In January 2024, CDF provided $11 million in New Markets Tax Credit (NMTC) allocation to Freedman Seating Company (Freedman Seating) to fund the acquisition of a 263,400-square-foot building and property improvements to allow for the expansion of Freedman Seating’s manufacturing facility located at 4500 W Chicago Avenue in Humboldt Park. Freedman Seating is a family-owned and operated business that has been engineering and manufacturing seats and seating related products for over 125 years. The NMTC project, which allows Freedman Seating to reconfigure production in a way that increases efficiency, is the company’s second major expansion project in 10 years, the result of growing operations and continuous improvement in industry performance.
At full operation, the project is expected to support 691 FTEs, 99% of which will receive a living wage and/or benefits including health insurance, 401(k) with employer match, employee profit sharing, paid time off, and tuition reimbursement. All positions will be accessible to individuals without a four-year degree and provide access to in-house training opportunities that position employees for advancement within the company. To ensure jobs are accessible to community residents and hard-to-employ individuals, Freedman Seating will recruit employees in partnership with more than 20 community organizations, including Jane Addams Resource Corporation, Skills for Chicagoland’s Future, Manufacturing Renaissance, Safer Foundation, and READI Chicago.
NMTC equity was provided by Old National Bank.