Chicago Development Fund

Chicago, IL   |  WWW.CHICAGODEVELOPMENTFUND.ORG

Mission

THIS CORPORATION IS FORMED EXCLUSIVELY FOR THE BENEFIT OF, AND TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF, THE CITY OF CHICAGO AND TO PROMOTE THE DEVELOPMENT, ESTABLISHMENT OR EXPANSION OF INDUSTRIES, COMMUNITY FACILITIES AND UNDERSERVED-AREA RETAIL AMONG OTHER THINGS, BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM THAT CAN BE MADE AVAILABLE FOR INVESTMENTS IN LOW INCOME COMMUNITIES.

Ruling year info

2010

Principal Officer

MAURICE D COX

Main address

121 N La Salle St Rm 1006

Chicago, IL 60602

EIN

20-3295327

NTEE code info

Private Grantmaking Foundations (T20)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

What we aim to solve

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Our programs

SOURCE: IRS Form 990

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

THE ORGANIZATION PROMOTES ECONOMIC DEVELOPMENT IN THE CITY OF CHICAGO'S LOW INCOME COMMUNITIES BY PROVIDING INVESTMENT CAPITAL THROUGH THE UTILIZATION OF THE NEW MARKETS TAX CREDIT PROGRAM FOR INDUSTRIAL BUSINESS EXPANSION/RETENTION, COMMUNITY FACILITY DEVELOPMENT, AND ADDING RETAIL IN UNDER-SERVED AREAS . THE ORGANIZATION HAS BEEN AWARDED $356 MILLION OF FEDERAL NEW MARKETS TAX CREDIT ALLOCATION AND THROUGH 2019 HAS UTILIZED ALL $356 MILLION OF THE ALLOCATION TO IN TURN GENERATE BELOW-MARKET LOANS. THE ORGANIZATION HAS MADE ALL OF THESE LOANS TO BUSINESSES LOCATED IN AREAS QUALIFIED AS HIGHER DISTRESS. THESE LOANS HAVE RESULTED IN THE RECIPIENT BUSINESSES AND ORGANIZATIONS BEING ABLE TO PRESERVE OR CREATE MORE THAN 5,400 JOBS AT FULL OPERATION. SUPPORTED PROJECTS WILL ALSO PROVIDE VITAL EDUCATION, HEALTHCARE, JOB TRAINING, AND OTHER COMMUNITY SERVICES TO OVER 185,000 INDIVIDUALS EACH YEAR AT FULL OPERATION.

Expenses
$668,993
Revenue
$671,437

Where we work

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Financials

Chicago Development Fund
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Operations

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This organization has no recorded board members.