Chicago-Naperville-Elgin, IL-IN-WI Metro Area

Affordable Housing Special Assessment Program (AHSAP) Chicago

Cluster 1 Cluster 2 Cluster 3 Cluster 4 Cluster 5 Cluster 6

Entities involved: County Government

This property tax program is available statewide in Illinois, and is implemented by individual County Assessor’s Offices. The incentive is structured to support affordable rents in higher cost markets and to promote investment in lower cost markets. The program applies to any property with 7 or more residential units. Cook … Read more >

Preservation of Existing Affordable Rental (PEAR) Pilot Program Chicago

Cluster 2 Cluster 3

Entities involved: City Government, Non-Profit Housing Developer

The Preservation of Existing Affordable Rental (PEAR) program refinances private sector debt on residential properties with six or more units, ensuring at least 20 percent of the units will be affordable to tenants earning up to 80 percent of area median income over a 30-year term. The refinanced portion of … Read more >

Opportunity Investment Fund (OIF) Chicago

Cluster 2 Cluster 3

Entities involved: Community Development Financial Institution (CDFI)

Community Investment Corporation (CIC) offers the Opportunity Investment Fund (OIF), also referred to as the Mezzanine Debt Fund. The Fund provides low-cost mezzanine debt to developers who purchase existing, functioning rental buildings in high cost markets. In exchange, at least 20% of those units must be affordable to households at … Read more >