|The Neighborhood Opportunity Fund was announced in early 2016 to support equitable neighborhood development. The fund provides resources to encourage development in West, Southwest and South Side commercial corridors.
Funds for the program are generated through the Neighborhood Opportunity Bonus, which enables developers of downtown construction projects to increase density in exchange for voluntary payments. The Neighborhood Opportunity Fund receives and allocates 80 percent of all bonus payments.
Proceeds are used to support commercial corridor investments involving grocery stores, restaurants, service providers, cultural facilities and uses that address other neighborhood needs.
Costs eligible for grants include:
Funding is provided as grants to private and public agencies for projects that align with community-based goals. The grants do not have to be repaid. Individual awards exceeding $250,000 require City Council approval. Additional information can be found at the program's website.
Twenty percent of Neighborhood Opportunity Bonus proceeds is split in support of local infrastructure and designated landmarks.
Neighborhood Opportunity Fund investment areas. (Click to enlarge)