Finance Fund » Community Development

Finance Fund CEO, James R. Klein, To Serve on the New Markets Tax Credit Coalition Executive Committee

James R. Klein — Wed, 14 Dec 2011 15:04:41 +0000

James Klein, Finance Fund CEO, has been elected to a seat on the Executive Committee of the New Markets Tax Credit Coalition (NMTCC). The 48-seat board is comprised of members from leading organizations that utilize NMTC, lending institutions, investors, and business professionals. Klein’s duties include advising on policy and regulatory issues that affect the use of NMTC and to work with the coalition to improve the program and leverage case studies.

The NMTCC is a national membership organization representing Community Development Entities (CDEs) and investors working with the NMTC program. The Coalition was formed in 1998 with the principal purpose of advocating for the enactment of a federal tax credit to spur economic development in underserved areas. The Coalition works to ensure that the NMTC program can effectively be used to attract private capital and generate economic development in poor communities.

Community Development and the Creation of Jobs

James R. Klein — Thu, 13 Oct 2011 15:37:37 +0000

There has been continuous talk about the job issues America has been facing. When factoring in underemployment, it has been reported our nation is at a 16% unemployment rate. Why is this happening? Who is responsible? How do we create more jobs? What can we do?

At Finance Fund, we keep doing what we’ve always been doing – leveraging funds to help spark community development and create jobs. The distressed communities we serve want to work and are excited to see that under construction sign. Real estate and business development means something new is about to happen, progress is being made and opportunities are on the rise.

Create jobs by development, we say. Where progress is being made in our distressed communities, heads are held high. We’re pleased to tell you the Labor Board announced, as of September, 103,000 jobs have been added to the economy. We’re excited because we know we engaged the right relationships to help local businesses get the capital they needed to grow and start projects to benefit Ohioans. We are part of that growth.

As we continue to work with banks and other investment partners to leverage New Markets Tax Credit funding, PreDevelopment and Economic Development grants, Intermediary Lending Programs and other credit and lending programs we know we will continue to make a difference. It is not one person’s responsibility — it is a coalition of unified effort that will make the change for this nation. None of us are as smart of all of us.

Finance Fund is just one piece of the puzzle. What crucial piece are you?

Representative Bill Johnson Spends Time with Finance Fund

James R. Klein — Tue, 16 Aug 2011 15:34:51 +0000

Finance Fund’s completed project, the St. Lawrence O’Toole Close to Home III Assisted Living Facility, hosted Congressman Bill Johnson last week. We toured the facility and discussed the significance of programs in Ohio’s 6^th district, home to some of Ohio’s most distressed communities along the southern and eastern boarders.

We have done extensive work in the area and were pleased for the opportunity to show the Congressman first-hand the impact one of our projects has had in his district. We toured the facility with the project owners Sharon Hartwig and Charlie Kunkel, spending time conversing about the impact of programs like the New Markets Tax Credit and what it can do for the community.

The Close to Home III project rehabilitated the vacant St. Lawrence O’TooleCommunity Center, originally built in 1910 as the St. Lawrence School. Its owners, St. Lawrence O’Toole Gardens, planned to build an 8,316-square-foot addition and make structural and sidewalk improvements. Of the 30 positions created by the project, 16 will be filled by individuals of low or moderate income.

We are looking forward to doing more in Ohio’s 6^th district and working with Congressman Johnson on future projects. The Ironton Tribune coverage of the tour can be seen here.

22nd Annual Reception

James R. Klein — Tue, 24 May 2011 19:45:53 +0000

On May 12, we celebrated with over 200 guests, including partners, investors and legislators, the revitalization work that Finance Fund accomplished in Ohio communities in 2010. The 22nd Annual Reception was an evening full of opportunities to reflect on the past year’s work and look forward to the projects to come.

Our theme for 2010 was “Plan. Build. Succeed.”—and what an appropriate theme! Finance Fund created amazing opportunities for local Ohio communities in 2010.

The evening also honored David Gibson of PNC Financial Services and Medina Creative Housing with the 2010 Community Champion Award. This award is given to those who exhibit extraordinary service to their community. The work that has been accomplished by David Gibson and those at Medina Creative Housing has impacted hundreds of Ohioan’s lives. Distressed neighborhoods have been revitalized, unemployed individuals have been given jobs and low-income communities have been allocated resources to improve the quality of life.

