State Will Give $12 Million in Grants To Communities, Developers That Support Investment in Opportunity Zones
Kane County area opportunity zones.
Kane County communities, nonprofit organizations and developers are eligible for $12 million in grants for efforts that support investment in the state’s opportunity zones.
This artist’s rendering shows a mixed-use property funded by equity from new markets tax credits and historic tax credits.
The Department of Commerce and Economic Opportunity today (Monday, Jan. 27, 2020) announced the new initiative designed to help prime the pump for the $45 billion capital improvement plan.
The agency will be issuing a competitive notice of funding opportunity in the coming days.
In the Monday news release, state officials announced a commitment by Fifth Third Bank and the Chicago-based Decennial Group to invest nearly $15 million in Illinois’ opportunity zones.
The $12 million in grants will take advantage of a federal tax incentive to stretch capital dollars further while creating jobs and opportunity in communities that have suffered from a lack of investment for decades.
Opportunity zones in Illinois.
Opportunity Zones are defined as distressed or economically under-served 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.
Kane County Opportunity Zones are located in areas in and around Aurora, Elgin and Carpentersville.
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.
SOURCE: state of Illinois news release
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