February 24, 2022 — Cleveland Development Advisors (CDA) recently closed on two projects, utilizing a portion of its $50 million New Markets Tax Credit (NMTC) allocation announced last fall.
A $10 million allocation was provided to the Greater Cleveland Food Bank (GCFB) for the construction of its new 197,000 square foot warehouse and distribution center in the Collinwood neighborhood. The investment will create a greater capacity for GCFB to store and distribute non-perishable food to its nearly 1,000 partner agencies across six counties in Northeast Ohio. Additional allocations were provided by Truist, the Development Fund of the Western Reserve, and The Community Builders.
CDA also provided a $9.5 million NMTC allocation and $1.9 million capital campaign bridge loan to Providence House, a crisis nursery that provides emergency shelter and crisis care to children and supportive services to their families. CDA’s investment will support Providence House’s opening of a second facility in the Buckeye neighborhood. This investment will enable Providence House to provide services to more children and families and serve as an anchor in the effort to redevelop the Buckeye Commercial Corridor.