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.
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).
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