Council of Development Finance Agencies Recognizes Development Finance Authority of Summit County as a high performing Development Finance Agency

Akron,Ohio (January 2019) The Council of Development Finance Agencies (CDFA) has recognized Development Finance Authority of Summit County as one of “the fifteen highest performing Development Finance Agencies across the nation.”  CDFA is a national association dedicated to the advancement of development finance concerns and interests.  CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike.

 According to CDFA,those DFAs that are able to manage and implement a variety of community and economic development programs are considered “High Performing.” “High performing DFAs generally maximize the full extent of the development finance toolbox and engage a private-sector driven model that is focused on market rate returns and development of their portfolio.” Additionally, “high performing DFAs also work on a self-sufficiency model earning revenue from transactions and fees that, in turn, help drive their activities enabling them to be nimble and work outside the constraints of traditional government agencies.”

Others recognized nationally, by CDFA as a high performing DFA are: The Development Authority of Fulton County (Atlanta, Georgia),Louisville Forward, Philadelphia Industrial Development Corporation, Phoenix Industrial Development Authority, Redevelopment Authority of the City of Milwaukee, The St. Louis Economic Development Partnership, and Toledo–Lucas County Port Authority of Ohio.

Since 1999, the DFA has issued over $1 billion in economic development bonds, leveraging over $889 million in investment to support community and economic development activity in our region.  Through the New Markets Tax Credit program the Development Fund of the Western Reserve (DFWR), which is affiliated with the DFA has allocated $65 million federal NMTC plus $11.5 million Ohio NMTC, leveraging $55 million additional federal and state NMTC allocations and$13.2 million in investment. These finance projects enabled the DFA and DFWR to directly or indirectly be associated with the retention and creation of 14,593jobs, including thousands of construction jobs.