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Title:
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Call for Department of Housing to establish online homeownership opportunity for preservation and education database for owners of 2 to 4 unit buildings
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Topic:
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CITY DEPARTMENTS/AGENCIES - Housing & Economic Development
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City Council Meeting July 22, 2020 Committee on Housing and Real Estate
Resolution
CREATING THE HOMEOWNERSHIP OPPORTUNITY for PRESERVATION and EDUCATION INITIATIVE FOR OWNERS OF 2-4 UNIT BUILDINGS
WHEREAS, two-to-four unit buildings represented 35.7% of the Cook County's rental stock in 2007 (https://www.housingstudies.org/releases/state-rental-2019/ );
WHEREAS, only 29.5% of that same housing stock was two-to-four unit buildings by 2017 (https://www.housingstudies.org/releases/state-rental-2019/ );
WHEREAS, since 2012, there has been a loss of 29,212 rental units in two-to-four buildings, representing a 9.8% decline (https://www.housingstudies.org/releases/state- rental-2019/);
WHEREAS, a 2012 report from the Institute for Housing Studies atDePaul University observed that two-to-four unit buildings account for approximately 33% of rental stock in Cook County and over 38% of rental stock in the City of Chicago (https://www.housingstudies.org/releases/two-four-unit-buildings-cook-countys-rental- market/);
WHEREAS, as of 2012, over 53% of multi unit rental units in Cook County's low to moderate income communities were in two to fourunit buildings (previous citation);
WHEREAS, prices for 1 to 4 unit buildings in the vulnerable portions ofthe western half of The 606 have increased by nearly 344% since 2012
(https://www.housingstudies.org/releases/Displacement-Pressure-in-Context-606/ );
WHEREAS, the average home in 2012 sold for 30% less than the city average, the average 1 to 4 unit building sold for double the average Chicago home in 2018 (previous citation);
WHEREAS, the City of Chicago should consolidate and make available to Chicago residents all public and private programs and opportunities for owners of 2-4 unitflats;
WHEREAS, these types of properties traditionally have been owned by owner-occupants who live in one unitwhile renting the remaining units for supplemental income or by small property investors who own and manage a small number of buildings (https://www.housingstudies.org/releases/two-four-unit-buildings-cook- countvs-rental-market/);
WHEREAS, the past foreclosures crisis have significantly impacted the 2-4 unit building stock in Cook County, particularly in lower-income communities, and, in the current market, potential buyers of distressed 2-4 unit properties face unique challenges around
accessing financing which can make it difficult to return these properties to productive use (https://www.housingstudies.org/releases/two-four-unit-buildings-cook-countys- rental-market/);
WHEREAS, the Depaul University Institute for Housing Studies has identified that in high-or moderate-cost areas with rising prices, strategies to support the preservation of the naturally occurring affordable housing stock, such as 2-4 unit properties, are key to preserving neighborhood diversity and mitigating displacement (https://www.housingstudies.org/releases/two-four-unit-buildinqs-cook-countvs-rental- market/);
WHEREAS, it would be beneficial to have a comprehensive online database of existing programs, resources and information specifically tailored to assist owners of 2-4 unit buildings thatis accessible through a website and/or available in-person as appropriate on a pilot basis: and
NOW, THEREFORE, BE IT RESOLVED, that the City Council does hereby requestthat the Department of Housing develop a comprehensive database of existing programs that assist owners of2-4 unit buildings through a web portal and/or in-person education and instruction on a pilot basis as deemed appropriate in partnership with the following organizations:
Spanish Coalition for Housing
National Association of Hispanic Real Estate Professionals
Chicago Association of Realtors
Chicago Bungalow Association
Neighborhood Housing Solutions
Latin United Community Housing Association
DePaul Institute for Housing Studies
BE IT FURTHER RESOLVED, thatthe Initiative shall provide quarterly progress reports to the City Council Committee on Housing and Real Estate.
Daniel La Spata Alderman, 1st Ward
Effective Date. This resolution shall take effect immediately upon adoption.
This Resolution is co-sponsored by the following Aldermen:
Lead Co-Sponsor: Michael Rodriguez (22)
Felix Cardona, Jr. (31) Rossana Rodriguez Sanchez (33) Carlos Ramirez-Rosa (35) Matthew Martin (47)
The following legislation is being introduced by Daniel La Spata, with Michael Rodriguez as lead co-sponsor, as a resolution regardingthe establishment of the Homeownership Opportunity for Preservation and Education Initiative.
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Alderman Ward 12
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Alderman Ward 13
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Alderman Ward 14
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Alderman Ward 15
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Alderman Ward 16
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Alderman Ward 17
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Alderman Ward 18
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Alderman Ward 19
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Alderman Ward 9
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Alderman Ward 10
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Alderman Ward 11 1 | P a g e
Alderman Ward 20
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Alderman Ward 21
Michael Rodriguez
Alderman Ward 22
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The following legislation is being introduced by Daniel La Spata, with Michael Rodriguez as lead co-sponsor, as a resolution regardingthe establishment of the Homeownership Opportunity for Preservation and Education Initiative.
Alderman Ward 34
Alderman Ward 23
Carlos Ramirez-Rosa
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Alderman Ward 35
Alderman Ward 24
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Alderman Ward 36
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Alderman Ward 37
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Alderman Ward 38
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Alderman Ward 39
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Alderman Ward 29
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Alderman Ward 30
Felix Cardona, Jr.
Alderman Ward 31
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Alderman Ward 32
Rossana Rodriguez Sanchez
Alderman Ward 33
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2 j P a g e
Alderman Ward 40
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Alderman Ward 41
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Alderman Ward 42
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Alderman Ward 43
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Alderman Ward 44
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Alderman Ward 45
The following legislation is being introduced by Daniel La Spata, with Michael Rodriguez as lead sponsor, as a resolution regardingthe establishment of the Homeownership Opportunity for Preservation and Education Initiative.
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Clerk Valencia
Alderman Ward 46
Matthew Martin
Alderman Ward 47
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Alderman Ward 48
Alderman Ward 49
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Alderman Ward 50
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Mayor Lightfoot
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