The Community Revitalization Challenge (CRC) is an initiative led by Housing Action Illinois that connects community-based organizations with financial institutions to design and launch projects that expand access to affordable housing and promote economic development opportunities for low- and moderate-income residents throughout Illinois.
Community Revitalization Challenge 2.0
Housing Action Illinois is excited to announce the second round of the Community Revitalization Challenge, CRC 2.0. Organizations that are interested in participating in CRC 2.0 must watch the CRC 2.0 Kick-Off Webinar recording for information on the CRA and the CRC timeline and application process. Participating organizations must be or become members of Housing Action, and projects must be based in Illinois.
Submit up to three project ideas by March 13 using the CRC 2.0 Application Form.
How to Join the Community Revitalization Challenge
- Watch the CRC 2.0 Kick-Off Webinar.
- Fill out a separate CRC 2.0 Application Form for each project idea you would like to submit. Each organization may submit up to three ideas.
- Email the completed application to CRCInfo@housingactionil.org by March 13, 2020.
Have a question? Email CRCInfo@housingactionil.org.
Resources for CRC 2.0 Applicants
Goals
Outcomes
Community Revitalization Challenge 1.0
Housing Action’s inaugural Community Revitalization Challenge launched in 2018. The information below applies to the first round of the Community Revitalization Challenge. Organizations interested in participating in the Community Revitalization Challenge may join CRC 2.0 (see above for resources and information).
CRC 1.0 Resources for Community Organizations
CRC 1.0 Resources for Financial Institutions
CRC 1.0 Phases
Prepare
CRC launch webinar teaches organizations the basics of the CRA, Fair Lending regulations, and what banks look for in nonprofit partners- Organizations submit 2-4 project ideas to be reviewed by Housing Action Illinois for initial feasibility
Community Organizations
- At least one representative must either attend or confirm viewing of the CRC launch webinar
- Register for the CRC Roundtables and submit 2-4 potentially CRA-eligible project ideas, based on the given template, to Housing Action Illinois for review
- Focus on one project idea for the roundtable presentation
Financial Institutions
- It is recommended that at least one representative watch the CRC launch webinar
- Register for CRC Roundtables and submit one investment strategy, based on given template, to Housing Action Illinois for review
Match
Regional Networking Roundtables allow organizations to pitch their curated project ideas to banks serving their area- Organizations & banks form partnerships to develop a robust funding proposal for 1 potentially CRA-eligible project idea
Community Organizations
- Attend the CRC Roundtables to pitch project ideas to banking representatives
- If projects are accepted by a financial institution, submit a joint commitment, work plan, and project idea to Housing Action Illinois for review
Financial Institutions
- Attend the CRC Roundtables prepared to evaluate and discuss project ideas with community organizations
- If a preliminary agreement with an organization is reached, submit a joint commitment, work plan, and project idea to Housing Action Illinois for review
Develop
Organizations develop a project proposal with active feedback and mentorship from their bank partner, with additional coaching from Housing Action Illinois as needed- Organizations prepare a presentation of their proposal
Community Organizations
- Collaborate with partner bank to develop a project proposal and send proof of dialogue to Housing Action Illinois
- Submit one comprehensive proposal, formatted according to given guidelines, to Housing Action Illinois for feedback and approval
Financial Institutions
- Collaborate with partner organization to develop a project proposal and submit proof of dialogue to Housing Action Illinois
- Submit one comprehensive proposal, formatted according to given guidelines, to Housing Action Illinois for approval
Showcase
Project Showcase allows organizations to present their project proposals to a panel of banks and other decision makers and stakeholders- 5 potentially CRA-eligible projects selected by the panel will receive seed funding
Community Organizations
- Prepare and administer one proposal presentation for panel of potential funders
- If selected for seed-funding, submit one updated project agreement to Housing Action Illinois
Financial Institutions
- Have at least one representative attend project showcase
- If committed to investing in a community organization, submit a single joint project agreement to Housing Action Illinois
Implement
5 potentially CRA-eligible projects implemented with agreed-upon benchmarks and timelines- Housing Action Illinois shares project updates, and provides coaching and administrative support to ensure benchmarks are reached
- Outcomes report published on initial seeded projects
Community Organizations
- Implement project agreement over proposed time frame, while completing all progress reports, maintaining a good relationship with financial partner, and providing updates to Housing Action Illinois
Financial Institutions
- Implement project agreement over proposed time frame by providing the agreed-upon financial investment, feedback, and assistance on organizational benchmarks
Thank you to our sponsoring and participating financial institutions.
Community Revitalization Challenge Sponsors
Community Revitalization Challenge Participants
The following institutions are also members of the CRC Steering Committee
Fifth Third Bank
First Midwest Bank
Hometown Community Banks
Midland States Banks
PNC
US Bank