Chicago’s Quad Communities Arts and Recreation Center holds groundbreaking March 1, 2015

The February 20 groundbreaking for the Quad Communities Arts and Recreation Center (QCARC) drew an enthusiastic crowd, including Chicago Mayor Rahm Emanuel, Alderman Will Burns, and other high-profile officials. QCARC will serve as a community anchor in Chicago’s Oakland neighborhood. In addition to creating 12 full-time jobs, the center is expected to attract 50,000 visitors annually.

The project—a partnership between The Community Builders (TCB) and the Chicago Park District—is being made possible by $18 million in new markets tax credits (NMTC). IFF is providing a $6 million NMTC allocation in addition to tax credits from JPMorgan Chase and TCB. JPMorgan Chase is also the tax credit investor.

IFF has a longstanding relationship with TCB and was involved heavily in early planning for the center, having extended an $875,000 predevelopment loan for this project. The site is part of the adjacent Oakwood Shores, a mixed-income development also spearheaded by TCB and Quad Communities Development Corporation, and partially financed by a $1.3 million construction-to-permanent loan from IFF. QCARC is the fifth and final project funded by IFF’s $43 million NMTC allocation from last year.

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