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

3. Data Clearinghouse Administrator: Institute for Housing Studies at DePaul University Purpose: Provide information to guide public policy and allocation of resources  Collect and provide data related to Cook County housing market Especially affordable rental housing data  Research and analysis

4. Data Clearinghouse Activities Data Collection Research Reports Technical Assistance Website

5. Data Clearinghouse Accomplishments Data Collection Housing price indexRent index Vacancy indexForeclosure data Multifamily inventoryAssisted housing inventory Property-level mortgage data Research/Reports Rental market overview Supply and demand projections Rent and vacancy reports Community area profiles Census 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

6. 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

7. Linking large datasets is complex, which sometimes slows analysis Connecting to housing practitioners and other stakeholders to ensure research is useful Data Clearinghouse Challenges

8. Energy Savers Program Administrator: Center for Neighborhood Technology & Community Investment Corporation Purpose: Reduce operating costs in multifamily buildings by decreasing energy consumption Target – Lower energy costs by 30%

9. Energy Savers Program Activities Energy audits Flexible financing packages Outreach to owners via meetings, webinars, conferences, etc.

10. 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

11. Energy Savers Program Example 25 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 year 30% reduction in gas bills Payback in 4.5 years

12. 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-building portfolios

13. Property Tax Improvement Administrator: Cook County Assessor’s Office Purpose: Reduce cost of property taxes in multifamily rental housing

14. Analyze success of Assessor programs to reduce multifamily property taxes Raise awareness of Assessor programs to preserve affordable rental housing Property Tax Improvement Activities Developed and mobilized support for 2009 county legislation restructuring property tax assessment classifications

15. Property Tax Improvement Accomplishments 2009 legislation restructured property tax assessment to two basic classifications 10% - all residential property (multifamily phased in over 3 years) 25% - everything else Publicize affordable housing programs Class 9 “Income approach”

16. Property Tax Improvement Example 4822 N. Hermitage, 39 Units Year 2008 2009 2010 Rate 20% 16% 13% Assessed Value $149,807 $146,065 $118,678 Tax 1 st -- $11,819 $12,527 Tax 2 nd -- $10,957 --

17. Property Tax Improvement Challenges Reports of inconsistent impacts of classification change Understanding Assessor’s approach to valuation Understanding value of existing tax reduction programs Outreach to new Assessor

18. Interagency Council Administrator: 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

19. Interagency Council Activities Identify and track at-risk properties Develop strategies to address targeted properties Improve preservation policies and programs at local, state and national levels Convene owners to inform and solicit feedback

20. Interagency Council Accomplishments Maintain dynamic list of at-risk properties: actively track 15 properties, 2,900 units Improved preservation policies HUD – 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

21. Interagency Council Examples Preservation of project-based Section 8 3 buildings, 145 units South Side of Chicago Fannie Mae 1 st 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

22. Interagency Council Challenges Better align resources with preservation priorities General policies Specific buildings targeted for preservation

23. Rental Housing Alliance Administrator: 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

24. Rental Housing Alliance Activities Public outreach, education and training Legal representation and technical assistance Coordination with public agencies

25. 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

26. Rental Housing Alliance Example Preservation and rehab of Grove Parc

27. Rental Housing Alliance Challenges Owner disinvestment Negligent owners Owners who are selling stop maintaining properties Lack of capacity among tenant-owned cooperatives

28. Preservation Fund Administrators: 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

29. Preservation Fund Activities CIC/CII: Acquisition and disposition of troubled buildings CCLF: High risk pre-development loans LISC: Loans for quick acquisition of at- risk buildings

30. 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

31. Preservation Fund Examples CIC/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

32. 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

33. Suburban Initiative Administrator: Metropolitan Planning Council Purpose: Expand the presence and impact of The Preservation 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

34. Suburban Initiative Activities Integrate 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 Housing Choice Voucher pilot

35. Suburban Initiative Accomplishments Secured 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

36. Suburban Initiative Examples 25-unit rehab underway in Skokie, Housing Opportunity Development Corporation 26-unit rehab underway in Maywood, West Cook Collaborative/IFF

37. Suburban Initiative Challenges Suburban municipalities lack capacity at all levels to implement preservation strategies Need procedure to access information and develop strategies with foreclosing lenders