In coordination with community organizations, nonprofit developers, community development financial institutions, policy advocates, applied researchers, and other stakeholders, the Chicago Flats Initiative has created a four-pillar approach to address the issues currently facing the city’s two- to four-flats and their residents:
PILLAR ONE: PRESRVATION OF AFFORDABLE RENTAL HOUSING STOCK
- Develop capital solutions that promote housing stability for renters and owners residing in two- to four-flats.
- Identify and advocate for funding resources for renters and property owners affected by the economic impact of the coronavirus pandemic.
- Develop capital solutions that facilitate preservation of the affordable two- to four-flat rental housing stock.
PILLAR TWO: WEALTH GENERATION IN BLACK AND BROWN COMMUNITIES
- Foster wealth building through homeownership by Black and Brown families via outreach, leadership development, educational resources, and financial support.
- Develop programs that incentivize two-to four-flat ownership by minority- and women-owned community-based developers and general contractors.
PILLAR THREE: HEALTHY AND SUSTAINABLE COMMUNITIES
- Assemble resources that support environmentally sustainable retrofits and new construction.
- Provide education and counseling that promotes the financial stability of tenants and property owners.
- Advocate for and align resources to support families burdened by the cost of utilities.
PILLAR FOUR: COMMUNITY-LED SOLUTIONS AND SYSTEMS CHANGE
- Develop sustainable community leadership among low-income renters and moderate-income owners in two- to four-flats, with a focus on capacity-building for BIPOC leaders.
- Organize leadership within impacted communities to drive research and policy solutions aimed at both preventing displacement of low-income renters and promoting cost-effective strategies for two- to four-flat preservation.
- Develop policies that prevent foreclosures and increase homeownership opportunities in communities of color.
Guided by these four pillars, the CFI will advance data-driven preservation and wealth building strategies for two- to four-flats and their residents across the city of Chicago.