In September 2009, CDF provided $9.3 million in state and federal New Markets Tax Credit financing to the Community Career Training & Economic Development Center (CCTEDC) project, a job training and placement center, which targets the high-growth industry sectors of Manufacturing and Transportation, Distribution, and Logistics for disadvantaged, unemployed community residents. The Center is operated by The Greater West Town (GWT) Community Development Project.
The CCTEDC transaction is the result of extensive efforts by CDF and the City of Chicago. It was the first NMTC-funded project in the City to use TIF Funds as an NMTC leverage source, with the City of Chicago providing $3.1 million in TIF financing. The transaction also utilized the Illinois New Markets Development Program to provide additional equity to the deal. This partnership between CDF, the City and the State substantially reduced the amount of debt necessary for the development of CCTEDC, making more funds available to GWT to spend on training and educational services.
GWT completed the 60,000 square foot facility at 500 N Sacramento Boulevard in October 2010. In addition to job training and placement programs, the facility includes an incubator for woodworking businesses and space for GWT’s high school completion and career development programs for drop-out youth. GWT provides services to approximately 420 people annually.
CDF’s NMTC financing is now unwound and closed out.