Akron, Ohio (July 2017) – U.S. Bank and Ohio Capital Impact Corporation (OCIC), a non-profit affiliate of Ohio Capital Corporation for Housing (OCCH) announced today $50,000 in grants to support Development Fund of the Western Reserve’s (DFWR) Akron Community Revitalization Fund. Ohio Community Impact Fund donated $25,000 from an investment from U.S. Bank and U.S. Bancorp Community Development Corporation donated an additional $25,000 to the project. OCIC, which is partly funded by U.S. Bank, supports organizations that seek to revitalize and improve neighborhoods and communities.
The Akron Community Revitalization Loan Fund will help enable business development projects in distressed census tracts and urban areas within the City of Akron. DFWR, which is affiliated with the Development Finance Authority of Summit County (“DFA”), has contracted with Cleveland-based Village Capital Corporation to take advantage of its development finance expertise to assist with underwriting promising urban revitalization projects. An advisory committee, comprised of Akron-area funders, will authorize projects for funding.
U.S. Bank and OCCH join a growing list of corporations, organizations and individuals supporting the loan fund including GAR Foundation, Medical Mutual Community Investment Fund of Akron Community Foundation, Huntington Bank, FirstEnergy, Summit County, Akron Children’s Hospital, Goodyear, PNC Bank, Paul Testa, David Brennan, Home Savings Bank, the Akron Community Foundation, Mark and Michele Allio Family Fund of Akron Community Foundation, Read Family Fund of Akron Community Foundation, Paul Thomarios, GOJO, the Development Finance Authority, J.W. Didado, Dr. Cliff Deveny, the Staff, Board and Advisors of DFA and DFWR, Gertrude Orr Foundation, and the Akron Development Fund. DFWR is dedicating $6.75 million in Federal New Markets Tax Credit allocation to capitalize the Fund. After the tax credits are purchased by an investor, $2.25 million in new cash equity will be available in the Fund. To leverage that equity, DFWR must raise a total of $4.5 million from the community. DFWR has now raised $3.59 million.
“We sincerely appreciate U.S. Bank and OCCH contributions to the Akron Community Revitalization Fund.” said Chris Burnham, DFWR Executive Director. “The commitments from these donors demonstrate our community can come together to provide economic development tools that will improve the City of Akron’s core vibrancy. We look forward to partnering with other funders to capitalize on this important opportunity.”