Pritzker Administration Launches
New Initiative to Invest in Opportunity Zones Across the State
DCEO Will Award $12 Million in Competitive
Grants to Support Capital Projects in Underserved Communities
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[January 29, 2020]
(CHICAGO) - As part of Governor JB Pritzker’s historic $45 billion
capital program, the Department of Commerce and Economic Opportunity
(DCEO) today announced a new initiative to invest $12 million to
support investment in the state’s opportunity zones. The agency will
be issuing a competitive notice of funding opportunity (NOFO) in the
coming days. Governor Pritzker announced this new program at an
event to announce a commitment by Fifth Third Bank and the
Chicago-based Decennial Group to invest nearly $15 million in
Illinois’ opportunity zones.
“Supporting equitable economic growth is one of the central goals of
our historic $45 billion capital plan," said Gov. JB Pritzker. "By
investing $12 million in Rebuild Illinois funds in Opportunity Zone
projects, we can take advantage of this federal tax incentive to
stretch our capital dollars further while creating jobs and
opportunity in communities that have suffered from a lack of
investment for decades."
DCEO will invite communities, nonprofits, developers, and other
stakeholders to compete for $12 million in capital grants to support
projects in Opportunity Zones. These capital grants will offer
matching funds for infrastructure, utility, remediation and other
site preparedness related costs for affordable housing, community
development, and commercial real estate projects that will create
jobs and growth. Once the NOFO is posted, interested parties will
have 90 days to prepare and submit grant applications.

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“The Pritzker administration’s Five-Year Economic Plan is focused on catalyzing
fair and equitable economic growth that lifts up communities across Illinois,”
said DCEO Director Erin Guthrie. “Pairing our Rebuild Illinois capital dollars
with the incentives offered by federal Opportunity Zones allows us to achieve
greater impact in underserved and economically distressed areas.”
Opportunity Zones are defined as distressed or economically underserved areas
census tracts. Certain types of investments made in opportunity zones that meet
specific criteria stand to receive favorable capital gains tax benefits at both
the federal and state levels. Illinois designated 327 Opportunity Zones in 2018,
and a map of the state’s zones can be found here.

In scoring grant applications, DCEO will consider criteria such as job creation,
community support, project readiness and viability, the availability of matching
financing, alignment of the project with the Governor’s 5-Year Economic Plan,
and ability of the project to have a positive economic impact in communities of
need. Applicants are encouraged to work with nonprofits, community
organizations, elected officials, and other stakeholders to obtain letters that
demonstrate local and regional support.
DCEO will host workshops and webinars across Illinois to offer additional
guidance on completing grant applications and answer questions. These events are
being coordinated with local Small Business Development Centers across the
state. Interested parties can e-mail opportunityzones@illinois.gov to sign up to
receive updates on DCEO opportunity zone programming in the future.
[Illinois Office of Communication and
Information] |