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RSSCommunity Facilities Loan Program
The Community Facilities Loan Program is administered by the Chicago Development Fund. The program leverages New Markets Tax Credits to provide gap financing for high-impact cultural and community facility projects within the City of Chicago.
- Interest rates which are 2 to 2.5 percentage points below market
- Loan-to-value ratios as high as 95 percent of development costs
- The potential for partial debt forgiveness
Qualifications and Restrictions
To be considered for a Community Facilities Loan, you must:
- Invest in the construction of a high-impact cultural or community facility within a qualifying area (see map below); and
- Raise other sources of funding that can “leverage” New Markets benefits.
To apply for a Community Facilities Loan, contact S. B. Friedman & Company at (312) 424-4254.
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