2014-2018

CHICAGO FIVE -YEAR HOUSING

P
City of Chicago

LAN
Rahm Emanuel
Mayor

Strengthening Neighborhoods Increasing

Affordability.

First Quarter 2017 Progress Report June 13, 2017

City of Chicago
Rahm Emanuel
Mayor

2017 Production Estimates

For 2017, DPD is projecting total

commitments of almost $244
million to create or preserve nearly
7,700 units of affordable housing
City of Chicago
Rahm Emanuel
Mayor

First Quarter Production

During the first quarter of 2017, DPD

committed almost $43 million to
support 3,726 units
This represents 17% of the annual
resource allocation goal and 49% of
the annual goal for units assisted
City of Chicago
Rahm Emanuel
Mayor

Creation and Preservation of

Affordable Rental Units
For 2017, the Department is projecting
commitments of almost $205 million to
support more than 5,400 units of
affordable rental housing using loans for
new construction or rehab, TIF funds,
tax credits, rental subsidies and other
financial incentives
City of Chicago
Rahm Emanuel
Mayor

Creation and Preservation of

Affordable Rental Units

In the first quarter, DPD committed

almost $36 million to support 3,106
rental units
This represents 17% of the annual
resource allocation goal and 57% of
the annual goal for units assisted
City of Chicago
Creation and Preservation of
Affordable Rental Units
Rahm Emanuel
Mayor

Updates to Previously Reported Developments

Sterling Park Apartments
On January 25 the City Council authorized the City to transfer $10 million
in additional bonding authority to CHA to complete the affordable rental
redevelopment of a vacant building on the former Sears, Roebuck
headquarters campus in North Lawndale
Sterling Park Apartments, at 3301 W. Arthington in the 24th Ward, will
house 181 low-income apartments, including 66 reserved for CHA tenants
The original financial package, approved in October 2014, included the
Citys assignment of $30 million of its bond volume cap to CHA
After the deal closed, significant structural problems were discovered by
the developer, Mercy Housing Lakefront, boosting rehab costs
by $10 million that can be covered through the issuance
of additional bonds by CHA
The City will issue the 4% LIHTCs generated by the new
bonds, and the projects permanent debt will not increase
City of Chicago
Rahm Emanuel
Mayor

Promotion and Support

of Homeownership
For 2017, the Department is projecting
commitments of almost $26 million to
help more than 400 households
achieve or sustain homeownership,
through programs that provide financial
assistance for home purchase and
rehabilitation
City of Chicago
Rahm Emanuel

Promotion and Support

Mayor

of Homeownership
In the first quarter, DPD committed over
$4 million to support 191 units
This represents 17% of the annual
resource allocation goal and 44% of the
annual goal for units assisted
City of Chicago
Rahm Emanuel
Mayor
Promotion and Support
of Homeownership
Seven New Homes Slated for Former
Industrial Site in Woodlawn
Seven single-family homes will be constructed on the
site of a former commercial laundry and dry cleaner on
the 1300 block of E. Marquette Rd. in 5th Ward
The homes will be built by Bloom on Marquette LLC on
four City lots approved for sale on January 25
Appraised at $58,000, the parcels will be sold for $1
each to help defray $240,000 in site remediation costs
The 4-bedroom homes are expected to be completed by
Summer 2018 and will sell for $389,900
City of Chicago
Rahm Emanuel
Mayor
Promotion and Support
of Homeownership
City Land Sales Kick Off
Third Ward Parade of Homes
Up to forty single-family residences will be built in Bronzeville through
City-owned land sales approved by the City Council on March 29
The homes will be built under the Third Ward Parade of Homes initiative
on scattered sites in 3900 to 4500 blocks of S. Prairie, Calumet and
Indiana Avenues
To launch the program, five home builders were selected by DPD via a
Request for Qualifications process in late 2016
Each of these developers will construct a model home in the
4500 block of Prairie Ave. on City-owned lots conveyed for
$1 each
After the model homes have been sold, developers
can acquire additional lots at half of their current
appraised values
City of Chicago
Rahm Emanuel
Mayor

Improvement and
Preservation of Homes

For 2017, the Department is projecting

commitments of over $13 million to
help almost 1,800 households repair,
modify or improve their homes
City of Chicago

Improvement and
Rahm Emanuel
Mayor

Preservation of Homes
In the first quarter, DPD committed
over $2 million to support 429 units
This represents 19% of the annual
resource allocation goal and 24% of
the annual goal for units assisted
City of Chicago
Policy Highlights
Rahm Emanuel
Mayor

Housing Homeless Families Initiative to Create

100 New Supportive Housing Units
Housing Homeless Families is Mayor Emanuels new joint initiative with
the Chicago Coalition for the Homeless and its HomeWorks Campaign to
combat homelessness experienced by families in high-crime areas
Matching funding commitments from Chicago Low-Income Housing Trust
Fund and the Citys new surcharge on house-sharing industry will finance
the creation of 100 new supportive housing units for homeless families in
the most at-risk communities
The initiative will be launched this summer by the Chicago Department of
Family and Support Services and the Coalition for the Homeless, along
with lead project partner CSH, a respected national provider and operator
of supportive housing
Families selected for the program will receive housing vouchers and be
matched to a service provider who can help them find housing and ensure
a smooth transition
They will then be placed into 100 new permanent supportive housing units
that will be created through a $1 million investment by the Trust Fund
 Small Accessible Repairs
City of Chicago
Rahm Emanuel
Mayor
For Seniors (SARFS)
PROJECT: Before I received the
ramp at my home I
Wheelchair Ramp was unable to leave
Installation the home for any
necessary medical
appointments or just
to go out to enjoy the
day. It took 3 people
to bounce me down
the front steps in my
manual wheelchair.
Thanks to the SARFS
Program, the ramp
COST: $4,990
was was
blank beautifully
constructed and
finally allowed me
the opportunity not
Ms. Sharlet Webb to be a prisoner in
222 N. Lockwood my own home.
 Small Accessible Repairs
City of Chicago
Rahm Emanuel
Mayor
For Seniors (SARFS)
Mr. Liu emigrated to Chicago
Mr. Zhenqiang Liu from China in 2013. Two years
3742 S. Rockwell later he found a foreclosed
home for sale near Chinatown at
a price of $80,000. With the
help of $1,000 in down payment
assistance from the Chinese
American Service League, a
DPD delegate agency, he was
able to qualify for a mortgage
and buy the house. But his new
home was in need of repairs
work that Mr. Liu could not
afford. In 2016, he was
approved for a $1,300 SARFS
grant that paid for much-needed
improvements, including
stairway handrails, a new storm
door and fire safety devicesso
that he and his wife could live
safely and indepen-dently in
their new home.
 Home Buyer Assistance Program
City of Chicago
Rahm Emanuel
Chicago Infrastructure Trust
Mayor

Lender: American Financial Network

Loan Amount: $281,300
Loan Type: Conventional
Down Payment: 3% (buyers contribution)

We have had great success with the program! We

have helped a lot of people get into home ownership
because of this program and look forward to many
more.
-Loan Officer Todd P.
.

Buyer Profile:
First-time home buyer
1250 S. Michigan Ave. Household Income: $116,521
Unit 1208 (condo)
We put in an offer for a home and a month later we
were moved in. The process was very fast and went
Purchase Price: $290,000
smoothly. Todd was greatgave us good information
Down Payment & Closing Cost
and kept the ball rolling the whole time."
Assistance: $14,500
HOME BUYER
ASSISTANCE
PROGRAM
Loans Closed
June 2016 April 2017