Welcome to the Finance Fund Blog!Finance Fund utilizes the New Markets Tax Credits (NMTC) program to fund many worthy projects in some of the most distressed areas of Ohio. In fact, as shared in previous posts, we have more than $50 million in NMTC for development projects throughout the state. We’ve had several NMTC success stories in the past few [...]
On Wed., April 21, we proudly hosted several state legislators, community leaders and Finance Fund project partners at the Capital Club in downtown Columbus. It was an excellent opportunity to share how Finance Fund has positively impacted some of the state’s most distressed communities. We highlighted four partnership “success stories,” including Ohio Basic Minerals in [...]
On February 19th I participated in a conference call in which senior Treasury officials provided remarks preceding a press release and fact sheet further supporting the inclusion of a New Markets Tax Credit program extension for 2010 & 2011 in the President’s proposed budget. “As part of the Administration’s strategy to restore prosperity and create [...]
On Wed., Feb. 3, Secretary of the Treasury Timothy Geithner announced that CDFI (Community Development Financial Institution) banks, thrifts and credit unions may now access funds from the Troubled Asset Relief Program (T.A.R.P.). This is part of the Obama Administration’s movement to support business lending by community development banks and development credit unions. Mark Pinsky, [...]
“Never awake me when you have good news to announce, because with good news nothing presses; but when you have bad news, arouse me immediately, for then there is not an instant to be lost.” – Napoleon Bonaparte It was a busy week for our government leaders. President Obama made a stop here in the [...]
Adversity is the first path to truth. (Lord Byron) In the midst of clamor, distress, insecurity, and despair, 2009 was a good year for Finance Fund though it was, by most accounts, unique and demanding. William Shakespeare said “Is it not strange that desire should so many years outlive performance?” If 2009 were to judge [...]
The announcement of the New Market Tax Credit (NMTC) award has certainly enhanced the level of excitement and activity at Finance Fund. The 2009 award of $50 million added to the $20 million remaining from the 2008 award gives us a total of $70 million in NMTC to place in Ohio communities in 2010. Our [...]
Finance Fund has been “hanging around” Ohio for twenty some years and has provided some tangible value to distressed communities and inspired changes that, but for its presence, would not have happened. Ohio is proud of what Finance Fund has done but continues to ask the question “Is this all you can do?” It is [...]
This is a pretty important day in the history of Finance Fund. We learned this morning that we have been awarded $50 million in New Markets Tax Credits from the CDFI Fund in the U.S. Department of Treasury. The funding will be used to offer low-interest financing for projects that revitalize both urban and rural low-income [...]
Driving through many neighborhoods across the state of Ohio is more like driving through ghost towns. Vacant, abandoned properties litter the once-thriving communities, reminding passers-by of the crisis facing us all and the disparity of resource allocation in our country. As the Wall Street Journal recently reported, more than 1.5 million properties received a foreclosure [...]
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