February 24

City of Chicago Announces Code Relief for Multifamily Rehabs

Preservation Compact partners BPI and Neighborhood Building Owners Alliance (NBOA) worked together to identify changes to the building code to generate real savings for multifamily rehabs. In response to our recommendations, the City of Chicago is providing administrative relief to allow flexible conduit on the electric side, as well as sensible relief on the energy code, lighting and ventilation. Follow these links to the […]

December 29

Donation Tax Credit Renewed!

Last week, the Governor signed SB 2921 renewing the Illinois Affordable Housing Tax Credit (or Donation Tax Credit). Many thanks to all who advocated for this valuable financing tool to preserve affordable housing. Congratulations to Chicago Rehab Network, who led the effort to extend the Donation Tax Credit for another five years. What a great way to start the new year off right! […]

December 15

Preservation Spotlight

NHP Foundation, a non-profit real estate organization, acquired the historic Hotel Covent with financing from Community Investment Corporation (CIC) and Chicago Community Loan Fund (CCLF). Hotel Covent, located at 2653 N. Clark St., is a 64 unit single room occupancy (SRO) building with 7 retail storefronts in Lincoln Park. We congratulate our partners in preserving quality affordable housing in one of Chicago’s strongest markets. To […]

November 21

HUD Rule on Small Area Fair Market Rents

HUD issued a final rule requiring public housing agencies in designated areas, including Chicago, to administer their Housing Choice Voucher programs using Small Area Fair Market Rents (SAFMRs). The intent is to provide voucher payment standards that better align with neighborhood-scale rental markets, but it may also have the unintended consequence of lowering payment standards in low-income communities. Project-based voucher properties are exempt […]

November 14

Preservation Compact Partner Featured in Chicago Tribune

The work of Chicago Metropolitan Housing Development Corporation (CMHDC) to acquire and preserve affordable units in gentrifying areas was featured in the Chicago Tribune. With financing from Enterprise Community Partners, CMHDC has purchased 41 apartment units in 19 buildings in the Albany Park, West Ridge, North Park, Irving Park and Belmont-Cragin neighborhoods with the aim to buy an additional 45 units in the next year. […]

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