With the announcement of a $100 million infusion into a local investment fund, Chicago will become the first city to fund in ways usually reserved for the federal government.
"In a budget speech last week, Mayor Rahm Emanuel announced that $100 million of city investment dollars over three years would soon go into a new local investment fund to create jobs, grow businesses, improve infrastructure and provide capital for projects in Chicago neighborhoods that have survived years of neglect from investors," reports Oscar Perry Abello.
The vessel for these investments will be Community Development Financial Institution that builds on the tradition of ShoreBank, "which many consider the first true community development bank" and called Chicago home. That's why Abello says it's appropriate that with this investment Chicago becomes the birthplace of the latest evolution in the existence of CDFIs: funding directly from cities.
"The initiative, nicknamed “Fund 77” after Chicago’s 77 neighborhoods, was the result of a yearlong effort by City Treasurer Kurt Summers, working closely with Chicago CDFIs to shape and advocate for the building of a fund to take city investment dollars (which the treasurer manages) and, rather than leaving them in various big bank deposit accounts or the stock market, invest them in historically marginalized neighborhoods of Chicago," according to Abello.
The article includes more details about the history of CDFIs, which stretches back to the Clinton Administration, as well as the potential of the Fund 77 initiative.
FULL STORY: Chicago to Direct $100 Million to Neighborhoods
Museum of Public Housing Opens in Chicago
The museum highlights the history of public housing in the United States using displays intimately woven with family artifacts.
Chicago Transit Agencies on Brink of Major Crisis
Without additional funding, regional transit agencies will be forced to cut services by 40 percent.
Study: Most Chicago Rideshare Trips Could Be Made by Transit
Researchers found that 99 percent of rideshare trips could be made by buses and trains — but the time savings roughly equal an hour’s wage.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions