Chicago Prize

Overview

_Note: The Phase I deadline is represented by the pre-proposal deadline and the Phase II deadline is represented by the full proposal deadline.  The Phase II application window is tentatively scheduled for April - June 2025 on an invitation-only basis.  Additional details on the process, required events, and timing will be provided at the start of Phase II._

Chicago Prize

Inviting You to Share Your Community-Led Plans

Applications are now available for Chicago Prize 2024 — a $10 million grant that supports real estate development plans on Chicago's South and West sides. These plans must be envisioned by and for the community.

Overview

We believe community leaders are best positioned to create positive change in their neighborhoods. The Prize is a competitive grant process that awards capital and other resources to community organizations to support a real estate development plan that is catalytic, sustainable, and community-led and improves the economic, social, and physical well-being of residents. Chicago’s south and west sides have significant economic, cultural, and social assets and community leaders who are best positioned to build upon them. However, many communities have suffered through decades of public and private disinvestment and continue to face barriers to equitable development. The Prize offers a platform for leaders to build collaborations that would strengthen the local economic ecosystem. We believe that with this additional network of support, local leaders can bring the community’s vision for greater economic opportunity to fruition.

Phase I Application Review Process

All applications, including their corresponding 90-second videos, submitted prior to the Phase I application deadline will receive an initial review for eligibility. Teams will be notified in writing if applications are deemed ineligible.

For all eligible applications, the Foundation will collaborate with an external group of reviewers, inclusive of community leaders and subject matter experts, to evaluate and score each application utilizing the Chicago Prize Scoring Criteria. Up to five (5) applicant teams will be invited to participate in Phase II of the competition.

All applicants will receive notification of their status in Spring 2025. Applicants not moving forward to Phase II will receive written feedback within 60 days of their status notification.

Please note: Your team may be requested to join a follow-up video conference with PTF program staff and/or diligence partners representing the foundation to provide any necessary clarification as part of your Phase I application. Applicants should not prepare presentation materials, but additional documentation may be requested after the conversation. Teams selected for Phase II will be asked to submit in-depth Phase II proposals describing their initiative.

PHASE II APPLICATION

If you are selected to proceed to Phase II, the Foundation will provide your team with a planning grant of $150,000.

Additionally, teams are required to submit a Phase II application that includes the following:

* Initiative Proposal. Each project team will submit a proposal, intended to be a stand-alone document, detailing the proposed initiative, vision, theory of change, development team, project feasibility, and operations.
* Site Visit. After the proposal submission, the team will be required to facilitate a site visit of the initiative’s anchor project for Foundation staff and reviewers.
* In-Person Team Interview. All project teams will participate in an in-person interview.

Participation in Phase II may require between 40 and 120 hours, depending on the readiness of the team’s initiative.

Phase II applicants will also be required to attend an orientation and participate in a convening hosted by the Foundation.

Based on the evaluation of the project teams’ Phase II applications, the Chicago Prize 2024 selection committee will select one initiative to receive a $10MM award.

Applicants who participate in Phase II but are not selected for the Chicago Prize award will be considered for other types of planning, capacity, or match grants. The Foundation reserves the right to grant awards of less than the requested amount. As with Phase I, applications may be shared with other funders that may consider eligibility for their own awards. All applicants will receive written feedback from the review process within 60 days of the award announcement.

At the conclusion of Phase II, the Chicago Prize winner will work with the Foundation and its designees to develop a grant agreement dictating terms and conditions for the award, including payment triggers, financial controls, and reporting.

Eligibility

_We've imported the main document for this grant to give you an overview. You can learn more about this opportunity by visiting the funder's website.
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