Seven Preservation Keystones Data Clearinghouse Energy Savers Program Property Tax Improvement Interagency Council Rental Housing Alliance Preservation.

Seven Preservation Keystones

Data Clearinghouse

Energy Savers Program

Property Tax Improvement

Interagency Council

Rental Housing Alliance

Preservation Fund

Suburban Initiative

Data ClearinghouseAdministrator: Institute for

HousingStudies at DePaul University

Purpose: Provide information toguide public policy and allocationof resources

Collect and provide data related to Cook County housing market

Especially affordable rental housing data

Research and analysis

Data Clearinghouse ActivitiesData Collection

Research

Reports

Technical Assistance

Website

Data Clearinghouse AccomplishmentsData CollectionHousing price index Rent index Vacancy index Foreclosure dataMultifamily inventory Assisted housing inventoryProperty-level mortgage data

Research/ReportsRental market overview Supply and demand projectionsRent and vacancy reports Community area profilesCensus reports

Technical Assistance Response to data requests (e.g. public agencies, lenders,developers)

Website Dynamic mapping capability

User driven queries to be added this year

Data Clearinghouse Examples

Mapped CHA areas and aging HUD LIHTC properties to identify preservation opportunities

Mapped and listed LIHTC, HUD and CIC properties most likely to need green retrofits

Mapped assisted properties surrounding Grove Parc

Linking large datasets is complex, which sometimes slows analysis

Connecting to housing practitioners and other stakeholders to ensure

research is useful

Data Clearinghouse Challenges

Energy Savers ProgramAdministrator: Center for NeighborhoodTechnology & Community InvestmentCorporation

Purpose: Reduce operating costs inmultifamily buildings by decreasing

energyconsumption

Target – Lower energy costs by 30%

Energy Savers Program ActivitiesEnergy audits

Flexible financing packages

Outreach to owners via meetings, webinars, conferences, etc.

Nearly 13,000 units audited & 4,500 apartments retrofitted

3,100 units self-financed

1,400 units financed through Energy Savers fund

(55 loans and grants totaling $4 MM)

30% annual savings

$10,000 in annual utility bill savings for typical 24-unit building

Energy Savers Program Accomplishments

Energy Savers Program Example25 Units, 7234 S. Constance

Cost of Improvements (financed by Energy Savers Fund)

$12,400 – Air Sealing and Insulation$26,000 – Replace Boiler

Savings

$8,890 per year30% reduction in gas bills

Payback in 4.5 years

Energy Savers Program Challenges

Subordinate position of energy loan limits access to capital; prohibited by

some first mortgage holders

Funding for audits limited to utility contracts with CNT

Reaching owners with multi-buildingportfolios

Property Tax ImprovementAdministrator: Cook County Assessor’s Office

Purpose: Reduce cost of property taxes in multifamily rental

housing

Analyze success of Assessor programs to reduce multifamily property taxes

Raise awareness of Assessor programs to preserve affordable rental housing

Property Tax Improvement ActivitiesDeveloped and mobilized support for 2009 county legislation restructuring property tax assessment classifications

Property Tax Improvement Accomplishments

2009 legislation restructured property tax assessment to two basic classifications10% - all residential property (multifamily phased in over 3 years)25% - everything else

Publicize affordable housing programs Class 9“Income approach”

Property Tax Improvement Example4822 N. Hermitage, 39 Units

Year 2008 2009 2010

Rate 20% 16% 13%

AssessedValue $149,807 $146,065 $118,678

Tax 1st -- $11,819 $12,527

Tax 2nd -- $10,957 --

Property Tax Improvement ChallengesReports of inconsistent impacts of classification changeUnderstanding Assessor’s approach to valuation

Understanding value of existing tax reduction programs

Outreach to new Assessor

Interagency CouncilAdministrator: Institute for Housing Studies at DePaul

Purpose: Convene government agencies to identify at-risk

properties and develop joint solutions around preservation

Chicago Dept. of Housing & Economic Development

Illinois Housing Development Authority HUD Cook County Government

Interagency Council ActivitiesIdentify and track at-risk properties

Develop strategies to address targeted propertiesImprove preservation policies and programs at local, state and national levels

Convene owners to inform and solicit feedback

Interagency Council AccomplishmentsMaintain dynamic list of at-risk properties: actively track 15 properties, 2,900 units

