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Preservation Compact - Rental Housing Strategy for Cook County |
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Preservation Compact
is a rental housing strategy to reserve the downward trend of the
affordable housing supply by 2020 for Cook County. Guided by the
Urban Land Institute and funded by the John D. and Catherine T.
MacArthur Foundation, the project was created to bring together
leaders from public, private, nonprofit and government sectors to
develop strategies to preserve and improve affordable rental housing
units.
The rental housing action plan consists of 6 keystone initiatives to
preserve and promote affordable rental housing:
- Preservation Fund:
A preservation fund to increase capital flow to properties at
risk of being lost from affordable rental market
- Interagency Council: An Interagency Council composed
of governmental partners key to preservation, to improve
coordination and information flow to preserve at-risk properties
- Rental Housing Data
Clearinghouse: A Rental Housing Data Clearinghouse and early
warning system for buildings facing expiring subsidies or
otherwise at-risk of leaving the affordable rental market
- Energy Severs Program:
An Energy Severs Program to cut operating costs for owners of
affordable rental properties
- Rental Housing Alliance:
A Chicago-area Rental Housing Alliance to help tenants seek new
ownership in at-risk buildings
- Lowered Property Taxes:
Lowered property taxes on multifamily rental buildings to bring
them in line with those on single-family homes and reduce the
burden on both owners and renters
For additional
information visit the
ULI's Website |
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