Some of the projects that were highlighted throughout the evening were:

The Freeport Press – We connected Freeport Press to $6 million in a New Markets Tax Credit Loan, which will help sustain the nationally-recognized commercial printing company’s growth and provide additional opportunities for employment to the residents of Harrison County. The company is currently the largest employer in Harrison County and has seen 190 jobs created and retained with Finance Fund’s help.

Family Services of Middletown – With funds from local private sources, numerous in-kind services, and a Finance Fund Economic Development Grant, we helped Family Services of Middletown purchase a 12,700 sq. ft warehouse from which they can provide quality of life services to the area’s low and moderate income houses.

St. Lawrence O’Toole Gardens – We partnered with the developers at St. Lawrence O’Toole Gardens by providing $2.7 million in New Markets Tax Credits funding. These funds enabled the developers to purchase and renovate a facility that now offers 21,700 sq. ft of living space with appropriate services and amenities for the elderly residents of Lawrence County and the tri-state geographical area. This project also created 30 full-time jobs.

2010 was an incredibly successful year for community revitalization and Finance Fund is continuing to build a better Ohio in 2011 and years to come.

To view photos from the 22^nd Annual Reception click here.

Finance Fund Receives $35 Million in NMTC Funding

James R. Klein — Mon, 28 Feb 2011 20:21:18 +0000

The New Markets Tax Credit (NMTC) program is one of Finance Fund’s strongest resources. Last week, we received the long awaited news that the U.S. Department of Treasury awarded us $35 million in NMTC. This is the sixth round of NMTC funding we have received, totaling $160 million since 2004.

The NMTC funding fuels our New Markets program which offers low-interest financing for projects that revitalize both urban and rural low-income communities in Ohio and incentivizes private investment into these distressed communities. Most importantly, the funding will spur job creation. Through our New Markets program, we have greatly impacted economic development in the state of Ohio by leveraging $249.2 million on an investment of $101.8 million for 33 projects, which have created 2,816 full-time jobs and served 536 children.

The New Markets program has funded many projects throughout Ohio in distressed communities. Learn more about a few of our NMTC success stories – Save-a-Lot grocery store in Columbus, and Freeport Press in Harrison County. Both utilized NMTC funding to create jobs, expand offerings and revitalize distressed parts of their respective communities.

Finance Fund Awarded $3 million in Ohio New Markets Tax Credits

Jennifer Deuber — Thu, 21 Oct 2010 18:21:33 +0000

Ohio Department of Development Director Lisa Patt-McDaniel today announced that $10 million in Ohio New Markets Tax Credits are being made available to four Ohio entities, including Finance Fund, to spur economic investments of at least $25.6 million across Ohio. The program helps finance business investments by providing state tax credits to investors for below-market-rate financial products for low-income community businesses.

“The Ohio New Markets Tax Credit program is one of the first of its kind in the country, and we are eager to see the new developments that come from this program,” Patt-McDaniel said.

The Ohio New Markets Tax Credit program leverages the successful Federal New Markets Tax Credit program to attract additional investments to Ohio. Entities that received a tax credit allocation from the Federal New Markets Tax Credit program were eligible to apply. Finance Fund will twin their state credits with their federal credits on qualified projects within Ohio’s low-income communities matching both state and federal parameters.

For more information on the Ohio New Markets Tax Credit program, the Federal New Markets Tax Credit program or potential projects, please contact Moniqua Spencer, Chief Program Officer at Finance Fund, at mspencer@financefund.org.

Yesterday, Today and Tomorrow

Brenda Stier-Anstine — Thu, 21 Oct 2010 16:28:54 +0000

On October 7-8, 2010, key staff joined the Finance Fund board of directors for a retreat held at the Clarence D. Lumpkin Point of Pride Building in Columbus. A Finance Fund New Markets Tax Credit project in 2007, the location perfectly punctuated one of the overall retreat goals, which was to allow the board of directors to better connect with the work Finance Fund does.

As Finance Fund moves to yet another level of complexity and engagement, the role played by the board of directors continues to evolve as well. While previous board retreats helped develop framework and focus, the emphasis of this retreat was to instill an attitude of “readiness” for moving the organization forward.

