In December 2015, CDF provided $5 million in New Markets Tax Credit financing to Chicago Center for Arts and Technology, Inc., a new nonprofit affiliated with the National Center for Arts and Technology (NCAT). NCAT’s mission is to replicate the model of the Manchester Bidwell Corporation, a nationally acclaimed workforce training and youth arts education organization based in Pittsburgh, in other locations around the country. CDF financing supported the purchase and renovation of a four-story, 25,200-square-foot training facility at 1701 W. 13th Street in the Illinois Medical District. ChiCAT serves unemployed adults and high school aged youth from North Lawndale, South Lawndale, Little Village, and Pilsen.
ChiCAT provides digital media, design arts, and IT coding training to youth and job training in the healthcare and manufacturing industries to adults. The 320 youth served annually gain important skills and improved educational outcomes. Job training programs (serving 45 adults annually) are specifically targeted to the healthcare and manufacturing industries because of the quality accessible jobs offered and the prominent place they hold in Chicago’s economy. Additionally, the project is anticipated to create 19 permanent FTE jobs and created 11 temporary construction positions.
Cinnaire provided $5 million in federal NMTC financing and $5 million in state NMTC financing, while JPMorgan Chase provided $2.5 million in State NMTC allocation to the project. Both federal and state NMTC equity were provided by JPMorgan Chase.