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Tax Increment Financing

Tax Increment Financing is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a period of 23 years.

Five TIF districts overlap the West Humboldt Park area:

  1. Chicago Central Park TIF
  2. Division Homan TIF
  3. Kinzie Industrial Corridor TIF
  4. Humboldt Park TIF
  5. Northwest Industrial Corridor TIF

In addition to the SBIF program TIF also funds these other major programs:

TIFWorks

TIFWorks stimulates business success by funding workforce-training costs for companies located in tax increment financing (TIF) districts. With TIFWorks support, businesses can become better equipped to improve performance and productivity, expand product lines and gain new customers.

Since 2008 TIFWorks has provided $4.3 million in TIF funds to 84 business for the training of 3295 employees and the hiring of 174 new employees.

If your company is located in an eligible TIF district in Chicago, you can receive funding for workforce-training programs.

Streamlined Tax Increment Financining

The Sreamlined-TIF program provides expedited access to valuable grants for the improvement of industrial, commercial, retail or residential mixed-use properties in Tax Increment Financing (TIF) districts citywide. The program incorporates an easy-to-use application form and efficient approval process to pay up to 25 percent of renovation, expansion, or redevelopment costs. Assistance ranges from $25,000 to $1,000,000.

Neighborhood Improvement Program

The Tax Increment Finance-Neighborhood Improvement Program (TIF-NIP) is a Department of Housing and Economic Development  (HED) -administered program that has been providing home repair grants in eligible TIF districts since 1999. The program provides home repair grants for both single and multi-family residences. Grants are primarily for exterior repairs however, up to 30 percent of the grant may be used for interior repairs that are health and safety related. Grant amounts are based on the number of units per residence.