Illinois HB5745 allocates $7,500,000 to support commercial real estate projects in Chicago through shared ownership.
Illinois HB5745 appropriates $7,500,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity. This funding is designated for a grant to Community Desk Chicago, aiming to support commercial real estate projects collectively owned by local residents and small businesses. The grant will allocate $5,000,000 for purchasing and developing these projects and $2,500,000 for technical and business support services, facilitating the operation of small businesses at these sites. The act takes effect on July 1, 2026.
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