Dear Friends,
Now more than ever, few would argue that the Chicago area needs affordable housing. 2020 has presented many challenges and deepened the need for real solutions to preserve naturally occurring and subsidized affordable rental housing.
The COVID-19 pandemic has created new threats to investment and affordable rental housing in Chicago’s low- and moderate-income neighborhoods. Along with direct health and safety challenges, severe and unprecedented job loss means households are struggling to pay rent and owners are worried about their ability to keep up with building expenses.
The Compact rapidly convened stakeholders to respond to the pandemic, both through the framework of the Preservation Lab and in independently convened conversations among tenant advocates, community-based organizations and multifamily owners. In response to an enormous uptick in requests from tenants and owners for financial and other resources, the Compact also developed a central repository of resources and conducted webinars for tenants and owners.
This week, the City Council approved an Accessory Dwelling Unit pilot program especially important during the pandemic to stabilize property owners and preserve naturally occurring affordable housing. This program will enable property owners to legalize and create new basement apartments and other types of ADUs in five pilot zones across the City of Chicago. The Compact has worked with partners over the past few years to help shape this policy including Communities United, Neighborhood Housing Services of Chicago, the Urban Land Institute, and the City of Chicago Department of Housing.
Looking forward, the Compact is working with national partners to advocate for critical rental assistance resources to ensure tenant, building and neighborhood stability during the COVID crisis, including recommendations submitted to the Biden Housing Transition Team.
As we continue working to create and implement solutions to these challenges in 2021, we acknowledge that meaningful impact can only occur with partners. The Compact's 2020 Report provides case studies on our work demonstrating the collective impact of the Compact and the partners who help bring them to life.
Thank you for your support and partnership.
Stacie Young
Director, The Preservation Compact
