MOUNT VERNON — The loss of manufacturing businesses across the state and country has had a profound negative impact on many communities. In an effort to spur revitalization of low-income and impoverished communities, the New Markets Tax Credit Program was established in 2000 which provided incentives to community developers which invested in low-income communities.
Between 2003 and 2012, this program drove $60 billion in private investments and created more than 550,000 private-sector jobs across the nation. The recent NMTC expired in 2013, and Ohio Senator Sherrod Brown is authoring legislation to extend and enhance the NMTC program.
News of Senator Brown’s proposed legislation was shared in a telephone press conference Wednesday afternoon. Joining in on the conference with their input were Mayor Glenn Broska of Streetsboro, Ohio; and Jeff Hoagland, president and CEO of the Dayton Development Coalition.
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