Momentus Capital*, through Capital Impact Partners, in partnership with the Chicago Community Loan Fund and Community Investment Corporation, is excited to announce that the application is now open for the Chicago EDI, funded by the MacArthur Foundation and U.S. Bank.
The Chicago EDI program EDI provides capacity-building support for emerging real estate developers through training and technical assistance. Visit our website for more information.
The program focuses on the current real estate development environment in the Greater Chicagoland area and provides opportunities to participants through a 9 month long learning series.
Applications will close October 2, 2025 at 5pm CST and we plan to accept up to 15-20 participants.
Key Documents
Key Dates
- Applications will be open August 25, 2025 to October 2, 2025.
- All applicants will receive a status update on October 17, 2025
- Interviews for semi-finalists will be held October 28, 2025 to November 6, 2025
- Notification of acceptance will be expected on October 22, 2025
- The tentative training schedule will run from December 10, 2025 through August 26, 2026. Training dates are subject to change.
- Training is planned to be in-person for a majority of the learning series, incorporating events and network-building opportunities.
Eligibility
Successful candidates for the program will be selected based on the following criteria:
- Alignment with the program’s mission to support the development of inclusive and thriving communities. Candidates should demonstrate how their work reflects the values of community development, investment, and impact.
- Demonstrated commitment to community development and neighborhood revitalization in the Greater Chicagoland area through work on active real estate development project(s).
- Actively working to further a career in real estate development. As this is not an introductory program, candidates are expected to have tangible experience as a real estate developer.
- Be a resident of Cook, DuPage, Grundy, Kendall, McHenry, or Will county.
- Able to meet the time and attendance requirements of the program. Participants should be prepared to attend bi-weekly training sessions (5 hours each) and commit an average of 2-4 hours per week of additional program work (attending office hours, completing the final program project) for the duration of the 9 month program.
- Open to peer sharing and learning in a cohort-based environment.
- Interested in responding to requests for proposals for real estate development opportunities with or without a development partner in the next 4-6 months.
Program Background
Headquartered in the Washington, D.C. metro area, Capital Impact Partners has supported communities for over 40 years through capital investments, programs, policy work, and partnerships. As a community development financial institution that invests in community, multifamily, and mixed-use development nationally, we are seeking to connect our goals of neighborhood revitalization and community wealth-building; this program is one way of making that connection. To learn more about Capital Impact Partners and our programs visit https://www.capitalimpact.org/programs/.
Disclaimers
- THE SERVICES PROVIDED UNDER THE EDI PROGRAM ARE KNOWLEDGE-TRANSFER OR “CONSULTING” SERVICES IN CONNECTION WITH WHICH GENERAL INFORMATION ABOUT REAL ESTATE DEVELOPMENT WILL BE PROVIDED TO YOU. THE SERVICES PROVIDED UNDER THE PROGRAM DO NOT CONSTITUTE LEGAL, FINANCIAL, INVESTMENT, TAX, OR ACCOUNTING SERVICES OR ADVICE, AND DO NOT GIVE RISE TO THE ATTORNEY-CLIENT PRIVILEGE OR OTHER LEGAL PROFESSIONAL PRIVILEGES OF ANY KIND; YOU MUST CONSULT WITH YOUR PERSONAL LEGAL, FINANCIAL, INVESTMENT, TAX AND ACCOUNTING ADVISORS AT YOUR OWN EXPENSE FOR PROFESSIONAL ADVICE THAT IS TAILORED TO YOUR PARTICULAR NEEDS.
- THIS IS NOT AN APPLICATION FOR A LOAN. THE EDI PROGRAM IS A TECHNICAL ASSISTANCE PROGRAM, NOT A CREDIT PROGRAM. MOMENTUS CAPITAL’S TECHNICAL ASSISTANCE AND LENDING SERVICES ARE PROVIDED BY SEPARATE DEPARTMENTS OF THE ORGANIZATION. ALL LOANS ARE SUBJECT TO MOMENTUS CAPITAL'S STANDARD APPLICATION, UNDERWRITING AND APPROVAL PROCESSES (“LOAN PROCESSES”). PREFERENTIAL TREATMENT IN THE LOAN PROCESSES WILL NOT BE GIVEN TO EDI PROGRAM PARTICIPANTS.
Non-Discrimination Policy
Momentus Capital does not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, disability or any other characteristic protected under applicable federal, state, or local law.
Contact Information Please reach out to Aaron Gougis agougis@capitalimpact.org with questions about the program and application process. Support@submittable.com can help with application software issues.
* Momentus Capital is a brand name for a family of organizations that includes Capital Impact Partners, CDC Small Business Finance Corporation, Momentus Securities, and their subsidiaries and affiliates.
Capital Impact Partners is providing project grants to support Housing Equity Accelerator Fellows in advancing affordable housing projects, including workforce housing in the region. The program intends to accelerate the capacity of growing BIPOC developers committed to building affordable housing options across the greater Washington DC metropolitan area.
Affordability definitions:
a. Affordable is up to 80% AMI
b. Workforce is up to 120% AMI
The geography of focus consists of the District of Columbia, Montgomery County, Prince George's County, and the Northern Virginia region.
We plan to disburse up to $300,000 per entity. Awards will be determined by the size of the request, project eligibility, and application strength.
Key Information
Applications close - Tuesday, September 16, 2025, at 11:59 PM
Submission & Selection period - Applications will be received by the 3rd Wednesday of each month and selections will be ongoing monthly through the application closing date. Four (4) applications will be accepted per month. Submissions will be prioritized according to the date and time received. Requests received after the cutoff period will be deferred to the following month unless otherwise noted.
Reporting period - a reporting schedule will be provided upon execution of the grant agreement. Grant reports will be required at least quarterly and are expected to be submitted on time.
Mandatory reporting check-in - Date and time TBD
Applicant Eligibility
Eligible applicants are businesses and nonprofit organizations led by Housing Equity Accelerator Fellows or partnerships including at least one HEAF Fellow.
The individual completing the application must be a HEAF Fellow in the 2024 cohort.
Project Eligibility
Eligible projects are mixed-use, multifamily, rental, and for sale. Projects should consist of 8 to 10 (preferably) units at minimum to be considered.
Bundled single-family home projects will be considered so long that they are in proximity to one another and the cumulative unit count is at or above 8 units, preferably 10.
Beyond 10 ≥ or more housing units, there is no required minimum or maximum project type, size, or commercial square footage to be considered for funding.
Eligible Grant Uses
Applicants may apply for funding as a reimbursement of expenses or to fund new or future anticipated expenses, so long as the use of funds is allowable and logical. Eligible costs may be reimbursed so long as they were made on or after December 6, 2023.
Grant funds may be used for the following:
- Architectural & engineering expenses
- Interest reserves
- Earnest money
- Legal fees, title, and recording
- Permitting fees
- Survey & site planning and/or control fees
- Market/feasibility studies
- Appraisal
- Environmental reports, property conditions assessment
- Consultant fees for managing financing, project development, local & state approvals, etc. Consultants must be outside entities (not the developer)
- Other fees and costs may be permitted on a case by case basis upon review by Capital Impact. Please contact Melissa Stallings in these instances. Please note that potentially adding a new allowable use can take up to 30 - 45 days or so.
Contact Information
Please contact Melissa Stallings (mstallings@capitalimpact.org), with questions about the application process.
Support@submittable.com can help with application software issues.