Neighborhood Capital Fund – Community Wealth

Overview

Neighborhood Capital Fund

This two-year fund aims to support real estate projects that help local communities on the South and West sides of Cook County achieve their visions for thriving economies. The fund will provide streamlined, late-stage capital grants for brick-and-mortar projects to help them complete their capital financing and move to and through construction.

Background

Decades of underinvestment in neighborhoods on Cook County’s South and West sides have starved too many communities of capital investment, services and resources—a detriment to residents’ well-being, thriving neighborhood economies, and a prosperous region. Through We Rise Together: For an Equitable & Just Recovery, we’ve seen that brick-and-mortar projects can bring positive ripple effects, including new jobs, improved services and amenities for residents, and tax revenue that benefits the city and region. Building on lessons learned through We Rise Together and other public and philanthropic capital investment initiatives, the Neighborhood Capital Fund is a pooled fund for capital investment in real estate projects in underinvested communities led by The Chicago Community Trust. Projects are expected to at least start construction within one year of receiving the grant. If the project has not started construction within 2 years of the start of the grant term, we will consider a recission.

Eligibility

_You can learn more about this opportunity by visiting the funder's website._

* Be late-stage, with at least 75 percent of the capital stack secured with documentation to prove financial commitments. Note: Projects facing unexpected cost escalations while under construction are also eligible to apply for this opportunity.

* Be located within Cook County with a particular focus on neighborhoods on the South and West sides, especially communities that have historically seen a lack of investment.

* Be proximate to local economic/community asset generating economic activity within a half-mile of the proposed development.

* Prioritize community input, with community members involved in the planning of the development and/or including a nonprofit partner.

* Have proof of site control - e.g., Letter of Intent, Purchase and Sale agreement, evidence of public land application/approval (Cook County Land Bank, City of Chicago Chi Blocker Builder).
* The Neighborhood Capital Fund will accept projects of all sizes and types, including commercial, retail, and residential. For housing projects, your project must include a mixed-use element to be eligible for this opportunity. There will be a heavy emphasis on community-led, nonprofit projects for consideration. For-profit projects may apply, but they must have a nonprofit partner and fiscal sponsor. Both for profit and nonprofit projects are expected to submit an operating budget for the project and a business plan.