W.O.W. Capital Grant Program

The Wealth Our Way (W.O.W.) Capital Grant Program is administered by Community Desk Chicago, a 501(c)(3) nonprofit organization dedicated to promoting equitable economic development in historically under-resourced communities in Chicago. The program is part of a broader Community Wealth Building (CWB) initiative developed by the City of Chicago’s Office of Equity and Racial Justice (OERJ). Funded through a $4.11 million investment from the City of Chicago, W.O.W. seeks to support innovative shared ownership models, specifically Community Investment Vehicles (CIVs) and worker cooperatives, in neighborhoods historically excluded from economic development and wealth-building opportunities. The W.O.W. Capital Grant Program provides financial and technical assistance to support real estate development projects led by CIVs and worker co-ops. The goal is to transfer ownership and control of neighborhood assets—such as commercial properties—into the hands of local residents and workers. Grant awards of up to $500,000 are available, covering up to 75% of total project costs. The program will award up to $3.5 million in capital grants, along with structured support in technical assistance, operational guidance, and capital coordination over a 16-month period, beginning in September 2025. Eligible applicants must be established or ready-to-launch CIVs or worker cooperatives. These entities must have identified project sites within the City of Chicago and must demonstrate control over the site. CIVs must own their sites, while worker co-ops must either own or hold leases of at least three years with renewal options. The real estate projects must be ready to begin construction by the end of March 2026 and must have at least eight months of construction activities. The program also requires the CIV or worker co-op to maintain occupancy or ownership for a minimum of three or five years, respectively. Only commercial projects are eligible; several types of businesses such as liquor stores, payday loan stores, chain businesses, and places of worship are explicitly excluded. In addition to capital support, grantees will receive monthly coaching from designated technical and real estate coaches, access to a “Community of Practice” for peer learning, and assistance with investment management. Grantees are expected to participate in structured technical coaching and adhere to City compliance requirements, including prevailing wage standards, MBE/DBE goals, and city residency hiring minimums. Applications will be evaluated on model design, project viability, financial feasibility, and community impact. A pre-application questionnaire is required to determine eligibility. Once deemed eligible, applicants will be invited to submit a full application. Evaluations will be conducted by Community Desk Chicago and external experts, with recommendations reviewed by the W.O.W. Advisory Council and final selections confirmed by the City’s Department of Planning and Development. The application portal opens on June 16, 2025, at 8:00 AM Central Time and closes on July 31, 2025, at 5:00 PM Central Time. An informational webinar will be held on June 24, 2025, at 10:00 AM Central Time. Selected participants will be notified in early September 2025, and program activities will commence in late September 2025. For additional information, prospective applicants may contact Community Desk Chicago.

Apply early to secure full application access; respond comprehensively to project readiness prompts.