The Laborers’ Economic Development Corporation (LEDC) formally known as Laborers’ Advancing Community Enrichment (LACE), an affiliate of the Laborers’ International Union of North America, Midwest Region, is a not-for-profit corporation created in 2014 to promote economic development in low-income communities, the prevention of community deterioration; the creation, rehabilitation and preservation of affordable residential properties in low-income communities; the creation and preservation of jobs in low income communities through economic development; and the cooperation with other non-profit organizations to promote these purposes.
Offering options for providing equity and lower cost financing for commercial develop-ment and business expansion in low income comunities.
Utilizing the New Market Tax Credit (NMTC) Program created in 2000 by the Community Renewal Tax Relief Act of 2000. The program is jointly administered by the Community Development Financial Institutions Fund (CDFI Fund) and the Internal Revenue Services (IRS). The NMTC Program uses federal tax incentives to attract private capital into operating businesses and real estate in urban and rural low-income communities (LIC).
LEDC currently is authorized to offer NMTC’s in Illinois, Texas, Oklahoma and these six Counties in Missouri. (Franklin, Jefferson, Lincoln, St. Charles, St. Louis and Warren.)
John Whalen, Director
2012 Fox Creek Road
PO BOX 3448
Bloomington, IL 61702