Chicago City Wire

At a Juneteenth flag-raising ceremony, Chicago Mayor Brandon Johnson announced a $4.11 million investment into community wealth-building. This initiative aims to help communities build financial wealth and prevent displacement. The capital grant program will be managed by Wealth Our Way (WOW), a collaborative effort developed by Community Desk Chicago (The Desk). It will provide technical assistance and coaching to selected commercial shared ownership models.

"As we celebrate Juneteenth, we are recommitting ourselves to the critical work of repairing past harms through investment and opportunity," stated Mayor Johnson. "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."

The WOW capital grant program is funded by the City of Chicago's $4.11 million investment. It offers both capital grants and technical coaching specifically for Community Investment Vehicles (CIVs) and Worker Cooperatives (Work Co-ops).

"Our office is proud to have been part of an effort that places power, wealth, and resources into the hands of communities most impacted by disinvestment," said Chief Equity Officer Carla Kupe. "This investment will begin the work of repairing and restoring our communities."

"Innovative models for community wealth-building like the Wow program are essential for creating resilient, long-term investments where they’re needed most," added Department of Planning and Development Commissioner Ciere Boatright.

Many low- and moderate-income neighborhoods in Chicago have faced disinvestment from both public and private sectors, leading to limited asset ownership among residents. CIVs allow residents to own neighborhood assets, with the city's investment expected to attract further support from Community Development Financial Institutions (CDFIs) and philanthropic sources.

"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," said Community Desk Chicago CEO Ja’Net Defell.

Selected CIVs and worker cooperatives can receive W.O.W. capital grants covering up to 75% of project costs, with a maximum award size of $500,000. Up to $3.5 million may be awarded in total grants which must be used by December 31, 2026.

The W.O.W framework includes technical resources for success as communities design their wealth-building models. Grantees will engage in activities over 16 months from September 2025 to December 2026 including:

- Work Plan: Organizing key project tasks.

- Technical Support: Monthly engagement with coaches.

- Launch Support: Accessing investment services.

- Knowledge Sharing: Participating in a Community of Practice.

- Capital Coordination: Connecting with funding sources.

For more information about the program visit: https://communitydeskchicago.org/wealth-our-way/.