Company to offer "good-paying" mortgage jobs
Rocket Mortgage will be taking advantage of a tax credit assistance to ramp up its expansion project that intends to bring hundreds of “well-paying” jobs to downtown Cleveland, the company announced this week.
An Ohio board has approved the 10-year tax credit assistance worth up to $9.6 million for the mortgage lender to create 630 full-time jobs in the area, adding to its current workforce of 721. The expansion will offer careers – primarily for mortgage bankers – and generate $47.3 million in payroll, according to Team NEO, a non-profit organization focused on accelerating business growth and job creation throughout the Northeast Ohio Region.
The Ohio Development Services Agency said that Rocket Mortgage will have until the end of 2023 to create 630 new jobs. It also needs to maintain operations in Cleveland for at least 13 years to get the full incentive.
The company considered several cities for the expansion, including its home base in Detroit, but chose Cleveland due to its competitive tax credit assistance. Team NEO teamed up with the Greater Cleveland Partnership and JobsOhio to develop an incentive package to win Rocket Mortgage’s expansion plan.
“Through this partnership, we are reinforcing our commitment to the state and to offering good-paying jobs to Clevelanders,” said Mike Malloy, head of human resources at Rocket Mortgage. “In response to the pandemic, we have seen first-hand that our team members can successfully work from anywhere. That fact makes this partnership even more significant. As we continue to grow our workforce, we look forward to adding to the more than 700 team members who already call this state home.”
Cleveland Mayor Frank Jackson said that the city council previously agreed to give Rocket Mortgage a $975,000 job-creation incentive grant for the project. The city expects to receive more than $1.31 million each year in income taxes from the new jobs, Cleveland.com reported.
“The impact of bringing 630 good-paying jobs to Cleveland cannot be overstated,” said GCP CEO Joe Roman. “GCP appreciates Rocket Mortgage’s continued confidence in our community and the critical support received from our local and state partners.”
