$80 million OK’d for Greater Cleveland development

Opening this past week was the new MAGNET incubator and job training
center on Chester Avenue in Cleveland’s MidTown neighborhood which
received $5 million in New Markets Tax Credits last year. Similar trans-
formative projects in this and other distressed neighborhoods will be
seeking tax credits from two allocations totaling $80 million to local
economic development organizations (GCP/Michael Collier).
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Yesterday in Baltimore, Treasurer of the United States Chief Lynn Malerba awarded $5 billion worth of New Market Tax Credits (NMTC) nationwide, with $80 million of that to support real estate development projects Greater Cleveland. The projects are intended to be transformative by attracting private investment to create jobs in underserved communities.

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