About Us

Our Principles

Preserving the affordable rental stock is the most cost-efficient and environmentally friendly way to support affordable housing and neighborhood vitality. Collaborating with diverse partners drives results.

Our Priorities

Our Priorities

Unsubsidized, naturally occurring affordable housing (NOAH) comprises the majority of affordable rental housing, and needs investment. The responsible small businesses that own NOAH need support. 

Subsidized, government assisted properties need public agency coordination and targeted preservation efforts. 

Low cost markets and high cost markets both need tailored investments and strategies to preserve affordable units. 

Impact

The Preservation Compact has a strong track record of successfully developing and deploying strategies that preserve affordable rental housing, including:

Creating Affordability in Strong Markets

The Compact initiated a $34 million Opportunity Investment Fund to allow low income renters to have access to affordable rental units in high cost markets.

Developing Preservation Strategies for 1-4 Unit Buildings

The Compact secured resources and helped helped develop and create a $48 million loan program and a $5 million Chicago CDFI Collaborative to redevelop 1,500 units in distressed 1-4 unit buildings.

Expanding Energy Retrofits

Energy Savers, initiated by The Preservation Compact, has financed retrofits on 11,000 units, saving an average of 25-30% on energy bills.

Recommending Building Code Improvements

Based on Preservation Compact recommendations to reduce rehab costs and encourage improvements, the City of Chicago Department of Buildings (DOB) revised the electrical code and piloted a revised plumbing code. DOB estimates the plumbing pilot alone has saved over $34 million for building owners and developers.

Coordinating Public Agencies

Since 2008, Compact partners in the Interagency Council have helped preserve and ensure ongoing affordability of 7,000 rental units.

Creating Property Tax Incentive

The Compact convened statewide partners to craft a proposal that provides meaningful and predictable property tax incentive, which has been introduced as state legislation.

Preservation Compact Background

Ten years ago, a diverse group came together to tackle a critical challenge: preserving affordable rental housing.

The Preservation Compact is a policy collaboration known for driving concrete strategies – and real impact.

Compact partners range from government to developers, from industry to grassroots groups. Partners rely on the Compact as both thinktank and launchpad, to collectively solve problems they can’t take on alone.

Innovative new strategies cover both subsidized, and unsubsidized naturally occurring affordable buildings.

The Preservation Compact is housed at Community Investment Corporation (CIC), a non-profit lender.

Staff

Maggie Cassidy

Maggie Cassidy

Director

312-870-9960

Maggie Cassidy joins the Compact from the City of Chicago, where she worked with both the Department of Planning and the Department of Housing as Director of the City Owned Land System. During her time at the City, Maggie played a key roll in the launching a brand new land sales and information platform, chiblockbuilder.com. This experience taught Maggie the value of relational connections and a collaborative spirit.  

Prior to joining the City, Maggie was a Program Coordinator at Neighborhood Housing Services implementing the Troubled Building Initiative for 1-4 unit properties. Working in Troubled Buildings was a formative experience, shaping Maggie’s understanding of the complexities involved in creating sustainable and thriving communities. 

Partners

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