Strengthening Chicago’s Shared Ownership Ecosystem

For generations, Chicago’s neighborhoods have been shaped by the people who call them home. Historically, many communities like Bronzeville, Hyde Park, Little Village, Pilsen, and Austin have served as cultural and economic anchors. Today, new development is rapidly reshaping these neighborhoods, and the question is whether these changes will serve the people who currently live there or leave them behind. Traditional development models often prioritize large-scale projects led by external decision-makers. As a result, community residents have been excluded from decision-making, leaving them with little control over the places where they live and love. They’ve watched their neighborhood grocery store vanish, leaving them without local access to fresh produce. They have seen the house across the street become a one-million-dollar duplex, displacing residents who desperately need affordable housing.

But what if there was a different way to address development in these neighborhoods? One that centers community control, long-term affordability, and wealth building for residents? There is, and it’s called shared ownership.

What is Shared Ownership?

Shared ownership models are not new, but they are gaining momentum as communities look for new ways to reclaim power and stability. These models include housing cooperatives, community land trusts, worker-owned businesses, and community investment vehicles. The City of Chicago and philanthropy have collectively invested more than $30M since 2021 into community wealth-building models. At the Trust, we know these models work. That’s why, in 2025, we invested nearly one million dollars to combat community deterioration by supporting shared ownership efforts across the Chicago region.

Each model looks different, but they share a common goal: keeping control local and enabling residents to build wealth. Worker cooperatives give employees ownership of the businesses they work in, allowing them to share profits and make management decisions democratically. Housing cooperatives apply similar principles to homeownership. Instead of paying rent to a landlord, residents collectively own the building they live in, and monthly payments go toward shared property costs. For Karen Leon, a resident in a Pilsen Housing Cooperative building, the benefits are clear:

“For me, living in a co-op is community, [it makes me feel] safe, [supports my] mental health, and [promotes] equity. I can think ahead because I don’t have to [worry] about rent, or [wonder] when my landlord is going to kick me out. It’s peace of mind.”

Community land trusts (CLTs) are nonprofit organizations that take this concept further by owning land to provide permanent, affordable housing. Beyond housing, land, and business models, community investment vehicles (CIVs) focus on commercial real estate. They pool community capital to acquire and control assets like retail corridors, mixed-use buildings, or foreclosed properties. CIVs are designed to be majority-owned and controlled by residents, offering flexibility to repair disinvestment and combat gentrification.

Tonya Trice, Executive Director at South Shore Chamber of Commerce, who leads the We The People CIV, says, “A CIV is different from traditional development because it reflects the collective organizing of residents to define wealth their way when revitalizing and developing their neighborhoods. Ownership is the key. CIVs are locally owned and controlled. It puts the power in the hands of the residents to define what comes to their communities and the long-term impact.”

Building an Ecosystem

For shared ownership models to work well, they need a connected network where organizations and initiatives work together, evolve, and strengthen one another. The Center for Community Investment uses an iceberg model that shows the full ecosystem. Individual projects, such as a single property acquisition with new governance models, capital sources, and partnerships, serve as experiments and offer visible proof of concept from which we can all learn. With multiple projects, communities build portfolios of properties, strengthening operational capacity and diversifying funding. Beneath the surface, a structured pipeline of projects emerges, creating sustained momentum. Eventually, these efforts combine into a network of organizations, policies, and financial infrastructure that supports community control. Over time, shared ownership becomes embedded into regional and national systems, with cross-community partnerships, pooled investment funds, and policy advocacy driving transformation. Each stage of the ecosystem strengthens the others, allowing communities to adapt to changing conditions.

Chicago offers a powerful example of what the ecosystem looks like. The Chicago Community WEB, which received a $125,000 Trust grant, is building shared infrastructure for worker cooperatives, community land trusts, housing cooperatives, and community investment vehicles across South and West side communities.

“What sets Chicago apart is our intentional focus on ecosystem building,” says Nneka Onwuzurike, executive director of The Community WEB. “We’re creating an interconnected infrastructure that brings together technical assistance, flexible capital, policy strategy, and most importantly, relationship building. Our goal is to build something together that can withstand shifts in both funding and politics.”

National Momentum

Shared ownership is more than a pathway for prospective homeowners to purchase affordable housing or employees to share in profits; it’s a strategy for neighbors to combat rising rents, disinvestment, and displacement in their own neighborhoods. Across the country, shared ownership models are gaining momentum, and Chicago has emerged as a bright spot.

“Chicago stands out for its intentional ecosystem-building, driven by significant public investment and alignment among local philanthropies. What’s especially notable is the emergence of key intermediary actors—”ecosystem stewards”—who help knit together organizing, capital, and technical support across a range of shared ownership projects and models,” says Gretchen Beesing, senior fellow at the Center for Community Investment.

This collaboration is laying the groundwork for a more cohesive landscape where community-led projects can thrive and reinforce one another. Other cities like Minneapolis, Philadelphia, Baltimore, and Washington, D.C, are also advancing shared ownership strategies tailored to support their communities’ unique needs.

“Across the country, shared ownership models are demonstrating real, place-based impact,” Gretchen says.

Shared ownership is inherently not a one-size-fits-all solution; it is a growing field where communities adapt tools to reflect their priorities, histories, and capacities. Mariah Van Ermen, program manager for neighborhood impact and shared ownership at The Chicago Community Trust, says, “As this movement expands, we are encouraged by communities in Chicago and beyond embracing shared ownership as a way to increase vibrancy, stability, and community wealth. Over time, these efforts can transform not only neighborhoods but entire systems, creating a future where residents have the power to directly shape the places they call home.”