TMUD round 3 starts next week

The Farnsleigh Apartments, left, at the Van Aken District in Shaker Heights
was left out of the Transformational Mixed se Development tax credit pro-
gram despite applying in each of the first two rounds. Instead it found fi-
nancial salvation from the city via tax-increment financing and loans.
That allowed the 18- and 15-story towers to start construction last year.
Other local projects that have both won and lost out on TMUD credits
have yet to start construction (Harrison Whittaker).
CLICK IMAGES TO ENLARGE THEM.

The desire for new-build projects in downtown Cleveland led to the creation of the state’s Transformational Mixed Use Development (TMUD) tax credit program nearly three years ago. But in the first two years of the four-year TMUD program, no developers of new-construction downtown projects have submitted applications. As the third round of TMUD will start next week, will a new-build project downtown finally be an applicant — or perhaps even a winner — despite of tightening labor and credit markets plus rising interest rates?

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