NOAH includes the city’s backbone of vintage buildings, both multifamily and two- to four-flats, in neighborhoods with lower property values (compared to, say, the pricier North or Northwest sides). Lower values mean relatively lower rents. From Community Investment Corporation’s experience of providing credit to finance NOAH preservation, we know that many of those buildings are owned by responsible small local businesses, and many of those small businesses are owned by people of color. Incidentally, those diverse small businesses are providing quality housing and supporting the local ecosystem with local vendors and staff, while at the same time bridging the racial equity gap by building wealth for their families.
But back to those buildings.
The unsubsidized NOAH stock comprises 75% of affordable rental housing across the country. That’s a big chunk to overlook. Nor can we afford to overlook that chunk: Replacing lost rental units with new construction costs twice or three times as much.We need to pay attention to these buildings, and preserve them by keeping them in good condition.
via Crain’s Chicago Business
April 8, 2022 at 10:11AM