CHICAGO – McCaffery Interests (MI), the controlling entity of Southside Community Optimal Redevelopment Enterprise (SCORE) is pleased to announce it has been awarded $50 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. SCORE is a Community Development Entity that provides capital to qualifying businesses and projects in highly distressed low-income areas marked by industrial flight in Illinois and Indiana. First funded in 2012, SCORE has received $235 million in awards to date.
The mission of SCORE is to invest NMTCs in operating businesses, community facilities (education and healthcare), and fresh food anchored retail that will provide living-wage jobs in qualified, underserved communities that have experienced the loss of skilled employment opportunities, growing levels of lower educational achievement, and a lack of adequate access to goods and services. In 2019 alone, SCORE awarded $15 million to support the development of a multi-tenant food manufacturing complex in Chicago’s Belmont-Cragin neighborhood as well as a community career center offering tuition-free adult high school in Gary, Indiana.
“McCaffery and SCORE are both honored to be recognized again by the CDFI Fund for the development support and job growth we are able to provide with NMTC funds. SCORE will continue to bring this vital resource to distressed communities throughout Illinois and Indiana to build a future of sustainable economic growth. Through these vital investments SCORE is able to enhance a community’s vision, inspire hope and create sustainable change,” said Daniel McCaffery, Chair of McCaffery Interests and SCORE’s Governing Board.
In addition, SCORE also uses some of its profits to finance the JOBS Fund, a 501c(3) that makes grants and loans to not-for-profit organizations focused on economic growth and job training for low-income persons and communities. JOBS Fund grants help to establish educational programming, childcare, and other initiatives designed to benefit and support the health and welfare of the communities that SCORE serves.
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making investments on qualified projects within economically distressed communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years.
SCORE’s controlling entity, McCaffery Interests, was founded in 1991, with a mission of transforming urban neighborhoods in ways that inspire community, create opportunities, and foster the ideals of smart growth. MI has invested more than $520 million and facilitated over $1 billion in urban revitalization projects with over 90% being in disadvantaged communities.