Non-profit financial arbitrator Finance Fund announced today that it will receive US$2 million in Ohio New Markets Tax Credits. This is part of a US$10 million grant which was awarded to four different community development parties in Ohio.
The fund was awarded by the Ohio Development Services Agency. The state's tax credits program gives investors tax credits which can be used in exchange for below-market placement options to businesses in the state.
Finance Fund said that it will use the grant for local economic investments targeting the state's struggling communities. "The New Markets Tax Credit program has been an invaluable tool in helping us to advance and achieve our economic development mission throughout Ohio," noted James R. Klein, Chief Executive Officer of Finance Fund.
This US$2 million investment made Finance Fund's total acquired investments equal US$9 million. Past investments received by the fund were used for job creation in Ohio's distressed areas, said the firm.
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