Alongside URB empowering rehabbers with reasonably priced, high-ARV potential properties and no-credit-check financing, the City of Chicago DOH (Department of Housing) also offers a range of programs designed to support rehabbers and incentivize neighborhood restoration.
Chicago DOH Neighborhood Rebuild Pilot Program is specifically to help rehabbers, particularly those specializing in single-family homes and two-flats.
Here’s how it benefits rehabbers: (Chicago DOH programs subject to change)
Low-Cost, Low-Equity Financing: A significant benefit is access to favorable financing. The Chicago Community Loan Fund (CCLF), a key partner, offers construction loans specifically for this program at a low interest rate of 5%. This reduces the financial burden on rehabbers.
Access to Resources that Reduce Rehab Costs: While the specifics can vary, the program aims to provide various resources and support that can help lower overall rehabilitation expenses. This might include streamlined permitting processes, access to community resources, or other forms of technical assistance.
Focus on Local Developers: The program, particularly through its Request for Qualifications (RFQ) process, actively seeks to partner with local single-family and two-flat developers who reside and/or work in the South and West Sides of Chicago, thereby fostering local economic development.
Rightsizing Incentives (Rebuild 2.0): With the expansion to “Rebuild 2.0,” there’s an explicit mention of grants available to “right-size” the sales price, ensuring developers can realize a reasonable profit even while selling to owner-occupants at affordable prices.
In essence, the City of Chicago DOH Neighborhood Rebuild Pilot Program (and its “Rebuild 2.0” expansion) provides a structured framework and significant financial and logistical support to real estate rehabbers who are committed to revitalizing Chicago’s underserved communities through the renovation of vacant properties.
About the City of Chicago Department of Housing
The City of Chicago Department of Housing (DOH) plays a central role in shaping equitable, affordable, and sustainable housing across the city. Its mission is to expand access and choice for residents while protecting their right to quality homes that are affordable, safe, and healthy.
Learn more by visiting chicago.gov/city/en/depts/doh.html