Washington, Oct 29 -

U.S. Congressman Pat Tiberi (R-OH) today congratulates the Ohio Community Development Finance Fund as the U.S. Department of the Treasury awards the organization a $50 million New Markets Tax Credit from the Treasury’s Community Development Financial Institutions Fund.  The New Markets Tax Credit allocation will help the Finance Fund offer low interest, flexible credit standard, and high loan to value ratios loans to various types of community facilities, small businesses, manufacturing plants, and retail establishments across Ohio.

“I am pleased the Ohio Community Development Finance Fund was selected as one of 99 Community Development Entities across the country to receive an allocation of New Markets Tax Credits,” said CongressmanTiberi.  “I have worked with James Klein, the CEO of the Finance Fund, most recently when he came to testify about New Markets Tax Credits in front of a joint Congressional Subcommittee hearing.  The resources the Finance Fund makes available aid Ohio communities that are struggling and helps them turn the corner and thrive.”

The Finance Fund helps find or provides funding and resources to support organizations that help low and moderate-income families across the state of Ohio.  For example, in Columbus the Finance Fund used the New Markets Tax Credit to leverage investment dollars necessary to complete the multi-tenant Point of Pride development, which was instrumental in revitalizing a distressed neighborhood in the city by providing retail, office space, and jobs for residents.

The New Markets Tax Credit Program is administered by the U.S. Treasury’s Community Development Financial Institutions Fund.  Ninety-nine organizations were selected to receive a total of $5 billion in tax credits for 2009.

For more information about the Finance Fund visit http://www.financefund.org and for more information about the New Market Tax Credit Program visit the Community Development Financial Institutions Fund.