The article is devoted to the problem of evaluation and selection of investment projects aimed at the development of territorial communities (TC) and take into account the need to pursue the goals of sustainable development at the local level. In the context of decentralization reform, attracting investment funds is the leading activity of local self-government. And to ensure the transparency of management and presentation of its results to the governing bodies of TC need new scientific methods to justify the choice of one or more projects from a variety of alternative solutions. Decision-making taking into account the concept of sustainable development determines the evaluation of investment projects in terms of their effectiveness in finding a balance between social, economic and environmental components. The peculiarity of comparative analysis is taking into account the qualitative assessment, so to make optimal investment management decisions, a model is proposed, developed on the basis of fuzzy logic and implemented using tools Fuzzy Logic Toolbox. The article builds and substantiates an improved fuzzy model for evaluating investment projects for TC development. The improved model is based on a system of 15 quantitative and qualitative indicators of achieving goals in the social, economic and environmental components of the concept and allows for a "soft" assessment of the investment project. This model is used to substantiate the decisions of the TC of Zaporizhzhia region and can be used in the development of decision support systems at the level of TC for quantitative justification of decisions, conducting variant calculation.