Build and Preserve Affordable Rental Homes

Affordable Rental Housing

Overview: DOH will increase its total production of affordable rental homes, as well as more flexibly award funds to high-value projects that may not be located in a TIF district with sufficient revenue to cover the development’s gap.

Projected Impact: 600 to 1,000 affordable rental homes

Green Social Housing Revolving Fund

Affordable Rental Housing

Overview: Green social housing represents an innovative but proven form of affordable, mixed-income housing development that does not rely on LIHTC or traditional forms of affordable housing finance. DOH will use bonds to seed the revolving fund providing low-cost loans for green social housing.

Projected Impact: 600+ rental homes every five years

 Multifamily Retrofit and Energy Modernization

Affordable Rental Housing

Overview: DOH will extend and expand a pilot program to decarbonize existing multifamily affordable housing developments. The Bonds would fund grants and low-cost loans to multifamily housing developers to improve the building envelope and install modern, high-efficiency, and low-carbon electric systems such as heat pump HVAC and water heaters.

Projected Impact: 250 units of multifamily affordable housing decarbonized

Down Payment Assistance, Home Repair, And Homeowner Support

Home Ownership

Overview: The Home Repair Program provides grants to income-eligible homeowners for improvements to their roof or porch. The Building Neighborhoods and Affordable Homes Program provides forgivable grants to qualifying buyers to assist in their purchase of primary, owner-occupied residences that are newly constructed single-family residential buildings.

Projected Impact: 1,800 households and/or homes supported

Home Retrofit and Energy Modernization

Home Ownership

Overview: DOH will extend and expand a one-time program to decarbonize existing single family homes owned and occupied by low- and moderate-income Chicagoans. Retrofits may include weatherization, insulation, smart thermostats, heat pump HVAC systems, and more. 

Projected impact: 200 homes retrofitted

 Rehabilitation and Preservation of Ownership Housing

Home Ownership

Overview: One of DOH’s most important functions is to invest in housing where the private market has failed to provide capital for the upkeep of safe, comfortable homes. DOH will use bond funds to invest in several programs that address this issue, including Neighborhood Rebuild, the TBI, and the Condo/Co-op Preservation Fund (the Fund).

Projected Impact: 830 households and/or homes supported

 SRO Preservation

Homelessness

Overview: DOH will support the financial viability of Single Room Occupancy buildings by reducing debt and operating costs for owners and maintaining low-cost, affordable housing options for the City’s most at-risk residents. This would allow for the preservation of naturally occurring affordable housing, which serves as the first step out of homelessness and the last resort to avoid homelessness.

Projected Impact: 830 households and/or homes supported