Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Two Chicago Funds Allocated $85M in New Market Tax Credits
Two Chicago funds were among 73 Community Development Entities receiving New Market Tax Credits (NMTC) in the latest allocation from the U.S. Treasury Department. McCaffery Interests’ Southside Community Optimal Redevelopment Enterprise (SCORE) and Aries Capital’s Urban Development Fund received a total of $85 million.
SCORE, which received $35 million in allocations, uses the tax credits to increase job creation, improve access to support workers and their families, and fund worker’s education. A multi-state operation, it has funded several community development initiatives on Chicago’s South Side.
Urban Development Fund received $50 million in this year’s NMTC allocation. It uses tax credits to develop retail, office space, industrial facilities and community facilities in economically-distressed areas.
COO Michael Qualizza told Crain’s Chicago Business the fund has previously used the NMTC awards to finance the Chicago Tabernacle, several projects at the University of Chicago Medical Center and the expansion of XS Tennis facilities.
Pictured: University of Chicago Medical Center
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
