Uptown Consortium, Inc. (UCI), was awarded $20 million in New Markets Tax Credits (NMTCs), which it will use to spur investment and development in transformational projects in the five neighborhoods of Uptown Cincinnati. The announcement was made Friday, September 22, 2023, by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
UCI was one of three Ohio entities to receive Federal NMTC’s among 102 across the United States and the only organization in Cincinnati to be awarded.
“We are thrilled to be among community development entities across the US awarded NMTCs, allowing us to invest in Uptown projects and continue to create positive, sustainable impact right here in Uptown Cincinnati,” said UCI’s President and CEO, Beth Robinson.
“Uptown Consortium plays an incredibly important role in bringing vibrancy and future-oriented development to the core of Cincinnati. The $20 million in New Markets Tax Credits being awarded is a testament to UCI’s effectiveness and will allow our region to attract the private investments we need to grow, create good-paying jobs, and strengthen neighborhoods for our children and families,” said Rep. Greg Landsman (D-OH-01).
“Uptown Consortium is working to revitalize neighborhoods and create economic opportunity in Cincinnati. This investment will help attract private investment, create good jobs, and lift up communities in Southwest Ohio,” said Sen. Sherrod Brown (D-OH).
This announcement comes on the heels of the October 28, 2022 NMTC allocation UCI received for $45 million. Since 2009, UCI has been awarded $195 million in NMTCs, which has been of immense value to UCI in advancing its mission to revitalize Uptown Cincinnati.
NMTCs are designed to incentivize investment in low-income communities by attracting the private investment necessary to reinvigorate these areas. “The NMTCs have helped create jobs, provide access to healthy and affordable foods, community facilities and healthcare centers, and bring renewed interest and development to the five Uptown neighborhoods (Avondale, Clifton, Corryville, CUF, and Mt. Auburn),” Robinson said. “UCI’s NMTC projects have leveraged an estimated $2 billion of additional investment into the community.”
Some previous UCI NMTC projects include UC’s Digital Futures, UC Gardner Neuroscience Institute, Avondale Town Center, U Square @ the Loop, Corryville Kroger and most recently in April of 2023, the UC Health Emergency Department Expansion Project. Click here for a full list of UCI’s NMTC projects.
According to Robinson, UCI has a robust pipeline of unannounced projects that will move forward using NMTCs. The organization will choose the projects that can impact Uptown most and share more when plans are solidified.
Read more about the exciting announcement in the Cincinnati Business Courier.