
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.
- ◦Policy/Gov't