Multi-Family TIF Purchase-Rehab Program
The Multi-Family TIF Purchase-Rehab Program helps private developers purchase and rehabilitate vacant and/or underutilized buildings within designated Tax Increment Financing (TIF) districts.
The program provides TIF assistance ranging from 30 to 50% of the total cost needed to rehabilitate and/or acquire multifamily and mixed-use buildings containing five or more units in portions of the South and West side sides. The amount of TIF assistance is determined by project need and requires a percentage of apartments be made available to households earning no more than 80% of area median income over a period of 10 years.
For example, if the TIF grant provides 30% of the project’s total cost to purchase and rehab the property, 30% of the units must be affordable. If the grant provides 40% of the cost, 40% of the units must be affordable.
To be eligible, a property must require substantial rehabilitation that requires a permit for costs of $10,000 or more per unit. Projects that aim to redevelop mixed-use properties with underutilized retail spaces within the City of Chicago's targeted Invest South/West commecrical corridors are prioritized.
Smaller buildings within a two-block radius may also be grouped together to include six or more units.
The program is active within the 43rd/Cottage Grove, 47th/Ashland, 47th/King, 63rd/Ashland, 79th Street, Avalon/South Shore, Austin Commercial, Chicago/Central Park, Commercial Avenue, Englewood Neighborhood, Midwest, Roseland/Michigan and South Chicago TIF districts
The Department of Housing works in collaboration with Community Investment Corp. (CIC) to administer the program.
For further information, contact firstname.lastname@example.org or call 312.870.9948.
Percentage of Affordable Units
(% of TPC*)
|50% AMI||30%||$25,000||30%||6||15 years|
|50% AMI||40%||$25,000||40%||6||15 years|
|50% AMI||50%||$25,000||50%||6||15 years|
* Total Project Cost (TPC) = Base Purchase Price + Cost of Substantial Rehabilitation
** Single-family (1-4 unit) residential properties may be aggregated to meet minimum unit requirement