New Rental Property Tax Relief!

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New NOAH Preservation Lab and NOAH Clearinghouse!

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Together we are
changing communities.

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We are fiercely committed
to preserving affordable
rental housing.

How it works

Why preservation?

Preservation is cost efficient and sustainable – new construction can cost more than $300,000 per unit, while apartments in the private market can be rehabbed and preserved for under $60,000 per unit. New construction requires all new materials, while preservation is environmentally sustainable and strengthens the solid rental stock that already anchors Chicago and Cook County.

The Preservation Compact drives intentional, concrete strategies that preserve affordable rental housing. The Compact and our partners have helped to create real preservation solutions and a lasting policy framework. Learn more about the Compact’s guiding principles and priorities.

Our strategies

High Cost Market Incentive

Research proves that kids who live in higher income neighborhoods do better. Yet high rents keep many families out. The Preservation Compact pioneered a new fund to create affordability in these neighborhoods – without waiting years for expensive new-construction.

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Basement Units

Basement units are naturally affordable. Making it easier to add these units may also help discourage deconversions of 2-flats, and improve stability of owner-occupants of 2-flats. Preservation Compact and partners are delving into strategies to do just that.

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Interagency Council

Without government coordination, existing government assisted buildings can fall between the cracks, losing affordability forever. The Preservation Compact brings government and tenant stakeholders together to identify and preserve buildings before the crisis hits.

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Tax Incentive

Property taxes drive rent levels. With industry and community partners, the Compact proposed a new state tax incentive to spur long-term rental affordability. Careful Compact analysis shows effects across different neighborhoods – with minimal fiscal impact.

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Building Code

Costs associated with local building codes can drive whether rental buildings get rehabbed or not. Compact recommendations led to new City of Chicago policies to decrease plumbing and electric costs – while also keeping buildings safe and strong.

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Energy Retrofits

Improving energy efficiency helps affordability, livability, and the environment. The Preservation Compact launched the Energy Savers program – a one-stop shop and attractive financing – to encourage owners to retrofit their buildings.

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1-4 Unit Buildings

Buildings with 1-4 units comprise over half of the rental stock. After the market crash, blighted 1-4s threatened the viability of entire blocks. The Compact uncovered a solution for responsible investors: a new $48 million loan pool, alongside a $1.5 million acquisition pool.

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1-4 Unit Buildings

Strategies for NOAH PreservationNew research funded by the Chan Zuckerberg Initiative Research Project Overview In partnership with the <a href="https://www.housingstudies.org/" title="https://www.housingstudies.org/">Institute for Housing Studies at DePaul University</a>, <a href="https://www.preservationcompact.org/" target="_blank" rel="noreferrer noopener">The Preservation Compact</a> was awarded $250,000 by the <a href="https://chanzuckerberg.com/justice-opportunity/housing-affordability/">Chan Zuckerberg Initiative</a> to launch a new and innovative research project focused on market-based strategies […]

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News

HUD’s Green and Resilient Retrofit Program (GRRP) Updates

HUD’s Green and Resilient Retrofit Program (GRRP) provides once-in-a-lifetime funding to invest in energy efficiency and climate resiliency retrofits in HUD-assisted Multifamily housing, improving the quality of the units for tenants and reducing utility costs for owners.

Last month, HUD published changes to offer more flexibility and clarity for applicants, including increasing disbursement amount during the project construction period for all programs, providing clarity on […]

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The Preservation Compact Welcomes Maggie Cassidy!

  

I am honored to assume the role of Preservation Compact Director at Community Investment Corporation (CIC), and I am excited to share a bit about my journey and the experiences that have shaped my approach to housing and community development.

I officially began my position in the first week of December, coming to the Compact from the City of Chicago, where I worked with both the […]

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Chicago SRO Listings

The City of Chicago has received a Notice of Intent to Sell or Transfer Property in accordance with the Single-Room Occupancy Preservation Ordinance for the properties below:

Building address: 2701 N Clark180-day notice period expires on 07/08/2024Unit Count: 48+ commercial storefrontSeller is actively looking for an affordable buyer. 

Interested parties should contact: 

dawn.overstreet@svn.com617-817-6466

___________________________________________________________________

Building address: 3919-21 Fullerton Ave*180-day notice period expires on 03/12/2024Unit Count: 67 units and 1 commercial spaceSeller is actively […]

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