Financing
Successful transit-oriented development projects often rely on a blend of funding sources to assemble a complete capital stack. Below, you will find an overview of regional, state, and federal programs frequently used to support TOD.
Additionally, local funding or financing may be available. Contact local communities for more information on their assistance and incentive programs.
Regional
Cuyahoga County TOD Loan Program
- What it funds: Development projects that involve new construction, major renovations, or substantial building improvements; secondary elements that can be funded include site acquisition, green building upgrades, pedestrian-scale infrastructure
- Amount: Maximum loan of $2,500,000 in gap financing
- Eligibility: Must be a mixed-use development, with at least one commercial use and an active first-floor use; be located within a TOD Program Zone; must create or retain at least one permanent, non-construction, full-time, family sustaining wage job
Port of Cleveland Bond Fund Program
- Overview: An A-rated Bond Fund that provides access to fixed-rate financing for up to 30 years, helping projects secure stable, affordable capital
- Eligibility: Supports new construction, building acquisition, renovation and/or rehabilitation projects and public infrastructure improvements between $2M and $10M - however, focused on supporting low-risk projects backed by investment-grade capital
The Port also supports projects through:
- Tax Increment Financing (TIF): A tool that helps fund public infrastructure and site improvements needed to support development
- Property Assessed Clean Energy (PACE) Financing: Financing that helps projects incorporate energy efficiency, renewable energy, and sustainability improvements
Port of Cleveland Economic Growth Fund (EGF)
New program starting in 2026
- Overview: A loan loss reserve that was established to allow the Port to participate in projects that are transformative and community driven but may not yet qualify for traditional financing. The fund enables the Port to support a broader range of projects while continuing to responsibly manage risk and protect its rating.
- Eligibility: Supports new construction, building acquisition, renovation and/or rehabilitation projects between $2M and $10M – but which may not have the credit or operating history for the Bond Fund. This program is well suited for emerging developers, growing businesses, and projects with strong community impact that may not yet meet conventional lending requirement.
Port of Cleveland Capital Lease Financing
- Overview: Provides a sales tax exemption on eligible construction materials, which can help reduce construction costs by approximately 8% of hard construction costs
- Eligibility: The Capital Lease Program is available for construction projects exceeding $10 million, while the Small Capital Lease Program supports projects between $2 million and $10 million. The Port reserves the use of both of these tools for projects that create significant jobs and/or have a measurable community benefit for the region.
State
Ohio New Markets Tax Credit (NMTC)
- What It Funds: Shovel-ready development and projects that support small/minority-owned businesses, job creation, community reinvestment, and brownfield redevelopment
- Amount: Individual projects are capped at $1 million in tax credits
- Eligibility: Community Development Entities (CDEs) in Ohio that have or are expected to receive federal NMTC funding; projects must be in census tracts with ≥20% poverty or ≤80% area median income
Ohio Historic Preservation Tax Credit Program
- What It Funds: Rehabilitation, restoration, or reconstruction of historic buildings; supports adaptive reuse
- Amount: 20% of qualified rehabilitation expenditures (QREs) claimed over 5 years (4% each year)
- Eligibility: Certified historic building; income-producing; qualified as substantial rehabilitation
Ohio Low-Income Housing Tax Credit (OLIHTC) Program
Administered by the Ohio Housing Finance Agency (OHFA) and modeled after the federal LIHTC
- What It Funds: Construction or preservation of affordable rental housing
- Amounts: $100 million annual credit cap that is also the full 10-year credit period amount.
