Preservation Compact Finishes 2021 with Passage of Affordable Housing Property Tax Incentive, Creation of National NOAH Repository, and Preservation of Nearly 1000 Affordable Rental Housing Units
Preservation Compact and its partners produce groundbreaking results to advance affordable housing policy by creating real preservation solutions and a lasting policy framework.
Chicago, IL – Today, the Preservation Compact (the Compact) announced groundbreaking outcomes in developing and enhancing strategies for addressing complex housing affordability problems in the Chicago region. Highlighting ongoing growth across the organization’s policy, research, and cross-collaborative efforts with national, regional, and local partners, the Compact developed a unified website with government partners to provide a one-stop-shop for emergency rental assistance (ERA) resources, led efforts to create and pass a new statewide property tax incentive, and launched a new Naturally Occurring Affordable Housing (NOAH) Clearinghouse that features NOAH preservation strategies and resources from around the country.
“The Preservation Compact saw years of work pay off with the passage of concrete affordable rental policies, thanks to strong community partners and our collective, relentless pursuit of preserving affordable rental housing,” said Stacie Young, President, and CEO of the Community Investment Corporation. “In doing so, we have achieved real impact, along with a new level of versatility, and we will continue to use every resource at our disposal to reach our affordable rental preservation goals.”
Among the most notable outcomes is the recently signed Affordable Housing Property Tax Incentive: A landmark new statewide property tax incentive for affordable rental housing. Codifying a statewide multifamily property tax incentive proposal developed by The Preservation Compact, alongside many partners, including Housing Action Illinois, Illinois Housing Council, Metropolitan Planning Council, and Enterprise Community Partners, this law is scheduled to launch in early 2022.
To complement its traditional housing preservation work, The Compact worked tirelessly to support equitable recovery from the COVID-19 pandemic. Among other activities, The Compact convened government agencies from Illinois, Cook County, the City of Chicago, and community partners weekly to discuss best practices about federal policy, process, and Emergency Rental Assistance program creation.
An essential product of this collaboration was a website providing clear information on available ERA programs. Since its launch in March, the site has helped more than 134,000 unique visitors understand state and local ERA programs.
As a result of its leadership on ERA, The Compact was selected to participate in the National Low-Income Housing Coalition’s ERASE Project. The project is a national cohort of state and local partners working to ensure that ERA funds reach renters and small rental property owners with the greatest need for assistance.
“We recognize one of our strongest assets is our network of stakeholders, and their dedication to this work underscored the Compact’s success,” said Dunni T. Cosey Gay, who is the newly appointed Director of the Preservation Compact. “COVID-19 has exacerbated an existing affordable housing crisis that predates the pandemic and is causing deep disparities threatening the strength of an economic recovery. Our goal is to continue advancing policy frameworks that contribute to recovery and sustainability of affordable housing.”
The Compact welcomed Dunni Cosey Gay as its new Director in November 2021. Cosey Gay brings more than two decades of experience in the non-profit and government sectors.
Learn more about the Compacts 2021 highlights:
- Preservation of Government Assisted Affordable Rental Housing: 746 units in at-risk subsidized housing properties
- Creation of National NOAH Repository: the first national repository of strategies and resources for preserving Naturally Occurring Affordable Housing (NOAH)
- Building Code: The City of Chicago amended the changes to the Chicago Plumbing Code passed by the City Council in October, based on lessons learned from the Alternative Plumbing Materials Pilot Program. The Pilot was developed based on recommendations from the Compact and partners.
Founded by the MacArthur Foundation to tackle the critical challenge of preserving affordable rental housing, the Compact serves as a national model for public, private, and community institutions. The Compact has been housed at Community Investment Corporation, a non-profit CDFI lender, for the past decade. The Compact is proud to convene partners in government, mission-driven and for-profit developers, community-based organizations, civic groups, and other organizations to drive solutions that preserve affordable rental housing in the Chicago area.
A complete list of partners and 2021 accomplishments is available on Compact’s website.