Applications are now open for the Neighborhood Opportunity Fund to support commercial corridors in Chicago’s underserved neighborhoods.
Donor Name: City of Chicago
State: Illinois
City: Chicago
Type of Grant: Grant
Deadline (mm/dd/yyyy): 03/10/2022
Grants Size: $2.5 M
Details:
The Neighborhood Opportunity Fund (NOF) awards grants to projects that have a catalytic impact on the neighborhood and lead to the construction or rehabilitation of new and existing, publicly accessible, commercial spaces (e.g. grocery stores, retail establishments, or restaurants) or cultural establishments. NOF does not award grants for the construction or rehabilitation of residential uses, manufacturing uses, industrial uses, or places of worship that do not identify commercial as the primary use of a project.
Grant funds CAN be used to reimburse the following costs associated with the construction or rehabilitation of buildings:
- Land acquisition and assembly
- Building acquisition, demolition and environmental remediation
- Security measures
- Roofing, façade repair and mechanical system repairs
- Architectural and engineering fees
- Financing fees (related to securing a loan or other capital)
- Minor site improvements, such as fencing or planters, when a part of an eligible project
- Other soft costs associated with eligible hard costs
Funding Information
- Small Projects (grants up to $250,000)
- Large Projects (grants exceeding $250,000, up to $2.5M)
Eligibility Criteria
- Business and property owners may apply for grant funding to pay for the construction or rehabilitation of real estate and projects that support new or expanding businesses or cultural assets.
- Eligible Commercial Corridors are public streets that generally allow for retail or commercial uses based on the underlying zoning.
- Priority Investment Corridors have the same characteristics as an Eligible Commercial Corridor, but also have a greater amount of retail or commercial activity. This activity is based on higher concentration of active business licenses, high rates of vehicular traffic, high ridership bus routes, or is otherwise a significant existing or established commercial corridor.
- The NOF is an available source of funding for projects located in specific areas of the South, West and Southwest sides. The exact geographies were selected by the Department of Planning and Development using an analysis of Census tract data from the last four decades.
For more information, visit City of Chicago.