About CDA:
Mission: To promote inclusive and thriving neighborhoods in Northeast Ohio by providing innovative financing solutions and technical assistance to catalytic real estate and business development projects.
Cleveland Development Advisors, an affiliate of the Greater Cleveland Partnership, was established in 1989 to support and serve developers, businesses, and community groups in Cleveland and Northeast Ohio.
We identify, position, and invest in projects across the city, especially in neighborhoods that may not otherwise attract investment, and thereby help to prove the market, build wealth, and lead to additional private sector investment.
Our staff provides real estate financing, technical expertise, and specialized tools to advance projects in Northeast Ohio. From putting dollars directly into deals to offering insights and advice on structuring additional sources of financing and process, CDA provides assistance to our partners.
In addition to managing investor funds, CDA also manages the CDA-Community Reinvestment Fund (CDA-CRF), a certified Community Development Financial Institution (CDFI), and has extensive experience securing and deploying New Markets Tax Credits (NMTC) allocations through its Community Development Entity (CNMIF II). In partnership with our investors, we help bring resources to your project.
Contact Jessica Coffey, Vice President, Lending for project inquiries.
Leveraging New Markets Tax Credits
The NMTC is a federal program that attracts capital to low income communities by providing private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities in the nation.
CDA has a successful track record of investing its NMTC allocation in projects that have the highest impact in the areas of greatest need. To date, CNMIF and CNMIF II have closed 43 NMTC transactions using $215 million of allocation. These projects represent more than $1 billion of investment in severely distressed Low Income Communities in Cuyahoga County.
“New Markets Tax Credits are a proven incentive that help move vital projects from the drawing board to reality. Cleveland Development Advisors has smartly used these tax credits as leverage to develop successful, important projects in low income, distressed areas. These projects are transformative, helping to trigger larger, more widespread urban revitalization and economic development.”
– Marcia L. Fudge, Secretary of the U.S. Department of Housing and Urban Development