Loan Pool to Help Redevelop Vacant Buildings into Affordable Rentals
April 15, 2014 | From the field | Housing

A newly created $26 million loan pool will help redevelop vacant one- to four-unit buildings into affordable rentals in the Chicago area. MacArthur is making a $5 million investment to the pool in addition to commitments from private lenders and Illinois Attorney General’s Office. The program’s creation is among the goals of Chicago’s recently adopted five-year housing plan that provides a road-map for housing-related public investments in local neighborhoods through 2018. The plan — developed with support by the Local Initiative Support Council, a MacArthur grantee — includes a commitment to expand affordability through $1.3 billion in city investments construction, rehab, and preservation of more than 41,000 housing units. The plan was developed by a 20-member steering committee co-chaired by Julia Stasch, MacArthur's vice president of U.S. programs.