The Multi-Family TIF Purchase-Rehab Program helps private developers purchase and rehabilitate vacant and foreclosed rental buildings within designated Tax Increment Financing (TIF) districts.
The program provides TIF assistance ranging from 30 to 50% of the total cost needed to acquire and rehabilitate apartment buildings containing six or more units in portions of the Humboldt Park, West Town, and North and South Lawndale communities. The amount of TIF assistance is determined by the percentage of apartments that are made available to households earning no more than 50% of area median income over a period of 15 years.
For example, if a developer makes 30% of the units available, eligible assistance would be 30% of the total cost to purchase and rehab the property. If 40% of the units are affordable, assistance would be 40% of the total project cost, etc.
To be eligible, a property must be vacant and require "substantial rehabilitation," which is defined as rehab work that requires a permit for costs of $25,000 or more per unit.
Buildings within a two-block radius may also be grouped together to include six or more units.
The Department of Planning and Development works in collaboration with Community Investment Corp. (CIC) to administer the program.
For more information contact:
(% of TPC*)
(% of TPC*)
|50% AMI||30%||$25,000||30%||6||15 Years|
|50% AMI||40%||$25,000||40%||6||15 Years|
|50% AMI||50%||$25,000||50%||6||15 Years|
* Total Project Cost (TPC) = Base Purchase Price + Cost of Substantial Rehabilitation
** Single-family (1-4 unit) residential properties may be aggregated to meet minimum unit requirement