Acquisition rehab program for small & mid-sized buildings

CRP funding enables the direct acquisition of vacant properties, and in turn, leverages private investment for redevelopment through the following city programs: Chicago Neighborhood Rebuild Program and SRO Preservation Fund.

The Chicago Neighborhood Rebuild program rehabilitates vacant single-family residential properties in partnership with local developers and organizations that provide transitional job opportunities and skill training for at-risk youth and returning residents. The City and its partners work closely with lenders and housing counselor agencies to prepare potential homebuyers for an opportunity to purchase redeveloped homes.

Single Room Occupancy (SRO) buildings provide affordable housing opportunities essential to the quality of life for many Chicago residents. The SRO Preservation Initiative supports preservation efforts of SRO properties through investment and various financing mechanisms that creates and preserves affordability for low- and moderate-income households. An SRO building is defined as a building that contains five or more single-room occupancy units and in which at least 90 percent of the units are SRO units.