The Chicago Department of Housing is making grants and low-interest loans available to condo and co-op owners in the South Shore neighborhood.
The department said a preservation fund will provide grants and low-interest, long-term loans to individual owners and homeowners associations for needed repairs and deferred maintenance.
It said a significant number of African American homeowners at risk of conversion to high-cost units.
There’s been a lot of talk about getting pushed out of the neighborhood as the planned Obama Presidential Center draws new investment.
Department of Housing Commissioner Marisa Novara said, in a statement, “We have heard loud and clear the need to ensure that longtime condo and co-op owners can stay in the community and continue to build wealth through affordable homeownership.”
She goes on to say, “This pilot fund will allow us to take a targeted approach to preserve ownership.”