Preservation Fund

Funds are being assembled for the $50 million Preservation Loan Fund, which will provide bridge financing to acquire and hold at-risk properties while long-term financing is assembled. The Preservation Loan Fund will be up and running by early Summer 2008. The grant application for the Property Stabilization Fund is nearly complete and funding sources will be finalized next month.  It is anticipated that this program will be operational by Spring 2008. This fund is intended to provide smaller, low-cost loans for responsible, long-term owners to maintain existing affordable rental properties. 

Interagency Council

The Interagency Council has narrowed the original list of 400 Cook County HUD-assisted properties down to 100 properties based on expiration and type of subsidy.  They are evaluating those properties to assess at-risk status, and are meeting with community organizations to determine the best preservation strategies.

At the same time, the Interagency Council is developing a mechanism to match owners interested in selling their affordable properties with developers interested in preservation. 

Interagency Council staff is working with suburban Cook County Councils of Government and the Community Investment Corporation (CIC) to develop an effective outreach and preservation strategy for the range of submarkets in suburban Cook County.

Data Clearinghouse

The Housing Data Clearinghouse’s research team has begun analyzing data to explore changes in neighborhood rental market dynamics. To further that effort, a pilot data gathering process is underway to collect data in selected neighborhoods in preparation for field work this Spring which will examine characteristics of the housing stock.  Data being reviewed includes Census and previous neighborhood studies. The background data will be followed by a property survey to assess condition and information on use and other characteristics of the properties.

Work is beginning on the design of a website to share information from the data gathering process.

Work is underway on a report that will be issued this summer on the assisted housing inventory including HUD programs and Low Income Housing Tax Credits.  The report will show the numbers and locations of these units as well as expiration dates for subsidy.

Housing Data Clearinghouse staff continues to talk to a number of private, public, and nonprofit groups to explain the scope of the data being gathered and to request assistance with data collection efforts.

Energy Savers Program

As of this month, the Center for Neighborhood Technology (CNT) has completed energy audits on more than 500 units and anticipates completing audits on a total of 1,500 units in 2008.  CNT is working closely with the Community Investment Corporation (CIC) which is accepting applications for the financing of energy improvements that are recommended through the audits.  CIC has begun a number of marketing efforts for the Cook County Energy Savers Loans.

The Grand Victoria Foundation has given CIC a $1,000,000 grant to support energy saving improvements for rental buildings in Suburban Cook County that are participating in CCES.  This funding enables CIC to offer financing at one half of the prime rate.   

Rental Housing Alliance

Effective tenant organizing has contributed to the preservation of Grove Parc. Working in alliance with tenant leaders and community groups, the Shriver Center continued to advocate for the preservation of Grove Parc, a 504-unit, project-based, Section 8 property in the Woodlawn community.  Due in part to the efforts of the Rental Housing Alliance, POAH (Preservation of Affordable Housing), a nonprofit organization based in Boston, has taken over management of Grove Parc as of Jan. 15. 2008.  HUD and POAH are working together to determine the long term feasibililty for permanent ownership.  The Shriver Center has been working in the community to advocate for the preservation of Section 8 in Grove Parc.

In early January, the Shriver Center presented a day-long overview of federally subsidized housing and related preservation strategies. 

Over the past few months, the Chicago Rehab Network (CRN) has participated in numerous forums to highlight preservation including a housing preservation presentation at the IHDA Conference and meetings with the West Side Ministers, the Chicago Association of Realtors, and the Housing and Real Estate Committee of the City of Chicago.  Meetings on preservation-related topics were also convened in Springfield with elected officials and with preservation owners.

CRN has held 8 training sessions with community-based organizations on preservation issues and on the formation of tenant associations.  In addition, a written curriculum for organizing around preservation that was piloted in late 2007 is being finalized, with plans to offer training in Spring 2008.

Finally, CRN is working under contract with IHDA to write the Illinois Preservation Manual for tenant leaders, community organizations, and owners.

Lower Property Taxes

In 2008, the Assessor’s Office will be seeking a change in the rehabilitation requirements of the Class 9 Incentive program.  In January 2008, the Assessor’s Office published a paper in the Journal of Property Tax Assessment and Administration that discusses highlights of research conducted by the Assessor’s Office on assessment practices in large jurisdictions with respect to affordable housing.