Chicago Development Fund received $43 million in additional New Markets Tax Credit (NMTC) allocation authority today. The award was part of the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund’s announcement of $3.5 billion in NMTC allocation divided among 87 organizations across the country. These organizations were selected from a pool of 310 applicants requesting nearly $26 billion in total allocation authority. This most recent allocation award makes Chicago Development Fund one of the most successful municipally-affiliated CDE’s in the history of the program.
Chicago Development Fund will use its 2013 NMTC Allocation to support investments in Chicago’s economically distressed neighborhoods, with a strong emphasis on industrial and local business expansion, grocery store development, and non-profit-sponsored community facilities such as health clinics, job traning facilities, and youth education programs.
A press release regarding the announcement can be found here: NMTC Allocation Press Release