Cook County Has Been Losing Affordable Rental Housing at a Steady Rate

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Cook County Has Been Losing Affordable Rental
Housing at a Steady Rate
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• The Situation is Critical
• If present trends continue, two units will be
  lost
• for every one built
• Shortfall of 78,000 units by 2020

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Multiple Causes Impact Affordable Rental
Supply ? Condo conversions demolition ?
Expiring subsidies, gaps in funding ? Lack of
coordinated response ? High energy costs,
property taxes
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• Preservation Compact Goals
• Preserve 75,000 units of affordable rental
• housing in Cook County by 2020
• ? Accelerate housing preservation activity

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• Preservation Keystones
• ? Interagency Coordinating Council
• ? Data Clearinghouse
• ? Energy Efficiency Program
• ? Rental Housing Alliance
• Property tax improvements
• ? Preservation Fund

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• Interagency Council
• Chicago Dept. of Housing Illinois Housing
  Development Authority HUD Cook County
  Government
• Meets monthly to share information and coordinate
  activity
• Identified 100 properties requiring preservation
• ? Developing systems to match sellers with
  developers interested in affordable preservation

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• Data Clearinghouse
• Real Estate Center at DePaul University
• Issued first comprehensive report on the State of
  Rental Housing in Cook County last June
• ? New report on the assisted housing inventory
  due this Spring
• Developing new data to analyze private market and
  create early warning system for at-risk properties

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• Energy Savers Program
• One-stop energy program
• Center for Neighborhood Technology Community
  Investment Corporation
• 400 energy audits to date 1,500 by end of the
  year
• Flexible financing packages resulting in energy
  savings of 30 for at least 1,000 units in 2008

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• Rental Housing Alliance
• Education and training for tenants and
  communities with at-risk buildings
• Legal and technical assistance to assist tenants
  in ongoing preservation transactions
• Coordination with public agencies and other
  keystones
• Chicago Rehab Network Sargent Shriver National
  Center on Poverty Law

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• Lowered Property Taxes
• Tax reductions for owners who substantially
  improve or preserve
• Cook County Assessors Office

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• Preservation Fund
• Up to 100 million to preserve and improve
  affordable rental properties
• Short to mid-term interim loans for new
  preservation buyers to quickly purchase and
  improve at-risk buildings Early Summer 2008
• Smaller, low-cost loans and grants for long term
  owners to maintain existing rental properties
  Spring 2008

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• Wrap-Up
• 75,000 units preserved by 2020
• Public/Private sector partnership
• Comprehensive approach

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