CSH Initiatives and Products: New Market Tax Credit

The investment will support development of the innovative K-Town Residential Workforce Development Center.

Corporation for Supportive Housing (CSH) is pleased to announce a $13 million New Market Tax Credit Allocation (NMTC) to Lawndale Christian Legal Center (LCLC) for its planned K-Town residential workforce development center in Chicago’s North Lawndale neighborhood.

The NMTC allocation will fund the redevelopment of the property into 20 supportive housing units and a job training center for men aged 18 to 24 facing housing instability and involvement with the justice system. In addition to housing, the investment will support holistic wraparound social supports, a culinary training program for the residents and additional office spaces for staff.

The LCLC award marks CSH’s first NMTC investment for individuals involved with the justice system and is its inaugural NMTC investment in Chicago. LCLC will leverage the award with other funding sources to provide job training and “efficiency style” apartments for men exiting the justice system.

“CSH is pleased to support LCLC and the K-Town residential workforce development center that will transform the lives of people who have experienced trauma as a result of their involvement with the justice system,” said Jill Steen, Director, New Market Tax Credits at CSH. “This award is part of CSH’s ongoing multimillion-dollar investment for housing and services that are owned, operated, and serve communities who identify as Black, Indigenous and People of Color (BIPOC).”

CSH expects the K-Town development project to create more than 150 construction jobs, most of which will be for workers with less than a two-year college degree and over 40 permanent, full-time jobs.

CSH, a national nonprofit Community Development Financial Institution (CDFI), plays a pivotal role in supporting the development of quality, affordable and supportive housing, and services. CSH actively increases housing and service pipelines by providing Technical Assistance (TA), training, and consulting services to developers, service providers, and jurisdictions.

For more information about this project or CSH’s New Market Tax Credit offerings, please contact Jill Steen, Director, NMTC at [email protected].

  

Media Contact: Jesse Dean, 347-931-0132

October 25, 2023 – New York, NY – CSH, a leading national nonprofit organization and CDFI dedicated to improving access to stable, quality housing for individuals experiencing long-term homelessness, is proud to announce that it has successfully secured $60 million in New Market Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This significant allocation will enable CSH to amplify its commitment to advancing quality healthcare and support services that address critical needs and create a positive impact for supportive housing tenants.

The award of $60 million in NMTC is a testament to CSH’s outstanding track record in advancing projects for supportive housing, healthcare, and other support services. The funding will directly finance various projects to invest capital into projects tied to supportive and affordable housing that promote economic growth and access to essential services.

“We are thrilled and grateful to receive this substantial investment from the New Market Tax Credits program,” said Deborah De Santis, President and CEO at CSH. “CSH uses these funds to ensure access to essential community-based services and healthcare for affordable and supportive housing residents that support their opportunity to thrive.”

The New Market Tax Credits program, administered by the CDFI Fund, is vital in driving economic development and revitalization in communities. CSH’s allocation of $60 million in NMTC will enable the organization to leverage public-private partnerships further and secure the necessary financing for community projects that align with its mission to advance quality affordable and supportive housing.

This announcement comes after the CDFI Fund’s recent release of the NMTC allocation awards, as highlighted in their September statement. CSH’s successful application underscores its commitment to utilizing innovative financing mechanisms to bring about transformative change in the communities it serves.