Chicago, Scotland take a community wealth building approach to economic development
With American Rescue Plan (ARP) dollars flowing to municipalities, local governments have the chance to invest these dollars for a more just, equitable, and sustainable future, using practical models now emerging. From Chicago to Sydney (Australia) and from Scotland to Northern Ireland, communities are investing in “community wealth building” to rebuild economies in ways that result in greater resiliency and equitable outcomes.
In September 2021, Chicago Mayor Lori Lightfoot announced that Chicago would invest $15 million of its ARP funds in a pilot community wealth building (CWB) fund. In this city where 60 percent of residents are Black and brown, the work is being led by the Office of Equity & Racial Justice (OERJ). Last month, the OERJ launched its new CWB initiative, which “promotes the local, democratic, and shared ownership and control of community assets.” Specifically, Chicago is investing in four key institutional models—worker cooperatives, limited equity housing cooperatives, community land trusts, and community investment vehicles—to achieve its goals of community empowerment, neighborhood stabilization, dignified work, and narrowing the wealth gap.
Publication date: 2022-10-31
Parent publication: The Hill
Publication URL: https://thehill.com/opinion/congress-blog/3713186-chicago-scotland-take-a-community-wealth-building-approach-to-economic-development/