Investing in Chicago’s Low-Income Communities
Founded in July 2005 by the City of Chicago, the Chicago Development Fund (CDF) is a non-profit corporation that provides capital to qualifying projects and businesses in low-income areas of Chicago through the use of New Markets Tax Credits (NMTCs). CDF has been awarded $356 million in NMTCs by the United States Department of the Treasury in six allocations starting in 2006.
The activities of the Chicago Development Fund are managed and directed by a two-board structure – a Board of Directors and an Advisory Board. The boards meet on a quarterly frequency. Day-to-day operations at CDF are managed by City of Chicago Department of Planning and Development (DPD) staff with operational support from SB Friedman Development Advisors, an independent consultant.
Board of Directors
CDF is governed by a Board of Directors, which is chaired by the Commissioner of the City of Chicago’s Department of Planning and Development. It is responsible for managing the overall business and affairs of the corporation. All sitting members are City of Chicago officials.
The CDF Advisory Board ensures that CDF maintains its commitment to low-income communities, consistent with CDF’s core mission and NMTC program regulations. The Board’s members are appointed by the Mayor and approved by the City Council.
Eleanor Gorski – Chair
Eleanor Gorski is Acting Commissioner of the Department of Planning and Development (DPD). In that role, Gorski leads the department’s economic development, zoning, and planning bureaus while fostering community-improvement projects and initiatives throughout the city. She also serves on the Chicago Plan Commission, Community Development Commission and the Commission on Chicago Landmarks.
Jennie Huang Bennett
Alderman Pat Dowell
Alderman Gilbert Villegas
Alderman Scott Waguespack
Rafael Leon – Chair
Rafael Leon serves as the Executive Director of the Chicago Metropolitan Housing Development Corporation (CMHDC), a nonprofit organization that develops, redevelops, owns, and manages affordable rental properties throughout the City of Chicago. He sits on the board of the Chicago Community Loan Fund and is a fellow of Leadership Greater Chicago.
Reverend Richard Tolliver