The Far South Community Development Corporation (Far South CDC) is a 501 (c) (3) not-for-profit corporation, which was established to foster economic development and eradicate slum and blighted conditions in its service area. The organization, The Beverly Local Company, was founded in 1977 and initially specialized in small business loans and loan packaging for businesses. The organization did about nine small business loans totaling about $50,000 and several other loan packages for businesses. Then in 1980 the organization decided to emphasize brick and mortar development projects. With this new direction, the organization changed its legal name to the Beverly/Morgan Park Community Development Corporation (BMPCDC).
The first project was the 35,520 square foot Hilltop Shops renovation in 1981 at 1820-56 West 95th Street, Chicago, IL. The project contained an incubator building comprised of nine businesses and over $200,000 in renovation, which created 20 construction jobs.
Other Historical Accomplishments:
Micro-Market Recovery Program – $3 million in single family residential rehabilitation construction in the Maple Park community
Creation of 107th Street Tax Increment Financing (TIF) district – in partnership with Camiros, Ltd.
Expansion of the 119th Street Tax Increment Financing (TIF) district – in partnership with Camiros, Ltd.
Acquisition of Special Service Area #49 – South Shore
“Why Halsted” Marketing Brochure for Special Service Area #45
(Current) 119th Street Business Corridor Master Plan – in partnership with Chicago Metropolitan Agency for Planning (CMAP), City of Chicago Department of Planning, and Teska Associates
Through planning and collaboration with private developers, governmental entities and other stake-holders, the Far South CDC strives to facilitate and foster quality retail businesses meeting the needs of the community, new industrial uses and new rehabilitated commercial and residential real estate developments that will create jobs and improve the quality of life for all people who live and work in its service area.
Our vision is to be the most resourceful and effective economic community development organization in the South Chicago land area by becoming the “super” facilitator for economic change.
Areas of Expertise:
Business services, special service areas, housing services, and urban planning