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Aug 12, 2024 · Medium grants from $300,001 to $5 million are intended to support eligible commercial, cultural, industrial, institutional, social service and mixed-use projects. Grants are intended to support up to 50% of total project costs involving new construction, rehabilitation or both.
May 20, 2024 · CDFIs have become a growing force to serve the needs of disinvested communities by providing them with financial services that range from small business loans to mortgage lending and access to credit. Currently, there are more than 1,400 CDFIs in the United States, with 36 operating in Illinois.
Chicago Development Fund, a certified Community Development Entity (CDE), provides financing to projects in Chicago’s low-income communities through the New Markets Tax Credits (NMTC) program.
Aug 12, 2024 · Community Development Grant - Small. Small grants up to $250,000 are intended to support eligible commercial, mixed-use and light manufacturing projects. Grants provide funding for up to 75% of total eligible project costs involving new construction, rehabilitation or both.
- Introduction and Disclaimer
- Greater Adverse Impact in Distressed Communities
- Complex Longer-Term Risks
- Coordinated Efforts Are Necessary For An Inclusive, Equitable Recovery
- Conclusion
- Notes
- References
Good afternoon, everyone. Thank you for the kind introduction. I appreciate the opportunity to speak with the members of the Illinois Chamber of Commerce. The views I share today are mine and don’t necessarily reflect the views of the Federal Open Market Committee (FOMC) or the Federal Reserve System. I was very glad to see that the Illinois Chambe...
Long before the pandemic, neighborhoods like Lawndale suffered from chronic disinvestment, which left them vulnerable in economic downturns. But the pandemic has had a greater adverse impact for several reasons. For one, there have been large numbers of job losses among workers in the retail, leisure, and hospitality sectors since March. Public hea...
The longer the pandemic and recession go on, the more difficult it will be to achieve an equitable and inclusive recovery. As temporary layoffs turn into long-term unemployment, families will be stressed to make ends meet. The fiscal policy supports implemented early in the crisis helped mitigate the worst of the immediate fallout for many families...
Including our most vulnerable communities in economic recovery and prosperity will likely require much effort and coordination among many different actors. That’s why I’m so glad to be speaking with you as we celebrate an example of this coordination with today’s addition to the North Lawndale Employment Network’s community hub. Nonprofits and stat...
We have much work ahead in our economic recovery if we are to confront the inequities exacerbated by the pandemic. The Fed’s actions touch communities, families, and businesses across the country. We are committed to using our full range of tools until we are confident that the economy has weathered recent events and is on track to achieve our maxi...
1See Chetty et al. (2020) and Alexander and Karger (2020). 2In our outreach, we at the Chicago Fed have observed that socioeconomic indicators of vulnerability—such as poverty and unemployment—were strongly correlated with poor health outcomes (Longworth, 2014). 3Bartik et al. (2020). 4 The video recording and transcript of the July 29, 2020, Proje...
Alexander, Diane, and Ezra Karger, 2020, “Do stay-at-home orders cause people to stay at home? Effects of stay-at-home orders on consumer behavior,” Federal Reserve Bank of Chicago, working paper, No. 2020-12, revised June 2020, available online. Anderson, Nathan, Taz George, and Robin Newberger, 2020, “Small businesses during Covid-19: Data, capit...
Aug 25, 2020 · The Flexible Funding Program supports and accelerates community-driven investment in Chicago’s majority Black and Latinx neighborhoods. The program provides resources to help organizations focused on community investment adapt, thrive and drive financial capital to the communities they serve.
The Chicago City Council established the Chicago Development Fund (CDF) in July 2005. CDF is an Illinois not-for-profit corporation that allocates New Markets Tax Credits to help stimulate private sector investment in economically distressed communities.
