Bringing Communities Back Initiative ("BCBI")

Far South Community Development Corporation (Far South CDC) is embarking on a bold “Bringing Communities Back Initiative” (BCBI) to repurpose nearly 1 million square feet of blighted community areas into thriving community anchors that will spur economic growth and repopulate communities in Chicago’s far south side that have experienced decades of chronic disinvestment. 

This initiative will focus on three goals:   

1. building impact-driven community assets through strategic real estate development projects that will provide new housing options to increase population density and improve commercial corridors; 
2. increase community wealth with targeted investments in minority contracting opportunities, homeownership, and grants to residents and businesses derived from profits gained from development and management activities; 
3. providing education and support through Far South CDC’s existing small business and housing support services  

If awarded the $10 million from Pritzker Traubert Foundation, BCBI’s projects will invest $132.8 million through five projects that will result in 130 units of rental housing; 50 units of single-family homes; 51,000 square feet of new office and retail storefronts along south Halsted Street, including 10,000 square-feet of grocery; $75+ million in construction contracts; and increase population density by 700+ new residents.  

Through strategic and government partnerships, Far South CDC has already received $15 million from the State of Illinois and is a recipient of the City of Chicago’s $1.4 billion affordable housing initiative for Phase I of Morgan Park Commons. Built into the project budgets are $5.7 million in Community Service Grants to assist small business operations and home improvements, a down payment fund for renters within BCBI projects, a grant toward public infrastructure improvements, and a grant to Higgins Elementary School for technology and infrastructure improvements. Far South CDC will contribute an additional $2 million from profits gained from developer fees and management activities.