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Seven Preservation Keystones
Data Clearinghouse
Energy Savers Program
Property Tax Improvement
Interagency Council
Rental Housing Alliance
Preservation Fund
Suburban Initiative
Data ClearinghouseAdministrator: Institute for
HousingStudies at DePaul University
Purpose: Provide information toguide public policy and allocationof resources
Collect and provide data related to Cook County housing market
Especially affordable rental housing data
Research and analysis
Data Clearinghouse AccomplishmentsData CollectionHousing price index Rent index Vacancy index Foreclosure dataMultifamily inventory Assisted housing inventoryProperty-level mortgage data
Research/ReportsRental market overview Supply and demand projectionsRent and vacancy reports Community area profilesCensus reports
Technical Assistance Response to data requests (e.g. public agencies, lenders,developers)
Website Dynamic mapping capability
User driven queries to be added this year
Data Clearinghouse Examples
Mapped CHA areas and aging HUD LIHTC properties to identify preservation opportunities
Mapped and listed LIHTC, HUD and CIC properties most likely to need green retrofits
Mapped assisted properties surrounding Grove Parc
Linking large datasets is complex, which sometimes slows analysis
Connecting to housing practitioners and other stakeholders to ensure
research is useful
Data Clearinghouse Challenges
Energy Savers ProgramAdministrator: Center for NeighborhoodTechnology & Community InvestmentCorporation
Purpose: Reduce operating costs inmultifamily buildings by decreasing
energyconsumption
Target – Lower energy costs by 30%
Energy Savers Program ActivitiesEnergy audits
Flexible financing packages
Outreach to owners via meetings, webinars, conferences, etc.
Nearly 13,000 units audited & 4,500 apartments retrofitted
3,100 units self-financed
1,400 units financed through Energy Savers fund
(55 loans and grants totaling $4 MM)
30% annual savings
$10,000 in annual utility bill savings for typical 24-unit building
Energy Savers Program Accomplishments
Energy Savers Program Example25 Units, 7234 S. Constance
Cost of Improvements (financed by Energy Savers Fund)
$12,400 – Air Sealing and Insulation$26,000 – Replace Boiler
Savings
$8,890 per year30% reduction in gas bills
Payback in 4.5 years
Energy Savers Program Challenges
Subordinate position of energy loan limits access to capital; prohibited by
some first mortgage holders
Funding for audits limited to utility contracts with CNT
Reaching owners with multi-buildingportfolios
Property Tax ImprovementAdministrator: Cook County Assessor’s Office
Purpose: Reduce cost of property taxes in multifamily rental
housing
Analyze success of Assessor programs to reduce multifamily property taxes
Raise awareness of Assessor programs to preserve affordable rental housing
Property Tax Improvement ActivitiesDeveloped and mobilized support for 2009 county legislation restructuring property tax assessment classifications
Property Tax Improvement Accomplishments
2009 legislation restructured property tax assessment to two basic classifications10% - all residential property (multifamily phased in over 3 years)25% - everything else
Publicize affordable housing programs Class 9“Income approach”
Property Tax Improvement Example4822 N. Hermitage, 39 Units
Year 2008 2009 2010
Rate 20% 16% 13%
AssessedValue $149,807 $146,065 $118,678
Tax 1st -- $11,819 $12,527
Tax 2nd -- $10,957 --
Property Tax Improvement ChallengesReports of inconsistent impacts of classification changeUnderstanding Assessor’s approach to valuation
Understanding value of existing tax reduction programs
Outreach to new Assessor
Interagency CouncilAdministrator: Institute for Housing Studies at DePaul
Purpose: Convene government agencies to identify at-risk
properties and develop joint solutions around preservation
Chicago Dept. of Housing & Economic Development
Illinois Housing Development Authority HUD Cook County Government
Interagency Council ActivitiesIdentify and track at-risk properties
Develop strategies to address targeted propertiesImprove preservation policies and programs at local, state and national levels
Convene owners to inform and solicit feedback
