Saturday, October 25, 2014

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Real Estate Development

Lakeside's real estate development activities help preserve and create rental and for-purchase housing, which is affordable to individuals and families earning up to 60% of the Chicago-area median income.

To achieve its goal, agency staff provides technical assistance to property owners, community lenders, landlords, and developers to increase their knowledge of and use of affordable housing tools. This includes helping them identify low-cost financing for their projects, develop a strategy for securing community support, and/or completing applications for public funding. Lakeside has also convened public and private forums to bring different stakeholders together into constructive dialogues and collaborations.

Through its advocacy efforts, agency staff promotes new strategies that will increase the options available to property owners for creating safe, decent, and affordable housing. In recent months, Lakeside has advocated for:

  • Modifying state and local guidelines to allow investment of federal stimulus funds into our communities
  • Passing a state construction bill, which would provide up to $500 million for affordable housing over the next 5 years
  • Reducing regulatory barriers, which discourage property owners from producing or maintaining affordable and profitable housing units.

In 2009, Lakeside's primary real estate development goal is to acquire, either independently or in partnership with another organization, a multifamily building of up to 20 units. The agency is pursuing this goal under the direction of its Board Real Estate Development Committee.

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