Single Room Occupancy (SRO) resource guide

Single Room Occupancy owners need support!

The Preservation Compact works directly with property owners and managers of Single Room Occupancy (SRO) housing units. SROs are a critical, but often overlooked, element of the affordable housing landscape in Chicago. Below are resources to support the affordability and quality of this valuable housing stock.

Programs, incentives, and resources are available right now:

Reduce Property Taxes: Affordable Housing Special Assessment Program

The new Cook County property tax incentive offers a 15 to 35% reduction in assessed value when owners invest in their building and hold a portion of the units affordable.

Learn about the Affordable Housing Special Assessment Program

Get ready to submit your application by watching our “How to Apply” webinar

Apply today!

Add New Basement Units: ADU Pilot Program, CIC Construction Financing

The City’s ADU Pilot Program expands the ability to add (or legalize existing) basement units. CIC loan products can finance ADU construction or rehab in multifamily buildings.

Learn how to add a basement unit to your multifamily building or legalize an existing nonconforming unit.

Apply for pre-approval and find out more on the City of Chicago ADU website

Save Money on Rehab: Plumbing Code Changes, Other Building Code Relief

Preservation Compact leadership on common-sense plumbing code changes expanded the use of PVC and CPVC in rehab, saving owners more than $38 million.

Explore code updates and learn how owners have saved money on rehab.

Learn about plumbing code relief and other programs on a free upcoming webinar!

Lower Energy Costs: Energy Efficiency Incentives

Utility programs provide free upgrades. CIC’s low-cost energy efficiency financing can cover even more cost-saving energy-efficiency retrofits.

Get free upgrades to lower your energy costs.

Finance additional improvements with low-cost energy efficiency loans

Learn about energy efficiency incentives on a free upcoming webinar!

Access other Incentives and Programs

Make your equity go further with low-cost mezzanine debt

Get more money for rehab with TIF Purchase-Rehab Program grants.

Learn about CIC products and the incentives CIC administers.

Want more? Watch a free on-demand webinar that covers CIC’s lending products and incentives. (Passcode is Lend2022!)

Learn about Naturally Occurring Affordable Housing (NOAH): NOAH Clearinghouse

Chicago Low-Income Housing Trust Fund

This program seeks to fund rental subsidies in properties throughout the City of Chicago that will provide safe and well-maintained housing to Chicago’s low-income citizens. It is property owners that apply to the Trust Fund to participate in the Rental Subsidy or Multi-year Affordability through Upfront Investment (MAUI) programs. Property owners then lease units to income-qualified households.

Learn about trainings, financial resources, and key dates for owners

The Housing Choice Voucher (HCV) program

This program is the federal government’s major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.

Housing vouchers – how do they function?

Everything you need to know about the Housing Choice Voucher program can be found here