Interagency Council AccomplishmentsMaintain dynamic list of at-risk properties: actively track 15 properties, 2,900 units
Improved preservation policies H
UD – proactive outreach to owners of at-risk properties
IHDA – emphasized preservation in QAP
City of Chicago – renewed outreach to
owners under Preservation Ordinance
Convened preservation conference for over 200 owners; held several resource workshops
Interagency Council ExamplesPreservation of project-based Section 8 3 buildings, 145 units
South Side of Chicago
Fannie Mae 1st mortgage
Partnership of HUD; CIC/CII; City of Chicago; Shriver Center
Weatherization Resources 2,000 government assisted units, $6.5 MM
800 unassisted units completed
2,000 additional units in pipeline
Interagency Council ChallengesBetter align resources with preservation priorities
General policies
Specific buildings targeted for preservation
Rental Housing AllianceAdministrator: Chicago Rehab Network & Sargent Shriver
National Center on Poverty Law
Purpose: Provide tools to help residents preserve the affordable buildings in which they live
Focus on properties with expiring subsides and/or deteriorating conditions
Rental Housing Alliance Activities
Public outreach, education and training
Legal representation and technical assistance
Coordination with public agencies
Rental Housing Alliance Accomplishments Research and technical support to 152 properties with 21,000 units
Represented 24 buildings with more than 5,000 households
Preservation advocacy and communication
Rental Housing Alliance ChallengesOwner disinvestment
Negligent owners
Owners who are selling stop maintaining properties
Lack of capacity amongtenant-owned cooperatives
Preservation FundAdministrators:
Community Investment Corporation/ Community Initiatives Inc. (CIC/CII)
Chicago Community Loan Fund (CCLF)
Local Initiatives Support Corporation/Chicago (LISC)
Purpose: Provide financing for acquisition and
pre-development
Preservation Fund ActivitiesCIC/CII: Acquisition and disposition of troubled buildings
CCLF: High risk pre-development loans
LISC: Loans for quick acquisition of at-risk buildings
Preservation Fund Accomplishments
CCLF: $2.6 MM in pre-development loans for 7 properties with 1,527 units (Supported by a $500,000 loan loss reserve provided by MacArthur)
LISC: Raised $30.6 MM for Acquisition Fund. (Credit enhanced by $10 MM from MacArthur and $3 MM from City)
Committed $2.9 MM for POAH’s Grove Parc redevelopment (504 units in 26 buildings)
CIC/CII: PRI from MacArthur has leveraged $11 MM in mortgage acquisitions, covering 28 buildings with 783 rental units
Preservation Fund ExamplesCIC/CII: Envoy West Apartments 212 units, 6 buildings on Chicago West Side
Purchased $9 MM Fannie Mae mortgage for $2.1MM;Foreclosed & transferred properties; Currently under rehab
CCLF$265,000 predevelopment loan for 312-unit at tenant-owned, affordable housing in Douglas
Preservation Fund Challenges
Redefine Acquisition Fund to meet today’s needs, e.g. rental in 2- to 4-unit buildings
Make acquisitions a strategic part of community redevelopment
Suburban InitiativeAdministrator: Metropolitan Planning Council
Purpose: Expand the presence and impact of ThePreservation Compact in the suburbs
Utilization of existing Keystones in suburban areas
“On the ground” work with municipal leaders, developers, owners
Larger policy and advocacy work
Suburban Initiative ActivitiesIntegrate rental preservation into four existing municipal collaborations
Convene outreach events with mayors for multi-family owners
and managers
Encourage expansion of Employer Assisted Rental Housing
Advance public policy incentives and resources for preservation efforts, e.g. Regional HousingChoice Voucher pilot
Suburban Initiative AccomplishmentsSecured funding and support for towns to work collaboratively and advance multifamily component
Secured HOME funds and streamlined process for multifamily rental preservation in suburban Cook
Briefed multifamily owners representing 6,000 apartments in west and northwest Cook County
Suburban Initiative Examples25-unit rehab underway in Skokie, Housing Opportunity Development Corporation
26-unit rehab underway in Maywood, West Cook Collaborative/IFF