The Department of Commerce and Economic Opportunity looks to encourage local communities and investors to take advantage of the Federal Opportunity Zone program by providing matching funds for capital investments within Illinois' 327 Opportunity Zones. The NOFO 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. Application scoring criteria will consist of items 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.

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This grant program is utilizing state funds appropriated by the Illinois General Assembly as indicated in Public Act 101-0007 and Public Act 101-0029

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To increase economic measures such as local employment numbers, growing a business in a community, increasing property values and obtaining further investment dollars within Illinois' Opportunity Zones.

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Government Organizations; Education Organizations; Public Housing Organizations; Nonprofit Organizations; For-Profit Organizations; Small Businesses; Individuals; Other;

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Project Grants

Economic Development

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This grant opportunity requires at least 50% of total project costs to be matched by the grantee. These matching funds can come in the form of local municipal funds, federal funds, or private investment.

Funding is available for bondable expenditures as described in the Build Illinois Bond Act (30 ILCS 425/1, et seq.) and as permitted by the DCEO Bondability Guidelines. The Department will not permit expenditures for indirect costs, overhead or administrative expenses. Successful applicants are eligible to receive reimbursement for allowable grant-related expenses only after the grant has been awarded and agreement been executed. Pre-award costs incurred will not be eligible for reimbursement.

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Various

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500 East Monroe, Springfield IL 62701

IRS Opportunity Zone Website: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions DCEO Opportunity Zone Website: https://www2.illinois.gov/dceo/Pages/OppZn.aspx

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10/19/2021

FY 2020 : $12,000,000