The People's Budget
your voice, your choice
Invest $15 million in a Community Wealth Ecosystem Building Program to fund an interconnected network of partners to provide high-quality, specialized, and culturally relevant technical assistance services and capital to eligible nonprofit organizations and businesses starting, sustaining, and scaling community wealth building models.
This proposal has been rejected because:
Type of funding: Infrastructure (capital)
Rough cost estimate: Over $7.2 million
Evaluation notes:
✅ This idea is within the City's jurisdiction.
✅ This idea doesn't name a specific vendor.
❌ This idea would incur costs indefinitely.
Justification: Proposal already exist within OED with the Business Community Ownership funds, prioritizing BIPOC.
Other notes: OED Business Community Ownership Funds secures fixed, affordable rents for business owners. This financial stability keeps current neighborhood businesses in place and brings displaced business owners back to their communities.
Thank you for sharing your idea. This idea and its evaluation have been forwarded to the budget delegates. They will use this information to group together similar ideas, narrow down options based on community needs, and develop fully detailed proposals for you and your community to vote on in October 2023.
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The statement "Proposal already exist within OED with the Business Community Ownership funds, prioritizing BIPOC." is not accurate. The business community ownership fund is a great program that utilizes a community ownership of real estate model to facilitate access to affordable commercial space for BIPOC entrepreneurs. However, it is not the same thing as a comprehensive community wealth building initiative covering multiple strategies and models that shift ownership and control of land & real estate, business/enterprise and financial capital to BIPOC communities. An example of this type of initiative is the City of Chicago's Community Wealth Building Ecosystem Program: https://www.chicago.gov/city/en/sites/community-wealth-building/home.html
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