Transit-Oriented Development in Chicago
The Chicago market has been instrumental in working with the South Suburban Mayors and Managers Association (SSMMA) to develop the Southland Community Development Loan Fund and to advance local policies that support equitable transit-oriented development (eTOD).
Southland Community Development Loan Fund
With 42 municipalities and 650,000 people, the Chicago Southland has enormous economic development poten¬tial, particularly due to its strong connectivity to the Chicago Loop via four Metra lines and extensive inter-suburban bus network, suburban job centers and national transportation systems.
Southland communities are poised for eTOD that incorporates a mix of retail, commercial and residential uses. Recognizing both the economic and community benefits of mixed-use development near transit, SSMMA partnered with Enterprise Community Partners and Chicago Community Loan Fund to establish and capitalize the $6 million Southland Community Development Loan Fund to provide resources for pre-development, acquisition, and preservation or creation of eTOD to investors interested in developing in transit-served areas.
- Pre-development loans of up to $500,000 for third-party costs carry 3% interest, 2% origination, and 3-year term.
- Acquisition loans of 60% to 80% loan-to-value up to $3 million carry variable interest, 2% origination, and 5-year term and require a 30-year deed restriction of either 20% units for 50% AMI earners or 40% units for 60% AMI earners.
For more information, visit Southland Community Development Loan Fund.
TOD Pilot Program
The Chicago Community Trust has generously agreed to support Enterprise Community Partners for two years to work with the following three municipalities to advance eTOD opportunities:
- City of Blue Island
- Village of Richton Park
- Village of Olympia Fields
City of Chicago TOD Initiative
Enterprise has also played a role in convening CDCs and leadership from the City of Chicago to strategically respond to rising property values in station areas. Policies and collaborations among stakeholders are being developed to support eTOD within the city of Chicago and in the region. One important tool recently launched by our partner organization MPC is the TOD calculator.