RFP: Neighborhood Capital Fund – Late-Stage Capital Projects

RFP Release: Thursday, October 1, 2026
Project Scope Form Deadline: Monday, November 2, 2026 @ 4pm CT
Full Application Deadline: Saturday, January 30, 2027
Funding Decision: June 2027
Announcement: June/July 2027

Background

The Chicago Community Trust’s neighborhood investment strategy focuses on historically underinvested communities with higher concentrations of financially vulnerable households. We work alongside communities to strengthen neighborhood conditions, support stability and economic opportunity, and help residents shape their neighborhoods’ futures.

The Trust supports community-led efforts that revitalize commercial corridors, strengthen small businesses and community organizations, and advance neighborhood development without displacement. By investing in the people, places and assets that make communities strong, we help foster vibrant neighborhoods where residents can contribute to and benefit from long-term investment.

Need/Opportunity Statement

Decades of systemic underinvestment on Cook County’s South and West sides have limited access to capital, services and economic opportunity in many neighborhoods, contributing to persistent poverty, reduced business activity, and constrained regional growth. Reversing these patterns requires sustained, place-based investment that is both economically sound and rooted in community priorities. We’ve seen how brick-and-mortar projects are bringing positive ripple effects, including new jobs, improved services and amenities for residents, and economic returns that benefit the city and region. In partnership with our evaluation partner, Mastercard, we found that within our portfolio, communities with two or more completed projects experienced four times the economic activity compared with similar communities in the region. These findings affirm that investing in growth at scale can be financially viable while remaining rooted in community priorities.

Building on these lessons, the Neighborhood Capital Fund is designed to continue this momentum by investing in late-stage capital projects that are advancing community priorities in underinvested neighborhoods. By supporting developments shaped by community priorities and participation, the Fund seeks to catalyze clustered investment, generate jobs, expand local services and amenities, and improve overall quality of life. Strengthening neighborhood economies in this way not only benefits residents; it also contributes to the long-term economic health and competitiveness of the broader Chicago region.

Goals & Outcomes

The goal of the Neighborhood Capital Fund is to continue the economic momentum begun over the last few years through physical investments in the Chicago region’s long underinvested areas. Much was accomplished through community development investments and by focusing new investment in those same communities we hope to catalyze economic vitality. We plan to measure that increased economic vibrancy through:

• Physical impact: Successful completion and activation of real estate developments supported through our financial and technical assistance,
• Economic impact: Increased economic activity in the surrounding area, including job creation, new investment attraction, higher foot traffic, and reduced economic leakage as more dollars circulate locally, and
• Community well-being: Better experiences for residents, including expanded access to opportunities, alignment with community priorities, and overall improvements in neighborhood quality of life.

Priority Strategies & Activities

This Fund aims to advance economic development by supporting late-stage real estate projects that help local communities on the South and West sides of Cook County suffering the effects of underinvestment achieve their visions for thriving economies. These projects should address one or more of the following strategies:

• Build upon previous efforts to create economic momentum through existing or imminent development that sustains foot traffic and generates revenue in the area.
• Create job opportunities due to the development of the project.
• Provide amenities and services that directly respond to the priorities and strategies in community-led neighborhood development plans.
• Encourage community coordination and resident engagement.

Know Before You Submit

To qualify for a Neighborhood Capital Fund grant, projects must: 

• Be late-stage, with at least 75 percent of the capital stack secured with documentation to prove financial commitments. Note: Projects facing unexpected cost escalations while under construction are also eligible to apply for this opportunity. Completed projects or projects near completion who are looking to bridge existing debt are also eligible to apply.
• Be located within Cook County, with a particular focus on neighborhoods on the South and West sides that have historically seen a lack of investment. 
• Be located within a half-mile of a local economic or community asset that contributes to economic activity near the proposed development. 
• Prioritize community input, with community members involved in the planning of the development and including a nonprofit partner. 
• Have proof of site control (e.g., Letter of Intent, Purchase and Sale agreement, evidence of public land application/approval [Cook County Land Bank Authority, City of Chicago ChiBlockBuilder, etc.]).

NOTE: The Neighborhood Capital Fund will accept projects of all sizes and types, including commercial, retail, community, manufacturing, and residential. However, housing projects must include a non-housing component (e.g., ground-floor commercial).

Priority will be given to projects that are community-led and nonprofit-driven. For-profit projects may apply, but they must have a nonprofit partner and fiscal sponsor. 

Grant Type

Project-Specific

Grant Amounts Available & Grant Term

Up to $1,500,000 grants; Two-year grant term.