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.