By: Ashmar Mandou
Recently, the City of Chicago unveiled plans to revitalize disinvested communities with the help of the Chicago Department of Housing (DOH) and the launch of Rebuild 2.0, a program aimed at rehabilitating vacant buildings to be run by the DOH’s Bureau of Neighborhood Preservation. “Housing preservation is a priority for DOH,” said Lissette Castañeda, DOH Commissioner. “Rebuild 2.0 will invest in Chicago’s neighborhoods via the rehabilitation of buildings, as well as support local businesses and homeowners so that residents can reside in the safe, quality communities they deserve.”
An expansion of the original Rebuild program, Rebuild 2.0’s overall goal is to preserve existing housing sites—primarily on the Chicago’s south and west sides—and develop communities. The DOH will identify abandoned buildings in close proximity in historically disinvested neighborhoods and acquiring, rehabilitating, and selling the buildings for homeownership. “Rebuild 2.0 reflects our commitment to addressing decades of disinvestment by turning vacant properties into opportunities for homeownership and economic empowerment,” said Mayor Brandon Johnson.
A $20 million grant provided by the Illinois Housing Development Authority (IHDA) will aid in the overall expansion of the program. IHDA Executive Director Kristin Faust said. “Every family deserves a safe, affordable home and a community they can be proud of, and the expansion of this program is an important step that will make this dream a reality in neighborhoods across Chicago.” Two local Community Development Financial Institutions (CDFIs) — the Chicago Community Loan Fund (CCLF) and Greenwood Archer Capital (GAC) — have been selected as administrators of the program and will receive the grant funds upfront.
“On behalf of Rosie Investment Corporation, I am pleased to be able to work alongside the City of Chicago’s Department of Housing,” said LeVar Love, CEO & Founder of Rosie Investment Corporation, as well one of the program’s developers. “This opportunity allows housing redevelopment, workforce development training and the support of minority-owned businesses to flourish in the city we all love.” As a function of the program, developers will submit a total estimated budget for a property, and program administrators will approve projects based on total development costs. This will provide an opportunity for the program to aggregate properties for rehab in concentrated areas, impact the surrounding neighborhood, and move the local housing market to a more sustainable level.