With an overall theme of Yesterday, Today, and Tomorrow, retreat attendees began a historical journey detailing from the very beginning—milestones, challenges and achievements of the organization. That afternoon, attendees then loaded onto a bus to “go and see” many of the projects in central Ohio that were made into reality through Finance Fund.

As day two conversations evolved to the future of the organization, attendees began to paint a picture filled with opportunity and promise. Armed with knowledge and vision from the past, board and staff attendees turned to Finance Fund’s mission as the beacon to guide future decisions.

At the end of the two days, all were in agreement. We are relevant. We will remain true to our mission. And we are ready.

Zik’s Pharmacy Opens Wright Dunbar Location

James R. Klein — Wed, 06 Oct 2010 17:45:59 +0000

Last week, Finance Fund celebrated the opening of Zik’s Family Pharmacy in inner-city Dayton with a ribbon-cutting ceremony. Zik’s, located at 1130 W. Third St. in the Wright Dunbar Business District, is owned and operated by Nnodum Iheme, a Dayton-based pharmacist and entrepreneur. Finance Fund helped make this much needed local pharmacy a reality with $83,000 from its Finance Fund Capital Corporation lending arm.

Zik’s fills an important need by being the only neighborhood business that fills prescriptions and sells medical equipment. It will service several nearby physicians and medical centers. It also will serve as an important neighborhood employer, staffing up to 15 positions over the next two years.

Zik’s is housed in first-floor space owned by Wright Dunbar Inc., a nonprofit that works to revitalize the area’s business district.

Some of the media coverage for the opening included:

Dayton Daily News Print Edition

Dayton Daily News: Zik’s Pharmacy Ribbon Cutting

September 29. 2010

Dayton Daily News Online

September 29, 2010

http://www.daytondailynews.com/news/dayton-news/ziks-pharmacy-opens-wright-dunbar-location-951024.html

WKEF Channel 2 News

September 29, 2010

http://abc.daytonsnewssource.com/shared/newsroom/top_stories/videos/wkef_vid_4354.shtml

Dayton’s Tech Town Gets New Eco-Friendly Building

James R. Klein — Wed, 22 Sep 2010 20:07:10 +0000

Recently, Finance Fund celebrated the official kick-off of construction at a special sign unveiling at the site of the third building at Tech Town in Dayton. Tech Town is a technology-oriented campus that is designed to support commercialization, application and convergence of cutting-edge technologies. The new 62,000-square-foot smart office building is expected to be ready for tenants by summer 2011.

This new building supports Dayton’s continued efforts to accelerate economic development. Finance Fund provided a $10.2 million in New Markets Tax Credits to support the project in partnership with a $2.4 million equity investment by PNC Bank. Additional funding was received through a $5 million grant from the Ohio Department of Development’s Job Ready sites program. The City of Dayton also contributed financial support. The new Tech Town addition will offer office, research and laboratory space. Because Tech Town is already linked with Wright-Patterson Air Force Research Laboratory, the University of Dayton Research Institute, and other business-technology companies, it will provide excellent resources for collaboration.

The event was an exciting glimpse into the future of Tech Town for all who attended. Here’s some of the coverage:

WTDN Channel 2 News

September 13, 2010

http://www.wdtn.com/dpp/news/local/tech-town-continues-to-move-forward

Dayton Business News

September 13, 2010

http://daytonbusinessnews.blogspot.com/2010/09/tech-town-growth-continues-with.html

Finance Fund in the News

James R. Klein — Fri, 13 Aug 2010 18:30:40 +0000

Earlier this week, we had the pleasure of sharing the wonderful news about the Freeport Press expansion. The increased capabilities created by this new printer present an excellent opportunity for the region. On Monday, Finance Fund joined David Pilcher, owner of the Freeport Press to celebrate the expansion, and both Governor Ted Strickland and Congressman Zack Space spoke at the event. Not only did the attendees take notice, but so did the local media. Here’s a snapshot of the event coverage.

Ohio Governor’s Office

August 9, 2010

Governor, Freeport Press announce 40 new jobs in Harrison County

Columbus Business First

August 9, 2010

Freeport Press adding 40 jobs through state-aided expansion

WTRF Channel 7 News

August 9, 2010

Harrison County’s largest employer announces additional job opportunities

Times Reporter

August 9, 2010

Pressing Forward