New Markets Tax Credits
At CDF, we work hard to make a difference in the communities we serve.
Nehemiah Manufacturing Co.
Nehemiah Manufacturing Co. Employs a predominately “second chance” workforce and offers well-paying jobs, benefits, advancement opportunities and wrap-around services to help employees navigate life’s challenges.
CDF’s New Markets Tax Credits enabled Nehemiah to finance acquisition, construction and development of a new 185,000sf facility on a former brownfield site that had been vacant for 13 years. When Nehemiah opened the facility in 2018, the company transitioned 80 employees to the new Lower Price Hill location and has since added 220 additional employees. CDF allocated $5 million in New Markets Tax Credits to the project.
Impact:
- Development of $13.4 million, 185,000sf manufacturing facility in Lower Price Hill
- 80 jobs retained, 220 jobs created
- Revitalized a former brownfield site
- Created deep partnerships with Lower Price Hill residents and community organizations
Amount: $5,000,000 NMTC Allocation
ARCO
ARCO (Arts + Community) is a community gathering space in Price Hill and home to the neighborhood’s community development corporation (CDC), Price Hill Will. The nonprofit CDC rehabilitated this former Masonic Lodge to create space for the neighborhood’s youth orchestra, MYCincinnati, office space, and a rentable gathering space for summer camps, community events and celebrations.
CDF provided a $5 million NMTC Allocation to the project.
Impact:
- 141 construction and 32 permanent jobs
- 7,981 sf of community/event space
- 7,440 sf of arts education/performance space
- Complete rehabilitation of long vacant 1912 Masonic hall
Amount: $5,000,000 NMTC Allocation
Paramount Square
Paramount Square preserved and rehabilitated the signature historic building at the corner of Gilbert Avenue and E. McMillan Street in the heart of the Walnut Hills Neighborhood Business District. This early investment in Walnut Hills led to the development of multiple other projects by The Model Group in Walnut Hills. Paramount Square includes 15 residential units and 25,000 sf of retail space. The anchor tenant in Esoteric Brewing, Ohio’s first minority-owned brewery.
CDF provided an $8 million NMTC Allocation to the project.
Impact:
- Preservation of historic 1931 building
- 109 construction and 79 permanent jobs
- 15 housing units (3 affordable)
- 25,000 sf of commercial space
- Business district revitalization and transit-oriented development
Ziegler Park
The $32 million redevelopment of Ziegler Park, a 1.5 acre site located in the heart of Over-the-Rhine, included a 416-space parking garage, a new, 25-meter deep water swimming pool, the expansion and construction of a children’s playground, basketball courts, a playfield and expanded green space.
CDF contributed $7 million in a NMTC Allocation to the project.
Impact:
- Improved safety and activation of public space
- New and improved recreation amenities for neighborhood residents and visitors
Amount: $7 million NMTC Allocation
Madison & Whetsel
The Madison & Whetsel project in Madisonville represented the first major investment in the Madisonville Neighborhood Business District in decades. Aligned with a neighborhood- driven Quality-of-Life Plan, the first phase of the project created 104 residential units (21 affordable), the renovation of an existing 34,800 sf retail center, the expansion of an existing Federally Qualified Health Center, and the creation of 13,000 sf of new office space.
Impact:
- $30 million investment in blighted, underperforming business district
- 102 residential units (21 affordable)
- 34,800 sf of retail space
- 13,000 sf of office space
- Expanded/renovated health center
Amount: $10 million NMTC Allocation
