Enhanced living on the far south side
We aim to alleviate low-income community’s of poverty, blight, and economic distress through effective economic and community development.
The Far South Community Development Corporation (Far South CDC) is a 501 (c)(3) not-for-profit corporation established in 1977 to foster economic development and eradicate slum and blighted conditions in its service area. Our Mission is to strengthen the community’s long-term socio-economic health through collaborative development plans and programming to create a more sustainable impact. For thirty-five years, the Far South CDC have worked primarily in the Beverly Morgan Park area, however as of January 1, 2007, the Far South CDC began focusing on the 9th, 15th, 21st, 34th Wards. The Far South CDC boundaries’ starts 87th Street North to 129th Street or City Limits South and from State Street to Western Avenue.
We believe that more collaborative South Side development plans and programming creates a more sustainable impact. Rather looking at each of our neighborhoods separately, we plan for the Calumet Corridor as a whole. From Bronzeville to Northwest Indiana, East from the lake to State Street.
As the Far South CDC strives to strengthen the local business community and the community’s long-term socio-economic health, we are committed to:
• Catalyzing economic development for community stability
• Being a “go to” resource for the community
• Partnerships that engage business and community leaders
• Retaining & attracting quality businesses to serve our community
• Providing technical assistance to support and strengthen business and residential development
• Fostering communication to keep community/businesses informed about our local resources
• Promoting the good news in Greater Roseland
Far South CDC and many other CDEs participating in the NMTC program typically uses the “leverage model” to generate additional capital to provide “gap financing” for projects and businesses. In the leverage model, the tax credit investor (typically a bank) creates an investment fund to pool tax credit equity with other financing sources.
The total tax credit available to the investor is equal to 39% of the total deal size, or Qualified Equity Investment (QEI) amount. The investor’s tax credit equity investment up-front is based on the amount of benefit the investor will ultimately claim.
If you are interested in becoming a partner or investor, click the button below to connect with us!