Mayor Richard M. Daley today joined U.S. Treasury Secretary Timothy F. Geithner in announcing that Chicago has been awarded $55 million under the federal New Markets Tax Credit (NMTC) program, which encourages private sector investment and job creation in the nation’s low income communities.

Daley and Geithner made the announcement at a news conference held at the Greater West Town Community Development Project, 2045 W. Fulton St., which is building a new facility and expanding its services to the community using $6 million from a previous grant under NMTC.

“Here in Chicago, we're acting to turn around our economy -- create new jobs and opportunity, improve our schools and better train our workforce to compete in the new economy that will emerge from the recession,” Daley said.

“At the same time, our leaders in the Administration, starting with President Obama, understand the needs of cities and I want to thank Secretary Geithner for this funding,” the Mayor said.

NMTC uses federal income tax credits to encourage individual and corporate taxpayers to invest in businesses and real estate located in low-income communities.

“By attracting private-sector capital to hard-to-finance projects, the program makes it easier for the government and the private sector to work together to create jobs and improve the quality of life in these neighborhoods,” Daley said.

“Previously through this program, Chicago has received $100 million which has made it possible for us to undertake projects we couldn’t have done otherwise and create jobs at a time when our communities need them the most,” he said.

In 2005, the City established the Chicago Development Fund (CDF) to handle New Markets Tax Credit projects that are important to the City’s economic development goals.

CDF invests in industrial, commercial, institutional, and mixed-use projects that positively impact low-income communities via job creation, increased wages and enhanced access to amenities.

To date, the approved projects from the previous round of funding include:

• Adaptive reuse of former Sears power plant, 931 S. Homan Av., into Charles T. Shaw Technology and Learning Center

• Replacement of 80,000 square foot Imperial Zinc factory, 103rd St. and S. Woodlawn Av.

• Construction of Gary Comer College Prep charter high school, 7201 S. South Chicago Av.

• Conversion of vacant 60,000 Square foot building at 500 N. Sacramento Av. for expansion of Greater West Town Community Development Project

• Construction of Christ the King College Prep School, 5058 W. Jackson Blvd.

“The worst recession in modern times continues to harm many families, both in Chicago and around the nation. Still, I am increasingly confident that Chicago and our nation will get through these bad times and emerge stronger for it,” Daley said.

“Programs such as New Markets Tax Credit support our ongoing commitment to turn around our city's economy using every tool we can. By taking the bull by the horns and acting now, we can build a stronger, better future for all our residents,” he said.