Neighborhood Capital Fund

The Neighborhood Capital Fund is a philanthropic initiative spearheaded by The Chicago Community Trust, a longstanding and reputable foundation committed to fostering equity and prosperity across the Chicago region. Building on the success of its previous initiative, We Rise Together: For an Equitable & Just Recovery, the Fund is positioned as a strategic next step in advancing community-driven economic development. It is designed to offer late-stage capital grants to real estate projects that are community-led and already significantly funded, targeting construction-ready developments in Cook County’s South and West sides—areas historically impacted by systemic disinvestment and discriminatory practices. This fund, with a pool of $15 million, is a collaborative effort involving multiple philanthropic donors. It aims to accelerate economic revitalization in neighborhoods that have begun to show progress through prior investments. The fund focuses on projects located within a half-mile of recent economic development efforts, enabling these areas to sustain and amplify ongoing growth. The emphasis on “hyperlocal” investment ensures that resources are directed to projects with immediate community impact and alignment with local visions for economic health. A distinguishing feature of the Neighborhood Capital Fund is its requirement that applicants have already secured at least 75% of their total project financing. This late-stage funding approach is intended to serve as a catalytic push, enabling shovel-ready projects to proceed without delays due to final funding gaps. The Trust’s prior evaluations under We Rise Together indicated that communities with multiple completed projects saw up to four times the economic activity of similar areas, reinforcing the rationale behind continuing targeted investments. The fund is not just financial—it is a model of collaborative philanthropy. By pooling contributions from diverse funders, the initiative can support multiple projects simultaneously and create a broader regional impact. Though specific submission mechanics are not detailed in the provided content, the emphasis on coordination and readiness implies a structured application process for eligible, community-led initiatives nearing construction. The funding is strictly intended for brick-and-mortar real estate development. This includes infrastructure essential for vibrant economic ecosystems, such as commercial corridors, small business hubs, and community-serving facilities. While matching requirements beyond the 75% secured financing are not explicitly stated, this threshold functions as a proxy for financial readiness and stakeholder investment. No specific deadlines, contact persons, or submission platforms are mentioned in the available material. However, given the two-year funding period and the Fund's position as a successor to a time-bound initiative, prospective applicants can expect a defined grant cycle. Applicants are encouraged to monitor communications from The Chicago Community Trust for updates on application timelines, documentation requirements, and evaluation procedures.

Focus on late-stage, community-led projects with prior local investment traction.