A proposal introduced to City Council today by Mayor Rahm Emanuel would provide $6.3 million in building improvement grants for properties located within eight City of Chicago Tax Increment Financing (TIF) districts.

The grants would be distributed through the Small Business Improvement Fund (SBIF), which allocates TIF funds for repairs and upgrades to building facades, heating and air conditioning systems, roofs, interior spaces, and other elements.

“These grants offer small businesses and property owners the opportunity to directly leverage the City’s TIF program for important building improvements,” Mayor Emanuel said.

The grants, currently available up to $150,000, are provided upon project completion and do not have to be repaid.

One million dollars in funding would be reallocated for the 47/Ashland, Galewood/Armitage, Goose Island, West Irving Park and Western Avenue North TIF districts; $500,000 would be reallocated for the 79th/Southwest Highway and 87th/Cottage Grove TIF districts; and, for the first time, $250,000 would be allocated for the Irving Park/Elston TIF district.

The SBIF program currently operates in 84 of the City’s TIF districts. For more information about the SBIF, visit www.cityofchicago.org/tif.

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