Fund Name. CCLF was founded in 1991 by a group of visionary social-investment advocates. December 16th, 2016 CCLF Informational Video, Missing Pieces. 28 "The in-lieu fees provide a flexible pool of money that the city uses to develop multifamily rental housing for low-income families, among other things," says Breems. Instead, the developer wrote a hefty $3.1 million check to the city of Chicago’s affordable housing opportunity fund. Affordable housing, a constant concern in a big, expensive city like Chicago, has become an even hotter topic the last few years as apartment rents have soared in … Supporting more balanced, forward-looking housing policies that acknowledge the importance of affordable rental housing and the role that various attributes of housing may play in promoting strong, resilient families and vibrant communities Read our strategy and the current status of our work About the SAH offer. In 2014 the Trust Fund appropriated funding to subsidize 2,813 units of housing … Developments that opted to pay instead of build affordable housing. The State of Illinois provides funding for the Rental Housing Support program through a property recordation surcharge. Investment Focus . News. Marblehead Apartments received Edge Fund investment that will preserve 35 affordable housing units and create six permanent supportive housing units. For rental, housing that is affordable means a household earning up to 60% of the area median income. Chicago Low-Income Housing Trust Fund thanked Douglas C Dobmeyer for 23 years of service and unprecedented efforts to assist Chicago’s citizens obtain permanent housing by naming. Sixty percent of the housing fund's revenues are used for construction or rehabilitation of affordable housing, and the rest go to the Chicago Low-Income Housing Trust Fund, a city-supported rental assistance program. Date Added Jan 11, 2019 (2 years ago) Contact Information. A common refrain in the conversation about the U.S. affordable housing crisis is that home prices and rents have risen considerably faster than wages. Chicago provides funding though corporate revenues and the Affordable Housing Opportunity Funds generated as donations to the City when developers cannot meet affordability requirements. The goal of HOW’s affordable housing preservation and production efforts is to ensure that extremely low-, low- and moderate-income individuals and families can access safe, affordable housing throughout the Chicago area. How it works. Opportunity Fund eyes $100M for solar-powered affordable housing. HOW is committed to developing affordable housing, modeling green building practices and providing property management for the three buildings it owns. Clear. About the Fund The Neighborhood Opportunity Fund finances commercial and cultural projects in neighborhoods that lack private investment, using revenue generated from downtown development. Even before the COVID-19 pandemic, millions of Americans lacked stable, affordable housing. Notice of Funding … preservation of affordable rental housing, especially unsubsidized affordable housing, in the Chicago metropolitan area. HUD awards discretionary funding through over 20 Grant programs that support HUD initiatives, including Affordable Housing Development and Preservation, Community and Economic Development, Environment and Energy, Fair Housing, Homelessness, Homeownership, Rental Assistance, and Supportive Housing and Services. Fund Size. The latest investments are part of an overall $750 million commitment to affordable housing the company previously announced. Now, the crisis has highlighted the social and economic costs of this crucial gap in the safety net. 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