Preserving 2-Flats in High Cost Areas

Last week, drawing from her experience participating in the Chicago Flats Initiative, Emily Bloom-Carlin, Senior Program Officer at The Preservation Compact, presented at a meeting organized by Alderman Matt Martin on strategies for preserving naturally occurring affordable housing (NOAH.)

In the 47th Ward, which Alderman Martin represents, a substantial portion of the NOAH stock is found in 2-4 unit buildings. These properties are being lost to deconversion and demolition in neighborhoods across the City, and the 47th Ward is an epicenter of this activity.

The presentation focused on:

• Resources to support current owners of 2-flats and other types of naturally occurring affordable housing in the Ward,
• Programs that could help preservation buyers compete in fast-moving market transactions, and
• Policies that could improve our data on demolitions and deconversions.

Compact partners Geoff Smith, Executive Director of the Institute for Housing Studies at DePaul University, and Daniel Kay Hertz, the Director of Policy at the Chicago Department of Housing also participated.

Review the slides here, and view a recording of all three presentations is here.

Interested in learning more?

• Read about the Chicago Flats Initiative (CFI), a coalition led by Communities United and Neighborhood Housing Services of Chicago. CFI is focused on preserving 2-4 unit buildings throughout Chicago. The Preservation Compact is proud to be a member of CFI.
• Check out The Compact’s work on 1-4 unit buildings. After the financial crisis, The Compact worked with partners to create new programs to stabilize distressed 1-4 unit properties. These initiatives have helped preserve nearly 1,350 rental units in 1-4 unit buildings since 2008.
• Explore how basement units and other types of ADUs can help create and preserve affordable housing in small and mid-sized NOAH buildings, including 2-flats.