Huntington Bank and Broadstreet launch $25M NMTC fund to fuel economic opportunity in low-income communities

CHICAGO, March 3, 2026 /PRNewswire/ -- Broadstreet Impact Services is partnering with Huntington Bank on a new $25 million impact investment fund that utilizes New Markets Tax Credits (NMTCs) to finance economic development in high-poverty communities.

Capitalized by Huntington Community Impact Capital and managed by Broadstreet, the fund is focused on supporting critical gains for families and communities—including job creation and vital local services such as healthcare and workforce development.

The fund recently closed on its first investment to help finance the acquisition and renovation of a commercial property in Cleveland for NewBridge Cleveland Central School for Practical Nursing (CSPN), a healthcare training center. The project will also provide tenant space for youth workforce development programs. CSPN offers a unique, tuition-free educational model for most students that is focused not only on technical skills-building and subsequent job placement, but also on behavioral health and soft skills that support overall student wellness—especially important given the significant demands of the healthcare field.

The school is relocating to the new facility to better serve students from under-resourced neighborhoods and to operate in close proximity to clinical sites at the region's main hospital campuses, providing a ready workforce to the healthcare sector, where there is a shortage of qualified workers.

By leveraging federal NMTCs, the fund was able to deliver $1.8 million in low-cost financing to support the project, ensuring the development effort could move forward.

"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. This is the first of many positive outcomes that our partnership with Broadstreet will help create in our communities," said David Gibson, Senior Vice President and Director of NMTCs at Huntington Community Impact Capital.

The Cleveland investment is supporting the first phase of a plan to develop a "career district" in the area, converting shuttered and underutilized space into a shared campus for nonprofits and serve a community in which poverty tops 34 percent.

The project directly addresses employment needs in the region for trained healthcare workers, as well as the aspirations of individuals working to increase their skills, opportunities and incomes. In addition to Huntington's investment through the fund, the Local Initiatives Support Corporation (LISC) provided NMTCs to lower the cost of capital for the development, as well as $4.3 million of debt financing with flexible terms to support the project.

"This renovation would not move forward without access to NMTCs and other flexible sources of financing—capital that isn't available in the mainstream marketplace but is essential for projects focused on both social and economic impact," explained Steve Petsos, Broadstreet president.

"That's the real value of connecting with partners like Huntington that have shared goals for local impact," he continued. "Together, we can support projects that are catalytic for communities—contributing to the well-being of families, businesses and the local economy, all at the same time."

Broadstreet is an affiliate of LISC, one of the largest nonprofit community development financial institutions (CDFIs) in the country, with more than $35 billion invested in thousands of urban and rural communities. LISC is also one of the country's largest and most effective federal NMTC partners, having been awarded more than $1.36 billion in NMTC investment authority that is deployed through Broadstreet.

About Broadstreet
Broadstreet is an impact financial services company providing Fund Services and Fund Management. Our Fund Services platform supports private impact fund managers with Fund Administration, Fund Strategy & Operations, and Impact Advisory. Separately, we manage select funds through Fund Management. We work closely with sponsor partners to design, launch, and manage investment vehicles in a highly collaborative and bespoke approach. Our funds invest in impactful businesses, intermediaries, and community assets. We work with values-aligned investors and fund managers to fuel social, environmental, and economic impact across the country. Today our platform supports 51 multi-asset funds, 88 single-asset entities, and $2.7 billion in capital under administration and management, advancing impact alongside financial performance.

Media contact:
Ariel Hargrave, Broadstreet
[email protected]

SOURCE Broadstreet Impact Services