The Preservation Compact was formed in 2007 to respond to growing losses in the region’s affordable rental housing.
Over 800,000 rental units provide housing for four of ten families in Cook County – nearly 2 million people. These homes, most of which receive no government assistance, play a central role in the region’s $320 billion economy and are as critical to its infrastructure as the region’s highways, transit systems, schools, and industrial parks.
In the current market, rents needed to support new construction of apartment buildings are not affordable to working families. To ensure an adequate supply of rental housing in the future, we need to find ways of preserving the units we already have.
Within the Preservation Compact, leaders from a variety of disciplines and expertise come together to identify our most pressing affordable rental housing problems, devise solutions, and then implement the on-the-ground strategies that can assist developers, owners, tenants, government officials and nonprofit organizations in ensuring safe, affordable housing far into the future.
For more, read The Preservation Compact’s 2014 report, Strategies That Work: Preserving Affordable Rental Housing.