City Council Enacts Pilot Preservation Fund for South Shore Condos
Chicago City Council on Thursday approved a measure creating a new pilot preservation fund geared toward vulnerable condo and co-op owners in the South Shore community. The fund will provide owner-occupant grants to individual owners and a low-interest, long-term loan/grant product to homeowner associations (HOAs) for needed repairs and deferred maintenance to ensure that longtime homeowners, many of them older and on fixed incomes, can remain affordably housed.
The South Shore Condo/Co-Op Preservation Fund Pilot will leverage the Department of Housing’s’ Troubled Buildings Initiative and, together with the Chicago Community Loan Fund, establish a loan/grant product to assist owner-occupants with repairs and provide loans to HOAs for needed maintenance.
The pilot building for the Preservation Fund is 6931-39 South Crandon. The physical and financial needs of the building and HOA have been assessed, and an ordinance to establish a loan/grant solution is expected to be introduced next month.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).