XAVIER UNIVERSITY PROJECT RECEIVES $8M IN NEW MARKET TAX CREDITS

CINCINNATI — Finance Fund has awarded $8 million in federal New Markets Tax Credit (NMTC) financing for the construction of University Station, a $53 million mixed-use development near Xavier University in Cincinnati. The project has been in development for six years and includes retail, residential units, office space and parking plus the infrastructure needed for future phases. Phase I is a 15-acre mixed-use project near Xavier University's campus that will be completed by August 2014. This phase includes 176 student housing units, 39,000 square feet of retail, 46,000 square feet of office and more than 1,000 parking spaces. The University Station site is owned by Xavier University and will be developed in collaboration with Messer Construction and Ackermann Group. Finance Fund is one of five participating community development entities providing federal NMTC allocations. The other four are Cincinnati Development Fund, Enterprise Community Investment Inc., The Community Builders Inc. and US Bank Community Development Corp.