1-4 Unit Buildings
Tools to Preserve 1-4s
1-4 unit buildings comprise nearly half of our rental stock. In the wake of the foreclosure crisis, many of those buildings became at risk because of weak demand and less access to credit. The Compact did analysis to identify gaps in the marketplace, and worked with partners to create two new CIC programs to fill those gaps:
A uniquely structured $48 million loan program for responsible investors to redevelop groups of distressed 1-4 unit buildings, and
A $1.5 million acquisition pool to help investors more efficiently assemble these distressed properties.
Together these initiatives have helped improve nearly 1,350 rental units in 1-4 unit buildings. This revitalization also spurred neighbors to improve their properties, driving stronger blocks and neighborhoods, resulting in stronger blocks, and more stability.
Highlight: 2-Flats in High-cost Areas
A substantial portion of Chicago’s naturally occurring affordable housing (NOAH) stock is found in 2-4 unit buildings. These properties are being lost to deconversion and demolition in neighborhoods across the City of Chicago. Preservation of this housing stock is essential and can be driven by a variety of strategies.
A recent presentation outlines some of the key elements the Compact is using to guide these efforts in higher-cost areas.
Interested in learning more about resources and strategies?
- Watch the DePaul Institute for Housing Studies, City of Chicago Department of Housing, and Preservation Compact presentation from the 47th Ward townhall meeting here.
- 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.
Related News
Strategies for Preserving Chicago’s Small NOAH Buildings: Supporting Owners
This is the first in a series of blog posts exploring policies and programs to preserve small naturally occurring affordable (or “NOAH”) properties in Chicago.
How do we support current owners of 2-4 unit buildings?
It can be challenging to own and manage a small rental building. Property owners—both owner-occupants and small non-resident owners—may need extra support to do it well. Supporting existing owners can help […]
Read morePreserving 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 […]
Read more