In a major initiative aimed at addressing generational wealth gaps, the city of Chicago has announced a new grant program titled ‘Wealth Our Way’ (W.O.W.), with an investment of $3.5 million from city funds and a total budget exceeding $4.1 million to support local community projects. This program, led by the nonprofit Community Desk Chicago, is designed to empower residents to revitalize vacant buildings and stimulate economic growth in their neighborhoods, particularly focusing on areas that have been historically under-invested.
The W.O.W. grant program will cater specifically to worker cooperatives and Community Investment Vehicles (CIVs). CIVs are collaborative funds where community members pool financial resources to invest in local real estate, thereby promoting collective ownership and redevelopment. Ja’Net Defell, president and CEO of Community Desk, expressed optimism about the program’s potential, stating that grants may be awarded to as many as ten different projects, with each project receiving up to $500,000 to cover as much as 75% of development costs.
Defell emphasized that the initiative aims not only to increase economic opportunities but also to enable communities to reclaim agency over their own development trajectories. ‘This W.O.W. program is really helping neighborhoods to develop their own capacity and really control the destinies within their neighborhoods,’ she said. While the primary focus of funding will lean towards projects on the South and West sides of Chicago, there are no geographical restrictions for applicants, allowing for opportunities for community investment throughout the city.
Mayor Brandon Johnson, heralding the grant’s launch, remarked, ‘As we celebrate Juneteenth, we are recommitting ourselves to the critical work of repairing past harms through investment and opportunity.’ This sentiment reflects the city administration’s commitment to restorative practices that empower historically marginalized communities. Johnson also noted the importance of building collective ownership in neighborhoods that have faced economic disinvestment for an extended period.
In addition to financial resources, the grant program will provide business coaching and technical assistance over a span of 16 months, ensuring that grantees receive the support they need to succeed. Defell pointed to E.G. Woode, a business incubator in Englewood, as a successful model of a CIV, which has helped local entrepreneurs secure spaces to launch their businesses. Through W.O.W., Community Desk intends to assist worker cooperatives in acquiring leased spaces, thereby contributing to local business growth and economic empowerment.
CIVs and worker co-ops are increasingly seen as effective tools for building wealth within communities, according to Defell. ‘What we really drive ourselves on is creating sustainability and self-reliance in neighborhoods,’ she said, highlighting the impact that these models can have on long-term viability in local economies. Community Desk plans to closely oversee the development process, from pre-development phases to post-groundbreaking, to ensure that W.O.W. projects are operational by next year.
The anticipated impact of W.O.W. is multifaceted, focusing both on cultivating community-owned businesses that could generate lasting wealth and on enhancing the quality of life in neighborhoods often starved of economic investment. Defell pointed out that poorly maintained commercial corridors can deter residents from feeling invested in their neighborhoods. ‘Reactivating and decreasing the vacancy along the commercial corridors … contributes to the appreciated value of these assets — not only on the commercial corridor but residential. Now, it’s way more attractive to be in the neighborhood.’
Overall, the ‘Wealth Our Way’ program aims to create a sustainable framework for economic development grounded in community empowerment, signaling a significant move for the city towards inclusive growth.
image source from：https://chicago.suntimes.com/real-estate/2025/06/16/community-desk-chicago-partners-city-grant-civ-coop-properties
