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

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.

Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.

Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.

Congress Moves to End Reconnecting Communities and Related Grants
The House Transportation and Infrastructure Committee moved to rescind funding for the Neighborhood Equity and Access program, which funds highway removals, freeway caps, transit projects, pedestrian infrastructure, and more.

From Throughway to Public Space: Taking Back the American Street
How the Covid-19 pandemic taught us new ways to reclaim city streets from cars.
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.
Heyer Gruel & Associates PA
Ada County Highway District
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service