Representatives from Troy Community Works! received news that they had been awarded a $100,000 Economic Development Grant from the Ohio Finance Fund yesterday. The purpose of this grant is to go toward the continued rehabilitation of 221 E. Main Street.
Troy Community Works! purchased 221 E. Main Street in July 2010 with the purpose of rehabilitating the structure as the first development project for the organization. In the two years since that purchase much behind the scenes work has been done such as complete environmental remediation, clean out of over 4 tons of debris, and removal of a dilapidated rear addition. Many funders have supported this project including the Troy Foundation, the City of Troy, and the Oswald Family Foundation. However, the grant from the Ohio Finance Fund is the largest grant TCW has received to date.
“We are pleased about this project and the grant from the Finance Fund,” said Don Willis, TCW Board President. “Many partners have helped us get this far and it’s nice to be able to match their contributions with support from the state.” Founding board member and architect, Mike Twiss agreed. “When we started TCW part of the reasoning was to match untapped state funding sources with local projects. This just solidifies that it is possible.”
The Ohio Finance Fund was founded in 1987 as a statewide, nonprofit intermediary between the state of Ohio and non-profit community development corporations. Celebrating its’ 25th anniversary as a partner in community empowerment in 2012, the Finance Fund and its affiliates have invested more than $195,000,000 in housing, economic development, and community facility projects leveraging over $1 billion throughout the state of Ohio. The Finance Fund is dedicated to creating possibility through its mission of building bridges between resources and low-income community to improve the quality of life for people. The Economic Development Grant that TCW was awarded provides funding for neighborhood commercial improvement projects that create private sector jobs to strengthen the area’s economic base. Jon Moorehead, finance officer for the Ohio Finance Fund, said “Our review committee was impressed with Troy Community Works! and we’re happy to have them as a new partner.”