#Huntington Bank #New Markets Tax Credits #Broadstreet

Huntington Bank and Broadstreet's Impact Investment Fund

On March 3, 2026, Broadstreet Impact Services and Huntington Bank announced a groundbreaking partnership to establish a $25 million impact investment fund aimed at driving economic growth in underserved communities. This initiative leverages New Markets Tax Credits (NMTCs), an innovative financing tool designed to foster economic development in areas with high poverty levels.

The fund, backed by Huntington Community Impact Capital and managed by Broadstreet, intends to create vital opportunities for families and neighborhoods, focusing on job creation and essential local services, including healthcare and workforce development. The recent closure of its first investment is a testament to the fund's mission and strategic objectives. This investment supports the acquisition and renovation of a commercial property in Cleveland for the NewBridge Cleveland Central School for Practical Nursing (CSPN), a training center dedicated to healthcare education and workforce development.

NewBridge's educational model is distinctive: it provides tuition-free training to most students, concentrating not just on technical skills but also on behavioral health and soft skills crucial for overall wellness. This educational approach is vital, especially in a healthcare environment characterized by increasing demands and a shortage of qualified personnel. The school's relocation will enhance its ability to serve students from underserved backgrounds while positioning it conveniently near major clinical sites, thus supplying a well-trained workforce to the healthcare field.

The involvement of NMTCs allowed the fund to deliver $1.8 million in low-cost financing, facilitating the project's progression and ensuring that it aligns with the broader goals of economic revitalization. David Gibson, Senior Vice President and Director of NMTCs at Huntington Community Impact Capital, expressed pride in the partnership, stating, "Huntington is proud to partner with Broadstreet to bring critical NMTC capital to support NewBridge Cleveland and the important work they are doing to provide much-needed healthcare industry workforce development opportunities in Cleveland."

The Cleveland investment isn't just a standalone project; it’s part of a larger plan to develop a