The Neighborhood Opportunity Fund (NOF) is a grant program established by the City of Chicago to support business and cultural projects in designated commercial corridors on the West, Southwest, and South Sides of Chicago. The program provides funding for both new construction and rehabilitation of eligible commercial and cultural spaces. NOF grants are awarded as reimbursements, covering up to 75% of eligible project costs, with a maximum grant award of $250,000.

The primary objective of the NOF grant is to promote economic development by supporting businesses and nonprofit organizations that contribute to commercial growth in underserved areas. Eligible applicants include businesses such as restaurants, grocery stores, cafés, offices, retail stores, mixed-use exteriors, museums, theaters, performance venues, and art galleries. Nonprofit organizations are also eligible, provided that the grant covers permanent capital improvements for a revenue-generating project.

The grant does not fund residential projects, factories, industrial uses, social services (including daycare and elder care), or places of worship that do not have commercial components. The NOF prioritizes projects that demonstrate financial readiness, construction feasibility, and positive community impact.

To apply, businesses and organizations must confirm their geographic eligibility by emailing NOF@CityofChicago.org with their project’s full address. Applicants must submit their applications through the City of Chicago’s Submittable online portal and ensure all required documents are uploaded for review. It is strongly recommended that applicants attend an NOF information session before submitting their application.

Applications are accepted on a rolling basis and are evaluated quarterly. The current application period opens on November 12, 2024, and closes on February 14, 2025, at 11:59 PM. Applications submitted after the deadline will be automatically evaluated in the next funding cycle.

Grant applications are evaluated based on financial feasibility, proof of financing, site control, construction planning, and community impact. Applicants must demonstrate proof of financing for at least 50% of total project costs within four months of receiving a Conditional Award Letter. If an applicant does not have 50% financing at the time of application, they may be assigned to the NOF project pipeline, where they can receive financial and technical assistance to meet eligibility requirements.

The NOF grant requires proof of site control, which includes a recorded deed, a fully executed lease (minimum five years), or a purchase and sale agreement. Additionally, applicants must provide detailed construction bids, a project budget, a timeline, and a business plan to ensure that the project can be successfully completed.

For additional resources, eligibility maps, and FAQs, visit Chicago.gov/NOF. Interested applicants can also call 312-744-2780 or email NOF@CityofChicago.org for assistance.