Organizations Filed Purposes:
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.
PROMOTING THE DEVELOPMENT OR EXPANSION OF INDUSTRIAL BUSINESSES, COMMUNITY FACILITIES AND UNDERSERVED-AREA RETAIL IN CHICAGO THROUGH CAPITAL INVESTED IN LOW-INCOME COMMUNITIES.
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.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Terrence Johnson | ASSISTANT TREASURER | 3 | $0 |
| Willmore Hastings | ASSISTANT VICE PRESIDENT | 1 | $0 |
| Melissa Ervin | DIRECTOR | 0.25 | $0 |
| Gilbert Villegas | DIRECTOR | 0.25 | $0 |
| Susie Park | DIRECTOR | 0.25 | $0 |
| Scott Waguespack | DIRECTOR | 0.25 | $0 |
| Rafael Leon | DIRECTOR | 0.25 | $0 |
| Jennie Bennett | DIRECTOR | 0.25 | $0 |
| Patricia Dowell | DIRECTOR | 0.25 | $0 |
| Maurice Cox | DIRECTOR, PRESIDENT | 0.25 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202031969349300138_public.xml