The Pre-Development Fund supports commercial real estate development projects, businesses with brick-and-mortar needs, and neighborhood scale land use projects that will stimulate economic activity in disinvested communities.
Donor Name: The Chicago Community Trust
State: Illinois
Type of Grant: Grant
Deadline: 06/24/2022
Size of the Grant: $75,000
Grant Duration: 12 months
Details:
The Chicago Community Trust is committed to the goal of closing the racial and ethnic wealth gap. Catalyzing Neighborhood Investment is one of the strategies helping to achieve this goal. The strategy focuses on the ecosystem that conditions how investment happens in underinvested majority Black and Latinx communities.
Support for the Pre-Development Fund will allow the Trust to:
- Elevate the profile of projects with other capital providers.
- Help Black and Latinx developers grow their businesses.
- Restore vibrancy on the region’s commercial corridors.
Funding Information
- Up to $100,000 (average grant is $75,000)
- Grant Term: 12 months from time of approval; Pre-Development Fund grants must be spent within one year (grant extensions must be approved by Trust staff)
Eligibility Criteria
For-profit developers must have a 501(c)3 fiscal sponsor. The Pre-Development Fund supports developers with maximum revenues of $10M.
Qualified Expenses
Examples include:
- Architect and engineer services (planning, conceptual design, schematic design and/or structural testing)
- Other consultants (e.g., development consultants)
- Environmental expenses (e.g., Phases I/II, Hazardous Materials Survey, Remediation Plans)
- Legal expense (e.g, zoning, finance, acquisition)
- Market study to confirm the real estate use
- Application fees (e.g., loan applications)
- Site development project manager (third-party cost only)
- Third-party community engagement and planning (feedback and input directly related to project site)
- Fiscal sponsor fees
For more information, visit The Chicago Community Trust.
