer and the project for success. CDFIs serve neighborhoods and populations often deemed too high-risk for traditional banks. We fill a gap not covered by these lenders.
WHAT’S AN EXAMPLE OF A PREVIOUS CDF PROJECT THAT PROVED SUCCESSFUL? Since 1988, CDF has financed hundreds of successful, high-impact projects. We’re proud of the neighborhood revitalization work we’ve facilitated in places like Walnut Hills with Paramount Square, in College Hill with KeyMark, in Price Hill with ARCO, in Avondale with the Avondale Town Center, and many more. Nonprofit facilities like CityLink, Freestore Foodbank, and Clifton Cultural Arts Center are a few that come to mind for their significant impacts.