Development Finance

New Markets Tax Credits

Allen Theatre PlayhouseSquare-TaxCredits


The Port Authority is a sponsor of New Markets Tax Credits (NMTC) to support redevelopment in distressed communities. We serve as a partner in the Northeast Ohio Development Fund, which has been awarded nearly $80 million in New Markets Tax Credits since 2004.

The NMTC Program spurs investment in businesses and real estate projects in low-income communities. Investors who participate receive a credit against their Federal income taxes in exchange for making equity investments in designated communities through specialized financial institutions called Community Development Entities (CDEs).  The Northeast Ohio Development Fund is one such CDE.

The Fund has deployed credits to the following Cleveland projects:

Steelyard Commons – Industrial Valley

Construction of an urban shopping mall that revitalized land once occupied by a steel facility that had closed.

Union Gospel Press –Tremont

Rehabilitation of a commercial building into residential rental units and an extended-stay hotel.

Miceli Dairy Products Co. – Buckeye Woodland

Redevelopment and expansion of a family-owned plant that manufactures cheese.

7000 Euclid LLC – Health Tech Corridor

Redevelopment of a vacant warehouse into an office building for companies in the health-care sector.

Playhouse Square (Allen Theatre) – Downtown

Renovation and redevelopment of the Allen Theatre, and construction of additional space for performance, set, costume and technical needs.

Playhouse Square (Middough Building) – Downtown

Renovation of the historic Middough Building for expanded arts, classroom and office needs.



Criteria for New Markets Tax Credits

Private-sector investments under the NMTC Program help to retain and create jobs in distressed communities, as well as enhance access to capital for businesses and community development projects. NMTC allocations are limited.

Priority is given to projects based on the following criteria:

  • The project must be located in designated low-income communities
  • The project provides opportunities to retain and create jobs
  • The project should act as a catalyst for redevelopment of the surrounding area
  • Total project cost should equal or exceed $5 million
  • But for the NMTC Program, the project will not move forward
  • The program is primarily for (but not limited to) new facility and/or expansion projects in the following sectors:
    • Manufacturing
    • Logistics & Distribution
    • Commercial real estate development
    • Healthcare

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