The program incorporates an easy-to-use application form and efficient approval process to pay up to 25 percent of renovation, expansion or redevelopment costs. Grants are paid in annual installments to participants following project completion. The grants do not have to be repaid. However, an incentive is offered to companies that develop new facilities, substantially rehabilitate existing structures typically excludes deferred maintenance work , or the reutilization of abandoned buildings.
In the absence of this incentive commercial and industrial property would be assessed at the normal County rates. Investors provide CDF with capital, which it uses to make loans to qualified real estate projects.
These investors in turn receive NMTCs a federal income tax credit that varies with the size of their investment. Loans are provided with interest rates 2 to 2. Projects may be eligible for one of these loans programs if they are located in qualified Census tracts and meet other federal NMTC program criteria. An Enterprise Zone is a specific geographic designated by a municipality or the State of Illinois to receive tax incentives and other benefits in order to stimulate economic activity and revitalize the area.
Businesses located in Enterprise Zones are eligible to receive various incentives, including:. Chicago Enterprise Zone Maps. The Empowerment Zone EZ program offers special financing and tax incentives for qualified businesses in order to stimulate private investment and create jobs within designated communities.
These incentives include:. Chicago Empowerment Zone Maps. Funds can be used for construction, renovation and fixed assets. Landlords with business owners who are commercial tenants with at least a two year leasehold may apply for funds.
We have two facade programs available, one for the north harbor and one citywide. CST the last business day in October. Skip to Main Content. Loading Close. Do Not Show Again Close. Sign In. Facade Rebate Program Problem East Chicago is undertaking an ambitious downtown renewal plan in an effort to draw more people back to the North Harbor Business District. Eligibility Landlords with business owners who are commercial tenants with at least a two year leasehold may apply for funds.
Apply We have two facade programs available, one for the north harbor and one citywide. Enhancing the appearance of buildings serves to improve the economic vitality of the area. Better aesthetics increase property values, improve the marketability of the space and contribute to better quality of life.
Participants in this program will serve as quality examples of how to preserve the architectural character that is unique to Calumet Heights and Avalon Park. Some other examples of eligible projects are:. Applications must be submitted to the Southeast Chicago Chamber before any work is performed. Applications are considered in the order they are received until all the facade funding is disbursed for the fiscal year. If the number of applications exceeds funding, a lottery will be held to determine which projects to fund, and a wait list for funding may become available.
Showcase your business online when people search for your services or business. This service offers a degree virtual tour of your space powered by Street View technology. Being able to see the interior of your store virtually helps drive younger customers and showcase your services and products in a whole new way. Skip to content.
Whatever you need as a local business, neighbor or partner organization, we're here to help. Let's talk! Chamber of Commerce. Please Note: Applications for the program are considered in the order they are received until all available funds have ben distributed for that fiscal year. Prior to beginning construction, you must receive an approval letter from the Greater Ravenswood Chamber of Commerce. If you begin work on the project without written approval, you will not be eligible for the program.
Rebates are given only after all work has been approved, completed and paid for, and all documentation has been received by the Greater Ravenswood Chamber of Commerce.
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