In March 2021, CDF provided $11 million in New Markets Tax Credit (NMTC) allocation to GAGDC Support Corporation to fund the renovation of a once prominent commercial building that stood vacant for 20 years, supporting the reinvigoration of a disinvested business district in the Auburn Gresham community area. The building will be anchored by a new location for an established Federally Qualified Health Center (an expansion site for UI Mile Square Health Center) and will include Greater Auburn Gresham Development Corporation, Broadway Ave Pharmacy, an expansion site for locally-owned Mikkey’s Retro Grill, two community engagement divisions of University of Illinois at Chicago, Heartland Human Care Services, and Bank of America.
UI Mile Square Health Center, the anchor tenant, will serve more than 8,000 individuals annually with primary, dental, and behavioral health care. GAGDC and Heartland Human Care Services will serve 3,060 and 1,200 individuals, respectively, with a range of social services aimed at improving financial health and employment preparedness for low-income participants. Broadway Ave Pharmacy, Mikkey’s Retro Grill, and Bank of America will add needed commercial services to the community. The project is anticipated to support at least 121 FTE jobs across the various tenants. Renovation is anticipated to support 66 construction FTEs earning Illinois Prevailing Wages.
NMTC equity was provided by JPMorgan Chase.