Interagency Council / Rental Housing Alliance Team Up to Save Units

A Working Group, formed by the Interagency Council and Rental Housing Alliance has been collaborating closely to assess at-risk properties and develop preservation strategies. Working together makes it possible for these two Keystones to intervene earlier, and solve problems before they become crises.

The Working Group has identified a targeted list of 5-10 properties where they are actively coordinating intervention strategies to preserve project-based Section 8 contracts. The Working Group is also targeting policy changes needed for buildings with both project-based Section 8 and non-Section 8 units with expiring use restrictions, in order to maintain affordability when use agreements expire in the next 1-3 years (“BMIR” properties).

Other Interagency News

Meetings with Owners

The Interagency Council has also been meeting with individual owners to discuss their buildings and preservation strategies generally. In addition, the Interagency Council presented a workshop in early June (along with the Center for Neighborhood Technology and the Director of Chicago’s HUD Preservation Office) about new green funds, including $250 million for project-based Section 8 buildings, and other programs. Additional workshops are planned. It also convened a focus group with owners to discuss the structural challenges of the Low Income Housing Tax Credit (LIHTC) program, and ways to preserve affordable housing with fewer transaction costs and layers of assistance.

Suburban Cook County

Finally, the Interagency Council is working with Cook County, the Metropolitan Planning Council (MPC) and other partners to develop a program for multifamily preservation activity in suburban Cook County with HOME funds, project-based assistance (through MPC’s Regional Housing Initiative program) and the Preservation Compact’s Energy Savers Program.

Other Keystone News

Two Keystone Organizations Receive MacArthur Awards

The Center for Neighborhood Technology and the Chicago Community Loan Fund recently received the MacArthur Award for Creative and Effective Institutions. The award recognizes highly creative and effective organizations that have made a remarkable impact in their fields, driving significant change on a modest budget. “These organizations may be small but their impact is tremendous,” said MacArthur President Jonathan Fanton. Congratulations to two of our outstanding keystone partners! See a complete list of award winners>