News & Events

Development Finance Authority of Summit County Announces S&P Global Ratings Upgrade from BBB+ to A- with a Positive Outlook

Akron, Ohio (August 2018) The Development Finance Authority of Summit County (DFA) announced today Standard & Poor’s (S&P) Global Ratings has upgraded DFA’s Jobs & Investment Bond Fund to A minus with a Positive Outlook.  S&P noted the Fund has a strong financial risk profile, operating performance history and financial policies. The Jobs and Investment […]

Development Fund of the Western Reserve (DFWR) announces its sixth Community Loan Fund project financing

Akron, Ohio (July 2018) – The Akron Community Revitalization Fund (ACRF) is announcing its sixth loan of $1.67M, which is an interim construction loan for the Bowery re-development project in downtown Akron. The Bowery is a proposed six building, $40M mixed use development project which is anchored by the historic Akron Civic Theatre. The loan […]

Development Fund of the Western Reserve (DFWR) announces its fifth Community Loan Fund project financing

Akron, Ohio (July 2018) – The Akron Community Revitalization Fund (ACRF) is announcing its fifth loan for $1.6 million which will finance the construction and buildout of the ground floor commercial/retail space of Middlebury Commons- a mixed-use project with affordable apartments for seniors and first floor retail space. Middlebury Commons is a significant part of […]

Development Fund of the Western Reserve (DFWR) announces its fourth Community Loan Fund project financing

Akron, Ohio (June 2018) – The Akron Community Revitalization Fund (ACRF) is announcing its fourth loan for $580,000, which is being used to build out tenant improvements in the former Advanced Elastomer Systems (AES) Building. Between 1996 and 2016, the property had 90% occupancy rates until Exxon Mobil Advanced Elastomer Systems (AES) vacated resulting in […]

Development Fund of the Western Reserve (DFWR) announces its third Community Loan Fund project financing

Akron, Ohio (June 2018) – Announced today, the third loan made by the Akron Community Revitalization Fund (ACRF). The $700,000 loan will be used by Rubber City McDonald’s to finance the purchase and improvements of a building located at 55 Furnace Street. This loan enabled Rubber City McDonald’s to consolidate its Headquarters operations and add […]

Development Fund of the Western Reserve (DFWR) announces its second Community Loan Fund project financing

Akron, Ohio (May 2018) – DFWR announced today the second loan from its Akron Community Revitalization Fund (ACRF). The $650,000 loan will be used by Testa Companies to finance phase one project costs of the Northside Marketplace. DFWR is a private non-profit affiliated with the Development Financing Authority of Summit County. The loan was made […]

Development Fund of the Western Reserve announces its first Community Loan Fund project financing

Akron, Ohio (April 2018) –DFWR has announced the financing of the historic United Building Hotel renovation project. DFWR, a private non-profit affiliated with the Development Financing Authority of Summit County, assisted in financing the project by providing a $1.280M loan. Total project costs are approximately $10M. The loan was made through the Akron Community Revitalization […]

Council of Development Finance Agencies Announces Winners of the CDFA Excellence in Development Finance Awards —Winners Recognized at CDFA National Development Finance Summit

Akron, Ohio (January 2018) The Council of Development Finance Agencies (CDFA) has announced the winners of the 2017 CDFA Excellence in Development Finance Awards. These awards honor excellence in the use of financing tools for economic development, as well as individuals who champion these efforts. “With the number of impressive projects that we have seen […]

Summit County to Expand Akron Energy Special Improvement District Throughout Summit County to Promote Energy-Efficiency Improvements

ESID

Development Fund of the Western Reserve announces complete capitalization of the Akron Community Revitalization Fund

Akron, Ohio (July 2017) –The Development Fund of the Western Reserve (DFWR) announced today that the Akron Community Revitalization Fund is now fully capitalized, and is now open for business. The Akron Community Revitalization Loan Fund is designed to fund projects in distressed census tracts, defined as areas with a poverty rate of at least […]