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.

 “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.

 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.

On May 27, in Jackson, Ohio, my staff and I ventured to picturesque Jackson, Ohio, located in the Appalachian foothills, to celebrate the economic development success of another fruitful partnership—Ohio Basic Minerals.

Patrick McDonald, Ohio Basic Minerals CEO, and Jeff Schrader, founder of the original Schrader and Sons Sand and Gravel, spoke to the crowd of local and state dignitaries, Ohio Basic Minerals employees and business partners. Mr. Schrader cut the ribbon to symbolize the grand opening of the newly revitalized and renovated facility, funded by more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and New Markets Tax Credits (NMTC). The event made a splash in the media—read more about Ohio Basic Minerals’ success and exciting new developments

Columbus Dispatch
May 24, 2010
Minerals plant expansion to lead to 30 new jobs

Jackson County Times-Journal
May 25, 2010
Ohio Basic Minerals celebrates expansion

Columbus Business First
May 28, 2010
Finance Fund helps sand, gravel maker expand in southeast Ohio

Jackson County Times-Journal
May 28, 2010
OBM celebrates plant expansion

Finance Fund was able to provide more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and the New Markets Tax Credits (NMTC) resources for expansion and new equipment for the sand and gravel facility. This will not only help OBM compete in new markets and increase revenue, but will enable the company to hire new employees and stimulate Jackson’s economy.

This Thursday we’ll proudly join OBM in celebrating the new facility with a ribbon-cutting ceremony, tours of the facility and special before and after displays. Several local and state dignitaries will be in attendance, in addition to company CEO, president, employees and business partners.

Here’s to Ohio Basic Minerals—another Ohio economic development success story!

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 Jackson; Save-a-Lot grocery store in Columbus; Noble Learning Center in Caldwell; and Miami Valley Child Development Centers (MVCDC) in Dayton. Each project touted key Finance Fund goals – job creation, safe childcare access and neighborhood revitalization.

We shared important information about the New Markets Tax Credits (NMTC) program. Last October, we were awarded $50 million in NMTC funding, with $30 million designated specifically for non-metropolitan, rural areas in Ohio. Funding is still available for qualifying projects – we strongly urge those interested to contact us for more information on a possible partnership with us.

We thank our distinguished guests for their presence, and look forward to new partnerships that will lead to more jobs, revitalized communities and safer access to care.

This round of New Markets Tax Credit funding enables us to continue to invest in projects that support Ohio’s distressed communities. These projects help stimulate local economies through capital investment, job creation, and community development. You can read more about some of those projects here and here.

Join me in congratulating our team that has spent endless days and nights working on our NMTC application. Kudos to all of them in this successful effort that will benefit all Ohioans.

The vacant and abandoned properties issue is twofold, including both homes and commercial buildings that have been left unoccupied. Both issues are intertwined and understanding their relationship is vital to the redevelopment of these neighborhoods. People need places to work, but they also need places to live with their families. It’s just as simple as that.

The road to redevelopment of these neighborhoods will be long and challenging, not something Ohio will finish overnight. Some of the first steps simply involve taking care of the security and financial risks associated with abandoned properties, such as crime, garbage waste and lack of tax base. Many cities have wrestled with the challenge of maintaining the upkeep of vacant properties, some cities shifting responsibility to mortgage holders entirely.

Ohio’s cities have launched programs to help aid businesses and homeowners. For example, the city of Cleveland started its Vacant Properties Initiative Fund with loans specifically for commercial property ownership. Some cities have requested outside assistance to improve their vacant properties situation, such as Youngstown, Ohio. The National Vacant Properties Campaign provided a report to Youngstown and Mahoning County regarding ways to improve property ownership. Their findings included involving community-based groups, better enforcement of regulations, developing a regional approach to property banking and cultivating community development. The goal of these initiatives is to encourage businesses to remain in communities, keeping jobs available and the economic infrastructure stable.

At Finance Fund, we have been working in these types of situations for more than twenty years. Although many of our programs help reclaim vacant properties, like the Ironton Close to Home III project, we recently developed a program specifically to help nonprofit, community-based organizations gain site control of vacant and abandoned properties. This program, LandLOC, works by providing a flexible line-of-credit to qualifying organizations enabling site control of vacant or abandoned properties. Activities eligible for financing include legal and acquisition costs as well as expenses associated with the safety, security and stabilization of the property. Interested nonprofits should contact me at 614.221.1114 for more information.

The next time you drive past a vacant property in your community, try to look past the eyesore and envision how it could be transformed into new, productive use. This is one important step in how Ohio’s communities will achieve redevelopment and thriving neighborhoods, by envisioning the future together. 

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William Graves, ODOD Community Development, Lt. Governor Lee Fisher, Jim Klein

For our first blog entry on our new web site, we’re thrilled to share the news of an initiative in partnership with the Ohio Department of Development.  No need to re-write the already written story about it -  I’ve included the traditional media materials below (including a podcast from Lt. Gov Fisher and myself).  I will editorialize to say that this unique partnership is a demonstration of our longstanding relationship with the Ohio Department of Development.  It delights us that we can help them be more creative in the delivery of solutions for Ohioans in need.

- JRK

New Initiative Provides Auto Financing for Work and Education

COLUMBUS, OHIO (February 3, 2009) – The Ohio Department of Development’s Office of Community Services along with the statewide organization Finance Fund are introducing the “Cars for Jobs and Diplomas” program. This new initiative is an effort to provide affordable used car financing and consumer assistance to approximately 60 low-income participants statewide. The Ohio Community Action Network will administer the program.

“Inadequate transportation is a major obstacle to finding and keeping a good job,” said Lieutenant Governor Lee Fisher, who also serves as Director of the Ohio Department of Development. “We believe that the Cars for Jobs and Diplomas program will serve as a helping hand in giving Ohioans the opportunity to save for a car, access quality education, and travel to and from work.”

The purpose of the Cars for Jobs and Diplomas Program is to provide qualifying participants an opportunity to purchase a vehicle enabling individuals to obtain or retain employment and/or education. The program serves as a financing component of local case management programs offered by agencies designated by the Ohio Department of Development’s Community Development Division, Office of Community Services.

The structure of this program will operate on a matching rate of 2:1. This means for every dollar saved in the participant’s qualified savings account, it will be matched with two dollars into a reserve account. Eligibility for this program will be determined by the local case management agency.

“We were honored that the Ohio Department of Development reached out to us once again to assist in the development and administration of the Cars for Jobs and Diplomas program,” said James R. Klein, CEO of Finance Fund. “This program will help families in distress take advantage of opportunities that will help move their lives forward.”

Podcast Quotes can be accessed through these links:
Lt. Governor Lee Fisher

James R. Klein, CEO of Finance Fund