Tuesday, December 29, 2015

Congress reauthorized key Cleveland financing program

A program that has played a pivotal role in bringing $220 million in investments to the region - helping to make possible $1.5 billion of Cleveland’s construction renaissance downtown and elsewhere - was reauthorized by Congress as part of the Omnibus spending bill. 

Cleveland International Fund (CiF) has used investments from foreigners to help finance job creating projects ranging from the revival of the Flats East Bank to the revitalization of the former Crowne Plaza Hotel into the new Westin Hotel located adjacent to the Cleveland Convention Center. 

“This reauthorization from Congress will allow us to continue to help facilitate Cleveland’s ongoing, multi-billion dollar resurgence, as well as play a similar role in an expanded service area that includes Columbus, Cincinnati, Akron, Youngstown and Pittsburgh, PA.” said Stephen Strnisha, Chief Executive Officer of CiF. “Our program has pumped more than $220 million of foreign capital into numerous Cleveland projects that have created jobs and reinvigorated large sections of the city. These projects would not have gone forward or been as financially viable without EB-5 financing.”