The Chicago Department of Housing (DOH) announced a new pilot preservation fund that targets 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 DOH’s Troubled Buildings Initiative (TBI) 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.