One of the Department of Housing's chief responsibilities is to work with private developers to increase the supply of affordable housing in every Chicago neighborhood through a litany of targeted programs.
The City of Chicago's Affordable Requirements Ordinance requires residential developments that receive city financial assistance or involve city-owned land to provide a percentage of units at affordable prices.
The Chicago Neighborhood Rebuild Pilot Program is designed to facilitate the acquisition and rehabilitation of vacant single-family homes and two-flats in neighborhoods that need investment and provide employment and training opportunities for local youth.
The Illinois Affordable Housing Tax Credit (IAHTC), also known as the Donations Tax Credit, provides a $0.50 state income tax credit for each $1 contributed to a qualified affordable housing project. Donations, which may be cash, securities, or real or personal property, must total at least $10,000 and may be aggregated.
MMRP is an initiative that assists in rebuilding distressed communities by reducing the cost of homeownership, creating communities of choice, and attracting new owners to vacant buildings on targeted neighborhood blocks.
The City of Chicago, in partnership with other government and community-based organizations, supports preservation efforts of SRO properties through investment and various financing mechanisms that creates and preserves affordability for low and moderate income households.