Durbin Announces $620 Million In Federal Funding For Economic And Community Development

CHICAGO – (RealEstateRama) — U.S. Senator Dick Durbin (D-IL) today announced $620 million in federal funding to spur economic and community development in distressed and low-income communities across Illinois. This funding, provided through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund), will provide resources for local jobs, community facilities, and safe and affordable housing.

“Investing in economic and community development in some of Illinois’ hardest hit communities will boost small businesses, diversify and expand our nation’s workforce, and help grow our economy, especially in underserved communities. A tremendous number of organizations across Illinois are doing great work to assist local businesses, in turn creating jobs, building healthy neighborhoods, and helping provide economic stability for families across this great state,” said Durbin.

Under this announcement, the following organizations will receive CDFI Fund funding:

· Central States Development Partners, Inc. (Rock Island): $45 million
· Chase New Markets Corporation (Chicago): $80 million
· Chicago Development Fund (Chicago): $75 million
· Chicago Neighborhood Initiatives (Chicago): $25 million
· FirstPathway Community Development (Chicago): $25 million
· IFF (Chicago): $80 million
· M & I New Markets Fund (Chicago): $55 million
· Northern CDE Corp (Chicago): $60 million
· National Community Investment Fund (Chicago): $65 million
· Southside Community Optimal Redevelopment Enterprise (Chicago): $65 million
· The Business Valued Advisor Fund (Chicago): $45 million

This announcement awards 120 organizations nationwide, which will receive a total of $7 billion in New Markets Tax Credit funding. This is the largest single award round since the New Markets Tax Credit Program was created in 2001.