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More than $2 million awarded to community organizations from GAR Foundation

8/19/2015

Greater Akron—GAR made a grant of $500,000 to the Development Fund of the Western Reserve (“DFWR”), an affiliate of the Development Finance Authority of Summit County, in support of their newly created Targeted Loan Fund. The Targeted Loan Fund will help to catalyze real estate development projects in distressed census tracts and urban areas, such as downtown Akron.  The Fund will include capital from community funders like GAR Foundation, as well as capital received from the sale of New Markets Tax Credits which DFWRwas recently awarded by the US Treasury. DFWR, in partnership with Village Capital Corporation, will apply its development finance expertise to select and vet promising urban real estate projects.

“The fact that DFWR secured a $45 million allocation of New Markets Tax Credits through a highly competitive process is a major victory for our community,” said Christine Amer Mayer, president of GAR Foundation. “DFWR has effectively imported dollars that will help to drive vibrancy in Akron. GAR is proud to be one of the local civic investors whose funding will be leveraged by the New Markets Tax Credits to catalyze tangible, visible improvement in our core geographic footprint."

DFWR president, Chris Burnham, said that DFWR will dedicate $6.75 million of its overall allocation of New Market Tax credits to the Targeted Loan Fund. 

“We are very grateful to GAR for this support of our Targeted Loan Fund,” said Burnham. “Along with a $1 million commitment previously made to the Fund by the Akron Development Fund, these GAR dollars demonstrate that our community can come together around investments that will improve our core vibrancy."  DFWR must raise additional funding for the Targeted Loan fund in order to access the leverage of the tax credits. It is actively reaching out to potential supporters.  Click here to read more.
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