|
Chicago Community Loan Fund
(CCLF) is a first time recipient of a CDFI Fund New Markets Tax Credit (NMTC)
allocation in the amount of $15,000,000. The announcement was published in the
NMTC Program Award Book CY 2014 earlier this week. The New Markets Tax Credit
Program helps economically distressed communities attract private investment
capital. This federal tax credit helps to fill project financing gaps by
incentivizing larger investments that would otherwise not be possible.
Communities benefit from the jobs associated with these investments as well as
retail and community facilities that offer goods and services such as childcare,
healthy foods, better health care, higher quality clothing and housewares among
many others.
|
|
| CCLF customer Country Squire Foods in the
Village of Park Forest, IL is providing 22 jobs and healthy foods in the
community. |
"Over its fifteen year history,
the New Markets Tax Credit program has successfully fostered competition for
private sector investment into low-income communities that lack access to the
capital needed to support and grow businesses, create jobs, and sustain healthy
local economies. The investments made possible by today's awards will have
significant impact nationwide." - Annie Donovan CDFI Fund Director
CCLF will use its 2014 NMTC
allocation to make investments in mixed-use commercial real estate and community
facilities projects that bring goods (including healthy foods), services and
jobs to low-income communities in distressed Chicagoland neighborhoods. For the
past 24 years, CCLF has played a strong role as one of the leading
predevelopment lenders in Chicagoland. However, given our recent growth in loan
pool assets driven by the demand for longer-term financing, this NMTC allocation
will allow us to better serve our clients with larger, longer-term financing
products.
"While many communities in
Chicago have rebounded from the recession, this same level of recovery has not
been seen in lower-income communities, especially in communities of color. This
new source of capital for CCLF will help us invest in projects that address
challenges holding back communities of color such as higher unemployment levels
and severe disinvestment in commercial corridors," said Calvin L. Holmes,
President of CCLF.
For more information on NMTC
click here. |
No comments:
Post a Comment