- Eligibility: Income-restricted rental housing developments (units reserved for tenants at ≤60% AMI) in Ohio; must be paired with a Federal LIHTC reservation under OHFA’s Qualified Allocation Plan (QAP); must hold fee simple or leasehold interest in the property or be a pass-through entity
OHFA Housing Development Assistance Programs (HDAP)
- What It Funds: New construction or preservation of affordable rental housing
- Amounts: Varies and awarded competitively between its three distinct funding categories: Housing Credit Gap Financing (HCGF), LIHTC Bond Gap Financing (BGF), Housing Development Gap Financing (HDGF)
- Eligibility: Developers (nonprofit or for-profit) of multifamily housing aimed at low- and moderate-income households (≤ 50% AMI); HCGF is paired with 9% LIHTC; BGF is paired with 4% LIHTC; and Housing HDGF is for small developments (<25 units) not using LIHTC
Transformational Mixed-Use Development (TMUD) Program
- What it funds: New construction and/or improvement of vacant buildings into mixed-use developments
- Amount: Max $20 million per project; total $125 million in state tax credits allocated per fiscal year
- Eligibility: Must be a mixed-use development with combination of retail, office, residential, recreation, hotel or hospitality uses; must demonstrate eligibility or property ownership; must demonstrate transformational economic impact; must have obtained 51% in financing commitment; additional requirements vary by location type (Major City or General City)
Jobs Ohio Revitalization Program
- What it funds: Demolition, environmental assessment & remediation, site preparation, building renovation, and infrastructure
- Amount: Loans are typically $500,000-$5 million and between 20% and 75% of eligible costs for 10 to 15 years; grants are typically up to $1 million
- Eligibility: Eligible applicants include businesses, nonprofits, or local governments; redevelopment projects of abandoned or underutilized contiguous properties that will create or retain jobs and has funding gaps or significant redevelopment constraints
Ohio Brownfield Remediation Program
- What it funds: Remediation of brownfield sites including: acquisition, demolition, infrastructure installation or upgrade
- Amount: Maximum grant amount of $5 million
- Eligibility: Eligible applicants include county, township, municipal corporation, port authority, conservancy district, park district or authority, county land reutilization corporation, or for-profit organization; eligible properties are brownfields (meeting state definition) or have Brownfield and Coal Mine Priority Investment Area designation
Federal
New Markets Tax Credit (NMTC)
- What It Funds: Community facilities, business expansions, redevelopment, job‑generating projects
- Amount: 39% of investment claimed over 7 years (5% for 3 years, 6% for 4 years)
- Eligibility: Projects/businesses in census tracts with ≥20% poverty or ≤80% area median income
Historic Tax Credit (HTC)
- What It Funds: Rehabilitation, restoration, or reconstruction of historic buildings; supports adaptive reuse
- Amount: 20% of qualified rehabilitation expenditures (QREs) claimed over 5 years (4% each year)
- Eligibility: Certified historic building; income-producing; qualified as substantial rehabilitation
Low-Income Housing Tax Credit (LIHTC)
Federal program administrated by Ohio Finance Agency (OHFA)
- What It Funds: Construction, rehabilitation, or acquisition of affordable rental housing
- Amount: 4% (non-competitive) and 9% (competitive), for 10 years
- Eligibility: Income-restricted rental housing developments (reserved for tenants at
≤60% AMI) for minimum 30 years
EPA Brownfield Assessment Grants
- What It Funds: Brownfield inventories, clean up and reuse plans, environmental site assessments (Phase I & II), and community outreach
- Amounts: Varies by grant type: max $500,000 for Community-Wide Grants and max $1 million for Assessment Coalition Grants
- Eligibility: Eligible applicants for both types of grants include local, regional and state governments, and tribes; additional eligible applicants for Community-Wide Grants include non-profits, land authorities, redevelopment agencies, or qualified community development entities, limited liability corporation/partnership; applicant must be owner of the contaminated brownfield site (per CERCLA definition)
EPA Brownfield Clean Up Grants
- What It Funds: Cleanup/remediation of soils, groundwater, vapors, demolition of contaminated structures
- Amounts: Up to $500,000; requires 20% match
- Eligibility: Eligible applicants include local governments, tribes, nonprofits, states, land authorities, redevelopment agencies, or qualified for-profit entity; applicant must be owner of the contaminated brownfield site (per CERCLA definition); phase II environmental site assessment must be underway or completed
Transportation Infrastructure Finance & Innovation Act (TIFIA) Loan
- What It Funds: Transportation infrastructure related to TOD projects; can cover major rehabilitation of existing buildings
- Amounts: Loan amounts vary and have no maximum dollar value; loan capped at 49% of total anticipated project costs; includes three types of assistance: secured (direct) loans, loan guarantee, and standby line of credit
- Eligibility: Eligible applicants include any government entity, transit agencies, railroad companies, special authorities, special districts, and private entities; eligible project costs must be at least $10 million
Railroad Rehabilitation and Improvement Financing (RRIF) Loan
- What It Funds: Railroad Infrastructure projects (including planning and design), transit-oriented development, and major building rehabilitations
- Amounts: Provide direct loans and loan guarantees; loan capped at 75% of total project costs for TOD projects
- Eligibility: Eligible applicants include state and local governments, government-sponsored authorities and corporations
PARTNERSHIP
Cuyahoga TOD is a partnership between the Cuyahoga County Planning Commission, Greater Cleveland Regional Transit Authority, Port of Cleveland, City of Cleveland, and Cuyahoga County.
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