Successful preservation efforts benefit from coordination between the wide range of stakeholders involved, such as local, state and federal officials; nonprofit and for-profit developers; property owners and potential buyers; advocacy groups; lenders and community groups.
Coordinating councils can improve the success of rental preservation efforts by facilitating data sharing, comprehensive planning, priority setting and progress monitoring.
The Preservation Compact brings together public, private and nonprofit leaders to address the loss of affordable rental stock in the greater Chicago area. In 2007, Compact members developed a Rental Housing Action Plan that includes a number of innovative elements, including the creation of the Cook County Interagency Coordinating Council, which works to improve communication and cooperation across agencies and levels of government involved in preservation-related activities, and a Rental Housing Data Clearinghouse that collects and maintains information on both the subsidized and unsubsidized rental stock.
Key partners in the Interagency Coordinating Council include the Chicago Department of Housing, Cook County Government, Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development (HUD). Members of the Coordinating Council meet monthly to develop coordinated property preservation strategies and collaborative responses to issues of shared concern. A major focus of the Council’s efforts is identifying and prioritizing at-risk affordable rental buildings, linking sellers of subsidized properties with interested buyers who will preserve the properties and maintain their affordability and acting on policy issues related to preserving government-assisted properties.
For More Info:
Stacie Young, Community Investment Corporation
Email: [email protected]