Why preservation?
Preservation is cost efficient and sustainable – new construction can cost more than $300,000 per unit, while apartments in the private market can be rehabbed and preserved for under $60,000 per unit. New construction requires all new materials, while preservation is environmentally sustainable and strengthens the solid rental stock that already anchors Chicago and Cook County.
The Preservation Compact drives intentional, concrete strategies that preserve affordable rental housing. The Compact and our partners have helped to create real preservation solutions and a lasting policy framework. Learn more about the Compact’s guiding principles and priorities.
Our strategies
Research proves that kids who live in higher income neighborhoods do better. Yet high rents keep many families out. The Preservation Compact pioneered a new fund to create affordability in these neighborhoods – without waiting years for expensive new-construction.
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Basement units are naturally affordable. Making it easier to add these units may also help discourage deconversions of 2-flats, and improve stability of owner-occupants of 2-flats. Preservation Compact and partners are delving into strategies to do just that.
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Without government coordination, existing government assisted buildings can fall between the cracks, losing affordability forever. The Preservation Compact brings government and tenant stakeholders together to identify and preserve buildings before the crisis hits.
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Property taxes drive rent levels. With industry and community partners, the Compact proposed a new state tax incentive to spur long-term rental affordability. Careful Compact analysis shows effects across different neighborhoods – with minimal fiscal impact.
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Costs associated with local building codes can drive whether rental buildings get rehabbed or not. Compact recommendations led to new City of Chicago policies to decrease plumbing and electric costs – while also keeping buildings safe and strong.
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Improving energy efficiency helps affordability, livability, and the environment. The Preservation Compact launched the Energy Savers program – a one-stop shop and attractive financing – to encourage owners to retrofit their buildings.
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Buildings with 1-4 units comprise over half of the rental stock. After the market crash, blighted 1-4s threatened the viability of entire blocks. The Compact uncovered a solution for responsible investors: a new $48 million loan pool, alongside a $1.5 million acquisition pool.
Learn moreStrategies for NOAH PreservationNew research funded by the Chan Zuckerberg Initiative Research Project Overview In partnership with the <a href="https://www.housingstudies.org/" title="https://www.housingstudies.org/">Institute for Housing Studies at DePaul University</a>, <a href="https://www.preservationcompact.org/" target="_blank" rel="noreferrer noopener">The Preservation Compact</a> was awarded $250,000 by the <a href="https://chanzuckerberg.com/justice-opportunity/housing-affordability/">Chan Zuckerberg Initiative</a> to launch a new and innovative research project focused on market-based strategies […]
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Webinar – Market Data Insights for NOAH Preservation
Wednesday, November 13th at 12:00 pm, join The Institute for Housing Studies (IHS) at DePaul University, The Preservation Compact, and DataMade for a webinar about the new mapping tool designed to facilitate evidence-based decision-making in preservation strategies for affordable multifamily rental housing, often referred to as naturally occurring affordable housing or NOAH. In this webinar, we’ll explore:
The research project […]
Read moreEvent – Emerging Strategies to Preserve Unsubsidized Affordable Rental Housing
On October 2, 2024, the Preservation Compact, The Institute for Housing Studies (IHS), and The Real Estate Center at DePaul University partnered to present an exploration of innovative and effective strategies to preserve unsubsidized affordable rental housing, often referred to as naturally occurring affordable housing, or NOAH, featuring panels that highlighted:
Diverse Market Solutions: Practitioners across different […]
Read moreYou’re Invited!
Join us for a day of interactive discussions with housing and finance industry leaders to discuss innovative strategies to preserve naturally occurring affordable housing (NOAH) presented in partnership with the Institute for Housing Studies (IHS) and the Real Estate Center at DePaul University.
At this event, you will hear from cross-sector partners about investment strategies to help you gain practical insights into tools […]
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