CHICAGO, April 30, 2013 (GLOBE NEWSWIRE) -- The Southside Community Optimal Redevelopment Enterprise, LLC (SCORE), formed by McCaffery Interests, has been awarded an allocation of $20 million in New Markets Tax Credits (NMTC) by the United States Department of Treasury. SCORE will use its 2012 allocation to help finance real estate and operating businesses that create manufacturing and heath care jobs, provide educational community services, and deliver fresh food anchored retail in low-income communities.
"We are thrilled to continue our commitment to rebuilding the southeast lakefront of Chicago and northwest Indiana," said Dan McCaffery, Governing Board Chairman of SCORE as well as Chairman and CEO of Chicago-based McCaffery Interests. "These funds will allow us to provide financing to local businesses that create jobs, stimulate economic development, and promote the revitalization of distressed neighborhoods in Southeast Chicago and Lake County Indiana."
SCORE will also invest into the JOBS Fund (Joint-County Opportunity Benefit Support), a nonprofit foundation created by McCaffery Interests to support the ongoing growth efforts of the communities it funds. The Foundation focuses on providing support for job training, educational programming, childcare, and other community benefits programs.
McCaffery Interests is also a joint venture partner with United States Steel Real Estate in the redevelopment of the former South Works Steel Mill in the South Shore neighborhood of Chicago. The 600-acre Chicago Lakeside Development will be the catalyst for the rebuilding of the southeast lakefront of Chicago and the surrounding region. Plans include a rich mix of proposed uses, including over 15,000 residential units and more than 15 million square feet of retail, restaurants, commercial, institutional and research facilities.
"The NMTC allocation opens the door to significant opportunities for Chicago," said 10th Ward Alderman John Pope. "The Chicago Lakeside Development will be major catalyst in the economic rebirth of southeast Chicago."
Through its tenth round, the Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) allocated $3.5 billion in New Market Tax Credits to 85 organizations in 29 states. The $20 million allocation to SCORE was awarded after a competitive selection process of more than 300 applicants from across the country. "The awardees for the 2012 round of the New Markets Tax Credit Program will all be working toward positive economic change in communities across America," said CDFI Fund Director Donna Gambrell. "Over $31 billion of the tax credits we've awarded in past years have already been invested in low-income and distressed areas."
About Southside Community Optimal Redevelopment Enterprise
The vision of SCORE is to combine job creation with improved access to support workers and their families, and to fund education that increases the next generation of worker's capacity to access quality jobs. SCORE focuses on working with borrowers who demonstrate the capacity to provide necessary services and jobs to low-income communities with a commitment to remain in those communities for no less than 10 years.
About McCaffery Interests, Inc.
McCaffery Interests (MI) was founded in 1990, with a mission of transforming urban neighborhoods in ways that inspire community, create opportunities and foster the ideals of smart growth. For the past 8 years, MI has worked with the City of Chicago and its partner US Steel to coordinate the redevelopment of Lakeside, over 580 acres of abandoned industrial land in Southern Cook County, IL. With offices in Chicago, IL and Washington, DC, and controlled assets and completed developments across the country, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information about McCaffery Interests is visit http://www.mccafferyinterests.com.
About Chicago Lakeside Development
Chicago Lakeside Development is a joint venture between U.S. Steel Corporation and McCaffery Interests, Inc. Chicago Lakeside Development is a global initiative for innovative living, with a strong focus on sustainable land development and community involvement. The development itself is a master-planned, nearly 600-acre mixed-use community located on the former U.S. Steel South Works site on the southeast lakefront in Chicago. With both public and private support, Chicago Lakeside is poised to revolutionize urban living in the 21st century. For more information about the Chicago Lakeside Development visit www.chicagolakesidedevelopment.com.
CONTACT: Nasutsa Mabwa | Project Manager of Development McCaffery Interests, Inc. | (312) 944-3777 firstname.lastname@example.org
Source: McCaffery Interests