Improved preservation policies H

UD – proactive outreach to owners of at-risk properties

IHDA – emphasized preservation in QAP

City of Chicago – renewed outreach to

owners under Preservation Ordinance

Convened preservation conference for over 200 owners; held several resource workshops

Interagency Council ExamplesPreservation of project-based Section 8 3 buildings, 145 units

South Side of Chicago

Fannie Mae 1st mortgage

Partnership of HUD; CIC/CII; City of Chicago; Shriver Center

Weatherization Resources 2,000 government assisted units, $6.5 MM

800 unassisted units completed

2,000 additional units in pipeline

Interagency Council ChallengesBetter align resources with preservation priorities

General policies

Specific buildings targeted for preservation

Rental Housing AllianceAdministrator: Chicago Rehab Network & Sargent Shriver

National Center on Poverty Law

Purpose: Provide tools to help residents preserve the affordable buildings in which they live

Focus on properties with expiring subsides and/or deteriorating conditions

Rental Housing Alliance Activities

Public outreach, education and training

Legal representation and technical assistance

Coordination with public agencies

Rental Housing Alliance Accomplishments Research and technical support to 152 properties with 21,000 units

Represented 24 buildings with more than 5,000 households

Preservation advocacy and communication

Rental Housing Alliance Example

Preservation and rehab of Grove Parc

Rental Housing Alliance ChallengesOwner disinvestment

Negligent owners

Owners who are selling stop maintaining properties

Lack of capacity amongtenant-owned cooperatives

Preservation FundAdministrators:

Community Investment Corporation/ Community Initiatives Inc. (CIC/CII)

Chicago Community Loan Fund (CCLF)

Local Initiatives Support Corporation/Chicago (LISC)

Purpose: Provide financing for acquisition and

pre-development

Preservation Fund ActivitiesCIC/CII: Acquisition and disposition of troubled buildings

CCLF: High risk pre-development loans

LISC: Loans for quick acquisition of at-risk buildings

Preservation Fund Accomplishments

CCLF: $2.6 MM in pre-development loans for 7 properties with 1,527 units (Supported by a $500,000 loan loss reserve provided by MacArthur)

LISC: Raised $30.6 MM for Acquisition Fund. (Credit enhanced by $10 MM from MacArthur and $3 MM from City)

Committed $2.9 MM for POAH’s Grove Parc redevelopment (504 units in 26 buildings)

CIC/CII: PRI from MacArthur has leveraged $11 MM in mortgage acquisitions, covering 28 buildings with 783 rental units

Preservation Fund ExamplesCIC/CII: Envoy West Apartments 212 units, 6 buildings on Chicago West Side

Purchased $9 MM Fannie Mae mortgage for $2.1MM;Foreclosed & transferred properties; Currently under rehab

CCLF$265,000 predevelopment loan for 312-unit at tenant-owned, affordable housing in Douglas

Preservation Fund Challenges

Redefine Acquisition Fund to meet today’s needs, e.g. rental in 2- to 4-unit buildings

Make acquisitions a strategic part of community redevelopment

Suburban InitiativeAdministrator: Metropolitan Planning Council

Purpose: Expand the presence and impact of ThePreservation Compact in the suburbs

Utilization of existing Keystones in suburban areas

“On the ground” work with municipal leaders, developers, owners

Larger policy and advocacy work

Suburban Initiative ActivitiesIntegrate rental preservation into four existing municipal collaborations

Convene outreach events with mayors for multi-family owners

and managers

Encourage expansion of Employer Assisted Rental Housing

Advance public policy incentives and resources for preservation efforts, e.g. Regional HousingChoice Voucher pilot

Suburban Initiative AccomplishmentsSecured funding and support for towns to work collaboratively and advance multifamily component

Secured HOME funds and streamlined process for multifamily rental preservation in suburban Cook

Briefed multifamily owners representing 6,000 apartments in west and northwest Cook County

Suburban Initiative Examples25-unit rehab underway in Skokie, Housing Opportunity Development Corporation

26-unit rehab underway in Maywood, West Cook Collaborative/IFF

Suburban Initiative ChallengesSuburban municipalities lack capacity at all levels to implement preservation strategies

Need procedure to access information and develop strategies with foreclosing lenders