Local foundations to help Chicago's Olympic bid

A group of Chicago foundations plan to offer $3.5 million in grants to help neighborhoods affected by Chicago's bid for the 2016 Summer Olympics.

The John D. and Catherine T. MacArthur Foundation, the Chicago Community Trust and the McCormick Foundation plan to put in $1 million each. The smaller Polk Bros. Foundation will add $500,000.

The money could go toward housing, tourism or job training for neighborhoods on the city's South and West sides.

Some of those neighborhoods could be affected by traffic and temporary buildings used for competitions and athlete housing. Chicago's one of seven cities vying for the Olympics.

The International Olympic Committee will select the host city in October 2009.