“Strategies That Work: Preserving Affordable Rental Housing,” describes the strategies The Preservation Compact is using to preserve affordable rental housing in the face of diverging housing markets. In strong markets, low-income renters are being priced out, while weak markets suffer from disinvestment and deterioration. The 831,000 renter households in Cook County make up the backbone of our local economy, and preservation is the most efficient – and affordable – way to keep our rental stock viable and our neighborhoods strong.
For more about Cook County’s renters and rental stock, read The Preservation Compact’s 2012 biannual report, Preserving Chicagoland’s Future.
This report is being released in conjunction with DePaul’s Institute for Housing Studies report, “The State of Rental Housing in Cook County: Understanding Neighborhood Multifamily Lending Trends in the Wake of the Housing Crisis.” The report adds to evidence that Cook County’s low- and moderate-income neighborhoods, which saw the greatest impact from the foreclosure and economic crisis, are still struggling in their aftermath. Access to financing is imperative for preserving multifamily buildings in low- and moderate-income areas.
The Preservation Compact brings together the region’s public, private, and nonprofit leaders to preserve affordable rental housing in Cook County. Since 2007, we have implemented strategies to address ongoing losses in the region’s affordable rental housing stock by reducing operating costs, addressing underserved markets, encouraging investment, and informing the conversation about rental housing. Learn more >>