Chicago: Mayor Johnson Announces $411M Investment into Community Wealth-Building
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CHICAGO ~ Chicago Mayor Announces $4.11M Investment in Community Wealth-Building on Juneteenth

On June 19th, Chicago Mayor Brandon Johnson led a flag-raising ceremony to commemorate Juneteenth and announced a significant investment of $4.11 million into community wealth-building initiatives. The goal of this investment is to provide communities with the opportunity to build financial wealth and prevent displacement.

The capital grant program will be administered by Wealth Our Way (WOW), a collaborative initiative developed by Community Desk Chicago (The Desk). WOW will offer technical assistance and coaching to selected commercial shared ownership models, specifically Community Investment Vehicles (CIVs) and Worker Cooperatives (Work Co-ops).

In his statement, Mayor Johnson emphasized the importance of repairing past harms through investment and opportunity, especially in communities that have been historically marginalized and shut out from economic opportunities. He stated, "This is collective work that impacts our entire communities, so we are putting these funds to help build up collective ownership models in neighborhoods that have been shut out for far too long."

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The $4.11 million investment from the City of Chicago will be leveraged to attract additional investments from Community Development Financial Institutions (CDFIs) and philanthropic organizations. This will support up to 10 models across the city, demonstrating the impact of shared ownership in under-resourced neighborhoods.

Chief Equity Officer Carla Kupe expressed her pride in being part of an effort that places power, wealth, and resources into the hands of communities most impacted by disinvestment. She stated, "This investment will begin the work of repairing and restoring our communities."

Department of Planning and Development Commissioner Ciere Boatright also praised the WOW program as an innovative model for community wealth-building. She stated, "It is essential for creating resilient, long-term investments where they're needed most."

Many low- and moderate-income neighborhoods on the South and West Sides of Chicago have been disinvested in by the public and private sectors, leaving residents without ownership or control of assets in their own communities. CIVs are commercial shared ownership models that allow residents to own and control neighborhood assets. The City's investment will support up to 10 CIVs across Chicago.

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Ja'Net Defell, CEO and President of Community Desk Chicago, explained the ultimate goal of the Wealth Our Way initiative. She stated, "The ultimate goal of the Wealth Our Way initiative is to shift power in neighborhoods to the hands of the very residents who have remained grounded in their community's identity and are ready to write a new story for the generations to come after them."

Selected CIVs and worker cooperatives will receive W.O.W. capital grants for up to 75% of their total project costs, with a maximum award size of $500,000. The grants must be expended by December 31, 2026. In addition to funding, grantees will also receive technical support and participate in a set of activities designed to ensure long-term success.

These activities include organizing and executing key project tasks through a structured work plan, monthly engagement with operations and real estate coaches, access to "back office" investment services and educational resources on financial literacy and community engagement, participation in a Community of Practice (COP) to share best practices with peers and experts, and connections to local and national philanthropy and other capital sources.

For more information about the program, visit https://communitydeskchicago.org/wealth-our-way/. With this significant investment into community wealth-building initiatives, Chicago is taking steps towards creating more equitable opportunities for all its residents.

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