Limited rehabilitation preservation program provides capital funds to renovate aging affordable housing stock across Illinois

CHICAGO – State Senators Mattie Hunter, Robert Peters and Patricia Van Pelt, who all represent communities across Chicago, recently announced conditional awards totaling nearly $12 million in Rebuild Illinois funding that will provide critical improvements to 27 affordable housing developments throughout Illinois.

Awarded under the new Limited Rehabilitation Preservation Program the funds will preserve the safety and long-term stability of affordable rental housing for low-income households across the state. In all, more than 1,400 units of affordable rental housing will see vital repairs that will address code violations, resolve security issues and improve the health and safety of both the buildings and their residents.

"I am happy to announce these awards from the Rebuild Illinois Program, as some of our city's housing infrastructures are in deep need of rejuvenation," said Hunter. "At a time when the nation is seeing unprecedented housing insecurity, I am proud that elected officials and stakeholders could come together to give Illinois communities the revitalization and the accessibility needed to combat the housing crisis."

Created in January 2022, the Preservation Program provides grants of up to $475,000 to affordable housing developments for property stabilization, rehabilitation and other improvements. As a condition of receiving Preservation Program funding, all property owners are required to extend their current use and income restrictions for an additional 10 years beyond their current expiration date to ensure these rehabilitated units remain affordable.

In addition to the natural aging of the state’s affordable housing stock, the COVID-19 pandemic negatively affected rent rolls due to increased unemployment, causing many property owners to defer maintenance projects.

"These investments are a further commitment to instilling housing justice for Chicago's most underserved communities, and it could not come at a better time," said Peters. "Every Illinoisan deserves housing options that are safe and well-maintained, and this will help to ensure just that."

"I am glad to see that housing units that have been historically neglected are getting the updates and renovations needed to ensure low-income households have access to safer living conditions," said Van Pelt. "These investments will benefit seniors, families and other vulnerable residents who have been affected by the housing crisis."

More information on the Preservation Program and a full list of award recipients can be found on IHDA’s website.