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Cuyahoga County Tax Exempt Bond Program

Private Activity Bonds are tax-exempt bonds issued by public entities to provide low-cost financing for private projects that serve a public purpose. Federal tax law imposes a number of restrictions and requirements on the issuance of Private Activity Bonds. Federal tax law requires that these bond issues conform to certain procedural requirements in order to be issued on a tax-exempt basis. Ohio law permits cities, counties, and townships to issue bonds. Bonds are issued in the name of the County but are not obligations of the County and are not backed or secured by its taxing power or any other public revenue sources. The developer of the project is solely responsible for repayment, subject to any insurance or guarantee by a third party.

WHAT CAN BE FINANCED

Bond proceeds can be used for purchase, construction or rehabilitation of a project (including land and buildings), and to fund most related fees including construction financing, legal, audit, bond underwriting and issuance costs, replacement reserves and settlement costs.

TYPES OF BONDS

Health Care Facility Bonds are granted for the public purpose of better providing for the health and welfare of the people by enhancing the availability, efficiency, and economy of hospital facilities and the services rendered.



Industrial Revenue Bonds are issued to assist new and expanding industry while providing employment opportunities. 501(C)(3) Bonds are a special category of tax-exempt bond financing that can be done by nonprofit organizations to support economic development including affordable housing projects.




Multifamily Housing Bonds are available to nonprofit and for profit developers to purchase, construct, or rehabilitate multi-family housing projects.

APPLICATION FEE

Healthcare and Multifamily require a non-refundable application fee of One Thousand Dollars ($1,000.00) which must be submitted with the signed application. Any requests for Refunding are considered new applications. Additional fees apply for issuance and changes.

Contact Greater Cleveland Partnership for Industrial Revenue Bond fee information.

APPLICATION MATERIALS:

Updated forms coming soon

FOR ADDITIONAL INFORMATION CONTACT:

Health Care Facility/Multifamily Housing
Sara Parks Jackson
Cuyahoga County
216/443-8160
spjackson@cuyahogacounty.us

Industrial Revenue
Shawn DaVis
Greater Cleveland Partnership
216/592-6922
sdavis@gcpartnership.com