PRESERVING AFFORDABLE RENTAL HOUSING
In the Chicago region, the MacArthur Foundation is breaking barriers by funding the Preservation Compact, an Urban Land Institute project that will save at least 75,000 existing affordable homes in Cook County by the year 2020.
The compact is working to create more responsive and flexible financing from investors, expedited approvals or tax incentives from the public sector and creative development strategies both from for-profit and nonprofit developers.
One recent victory involved the Lorrington Apartments in Chicago’s Logan Square neighborhood, which has been affordable since 1985. The building owner’s Section 8 contract was expiring, and he was ready to sell.
With housing costs steadily rising in the popular neighborhood, the classic building’s 54 units could have easily been sold to a for-profit condo conversion developer.
But a combination of public, private and nonprofit agencies preserved them as affordable. The nation’s largest nonprofit developer, bought, rehabilitated and now manages the building – with a contract ensuring affordable rental prices through 2027.
No comments:
Post a Comment