The Office of Economic Development is committed to supporting redevelopment in less attractive areas of the city. The Office of Economic Development is also responsible for assisting with private, public and non-profit sector redevelopment initiatives by working directly with property owners, developers and builders on project approval and implementation. In addition, the office is a point of contact for citizens and business owners seeking information on redevelopment projects and long range plans that potentially impact their property.
Redevelopment Finance Programs
The Office of Economic Development seeks to facilitate public financing of redevelopment projects using local, state and federally funded incentive programs when possible to reduce the cost associated with redevelopment.
New Market Tax Credits
The new market tax credit (NMTC) program provides private-sector investors (e.g., banks, insurance companies, corporations, and individuals) with federal income tax credits in return for new investments in eligible businesses, ranging from small business startups to real estate development. The program is designed to increase the amount of investment capital available to business and economic development programs in low-income communities. For more information visit the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund website provides access to CDE and NMTC application materials and workshops, a map of qualified census tracts and counties and other information about the NMTC program.