Past Events

1-4 Unit Rental Redevelopment Resources

November 6, 2014
222 South Riverside Plaza, First Floor

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.

Event Materials:

Event Program

Powerpoint Presentations (pdf)

Loan Programs

Community Investment Corporation
Take out financing for groups of 1-4 unit properties
1-4 Unit Rental Redevelopment Loan Program
Fact Sheet

Chicago Community Loan Fund
Acquisition/rehab financing for 1-4 unit properties
Neighbhorhood Investor Lending Program

ABC Bank
Acquisition/rehab and term financing for 1-4 unit properties
ABCBank.net
Michael Campanile, 773.854.2900, mcampanile@abcbank.net

Micro Market Recovery Program

Maps of the MMRP areas are available on the City’s website.
MMRP Community Partner contact list

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.

TIF Purchase Rehab Program

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.

Maps:

TIF Purchase Rehab Map Overview
Chicago/Central Park TIF
Division/Homan TIF
Humboldt Park TIF

Energy Assessments

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.

Property Tax Incentive

A new tax incentive for rehabbed, formerly vacant 1-6 unit properties will be available starting January 1, 2015.  Download the fact sheet.