MAYOR LIGHTFOOT LAUNCHES COMMUNITY WEALTH BUILDING PILOT PROGRAM
opportunities for low-income residents to build wealth through shared asset
ownership. The pilot program, supported by funding from the Chicago Recovery Plan, will address access to business ownership, home ownership, land stewardship, and commercial real estate.
approach to economic development that promotes the local, democratic, and shared ownership and control of community assets in order to transform our economy to be more sustainable and just.
or household wealth, often defined as what you own minus what you owe.
For many low-income and low-wealth residents in disinvested communities, building wealth through traditional models of individual asset ownership is often inaccessible. Community wealth differs in that it refers to the shared wealth of a group of households (not the sum of wealth across households). It refers to the assets a group of community members
own and control together.
community owns land in perpetuity while residential and commercial tenants own or rent the structures atop the land via a 99-year ground lease
Community Investment Vehicle
will invest in the CWB ecosystem, the interconnected network of advisors and organizations that provide the education and technical assistance necessary to start, sustain, and scale CWB models. Grantees will provide services in one of six categories: Education & Outreach; Business Development; Legal & Governance; Financing & Fundraising; Assets
& Operations; and Research & Advocacy.
in early 2023. Future RFPs will likely provide pre-development and development grants for specific CWB projects.
to amplify once-in-a-generation federal funding to create an equity-based
investment strategy to catalyze a sustainable economic recovery from the
COVID-19 pandemic. To learn more visit chicago.gov/recoveryplan.
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