Rep. Tim Ryan Congratulates Summit County Port Authority on $20 Million New Markets Tax Credit Allocation

Feb 27, 2012 (Congressional Documents and Publications/ContentWorks via COMTEX News Network) — WASHINGTON – Today, Rep. Tim Ryan (OH-17) congratulated the Summit County Port Authority on their selection for a $20 million New Market Tax Credit award by the Community Development Financial Institutions Fund (CDFI).

“I’m excited for the impact this $20 million tax credit award will have on our efforts to spark economic development in Summit County, and throughout our region,” said Rep. Ryan. “Now more than ever, we’re making strong investments at home that will help bring local development, innovation, and jobs to our community. We’ve already seen the success of this strategy with the Youngstown Business Incubator and the Tech Belt Energy Innovation Center in Warren as we begin to rebuild and reinvest in our communities. I’m excited for the opportunity to make significant investments in economic development in Summit County, and I’m grateful for all the hard work performed by the Summit County Port Authority and the federal government to make this possible.

“The New Market Tax Credit award program was created by Congress in 2000 and allows designated Community Development Entities, such as the Summit County Port Authority, to provide individual and corporate taxpayers with financial incentives for local economic development. Community Development Entities are permitted to provide investors with tax credits that total 39 percent of the cost of regional investments that can be claimed over a seven-year period.

“We’re pleased to have this economic development tool available as a method to attract private investment capital to Northeast Ohio,” said Summit County Port Authority President Chris Burnham. “This should enable us to assist with financing projects which otherwise might not be able to proceed, and we thank Congressman Ryan for his support.”

Rep. Tim Ryan wrote to the CDFI in May to recommend Summit County Port Authority’s application for a New Market Tax Credit allocation. Of the 314 groups that applied for New Market Tax Credits, the Summit County Port Authority is 1 out of only 70 organizations that received awards.