Transit-oriented development opportunities abound in Chicago’s Southland
The Chicago Southland has enormous economic development potential. Connected to the Chicago Loop, suburban job centers and national transportation systems, Southland has four Metra lines with 33 stations, and nine additional stations are planned on a new line. The area is also well served by an extensive inter-suburban bus network and four expressways.
Through transit-oriented development (TOD), residents of Southland communities are poised for improved access to jobs, shorter commutes and lower transportation costs. Vibrant neighborhoods encouraging strolling and shopping will boost the local economy and provide greater health benefits.
The Southland Community Development Loan Fund (Loan Fund) provides resources to investors in Southland's transit-served areas. The Loan Fund was created by the South Suburban Mayors and Managers Association (SSMMA) (through the support of the U.S. Dept. of Housing and Urban Development), Enterprise and the Chicago Community Loan Fund.
How can the Southland Community Development Loan Fund support local economic development?
The Loan Fund is currently a $6 million and growing fund offering two products to finance predevelopment and acquisition strategies within one half-mile of Metra or South Shore stations and high-frequency bus routes:
- Predevelopment loans up to $3,000,000, with an interest rate of 3 percent, and a term of up to 3 years.
- Acquisition loans up to $3,000,000 with options for variable and fixed interest rates, and a term of up to 5 years.
Loan Fund Target Area
- Center for Neighborhood Technology
- Chicago Community Loan Fund
- Metropolitan Planning Council
- South Suburban Land Bank and Development Authority
The Loan Consortium is another resource dedicated to the redevelopment of South Suburban Chicago communities.
It will consider and evaluate development projects approved by the South Suburban Mayors and Managers Association (SSMMA) for loans and/or technical assistance.
For more information, contact Torrence Moore at 312.252.0440, ext. 117.