2018 Top 25
Winners:
City of Chicago, IL
May 9, 2019
Jurisdiction:
City of Chicago, IL

In every city, some neighborhoods fall victim to private disinvestment. The city of Chicago created the Neighborhood Opportunity Fund to leverage private investment in neighborhoods with strong investment markets, such as its downtown, on behalf of neighborhoods with weaker markets, which are suffering from population shifts dating back generations. Using zoning bonus fees paid by downtown developers, the fund supports underinvested commercial corridors in the city’s West, South, and Southwest sides by providing grants to small businesses with a particular focus on those that can bring new amenities to a neighborhood and create catalytic commercial growth in the process. In less than three years, the Neighborhood Opportunity Fund has received more than $170 million in commitments, which will further private development in underinvested neighborhoods.