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Pilot Program Aims to Preserve Affordability in Gentrifying Areas
A pilot program approved by City Council will preserve housing affordability in gentrifying neighborhoods on Chicago’s North, Northwest and West sides. The Preservation of Existing Affordable Rental (PEAR) program refinances private sector debt on residential properties with six or more units, ensuring at least 20% of the units will be affordable to tenants earning up to 80 percent of area median income over a 30-year term.
The program will be administered by the Department of Planning and Development, with funding provided by the City’s Affordable Housing Opportunity Fund.
Two million dollars of initial funding will be used to refinance a portion of an existing bank loan for the nonprofit Chicago Metropolitan Housing Development Corp., which completed the acquisition and rehabilitation of 18 foreclosed and vacant apartment buildings in 2017. The one- to four-unit structures are in Lincoln Square, Albany Park, Belmont Cragin, West Ridge and Austin.
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