Developers learn about resources for redeveloping and preserving 1-4 unit rental properties.
The Preservation Compact and several partners hosted this workshop to share resources available for investors who are redeveloping 1-4 unit rental properties. Presentations covered both acquisition-rehab and takeout loan programs, the City’s Micro Market Recovery Program (MMRP), and a new property tax incentive for rehabbed 1-6 unit properties.
Materials and Resources handed out at the event are available for download below.
Powerpoint Presentations (pdf)
Chicago Community Loan Fund
Acquisition/rehab financing for 1-4 unit properties
Neighbhorhood Investor Lending Program
Acquisition/rehab and term financing for 1-4 unit properties
Michael Campanile, 773.854.2900, email@example.com
Community Partner organizations track vacant buildings in each MMRP area. If you are interested in working in one of the neighborhoods, contact a Community Partner for more information about vacant properties.
Tax Increment Financing (TIF) is a special funding tool used by the City of Chicago to promote public and private investment across the city.
Currently CIC is administering three vacant property TIFs to be used for the acquisition and rehabilitation of vacant residential properties consisting of six (6) or more rental units. The six or more residential units can consist of more than one building provided they are in the same TIF area. The TIF funds are a 50-50 program and will cover up to 50% of the purchase and rehabilitation; or just the rehabilitation if you already own the property.
If you own or are purchasing a vacant multi-family building in one of the TIF areas please contact Laura Armgardt at 312-870-9941 or Angela Maurello at 312-870-9917 for further information.
Elevate Energy offers free assessments for 2-4 unit buildings located in the City of Chicago and Will County. They also partner with Chicago Community Loan Fund to offer an Energy Efficiency Loan Option to investors in 2-4 unit buildings. Learn more and sign up for an energy assessment at ElevateEnergy.org.
A new tax incentive for rehabbed, formerly vacant 1-6 unit properties will be available starting January 1, 2015. Download the fact sheet.