Monetary loan

South Shore building to get loan and give money for repairs as city pilot fund supports neighborhood condos and co-ops

SOUTH SHORE — A pilot program to support condo owners and residents of cooperative housing on the South Shore will be rolled out in the coming weeks, city housing officials announced Thursday.

The South Shore Condo/Co-op Preservation Fund will provide grants to homeowners to repair their units in condominiums. It will also offer a combination of long-term loans and grants to homeowner associations for building maintenance.

The preservation fund will be piloted at 6931-39 S. Crandon Ave., where a mix of loans and grants will be offered to repair the building and stabilize its homeowners association’s finances, officials said.

An order authorizing funds for the building is expected to be introduced next month.

The fund “will protect families and homeowners who already live there so they can not only stay in their homes, but also access needed repairs and maintenance,” Mayor Lori Lightfoot said in a statement.

With the construction of the Obama Presidential Center in Jackson Park, local leaders and residents repeatedly said the city should support condos, cooperatives and other forms of condominiums to prevent displacement on the South Shore.

“It is imperative that we preserve condominiums and co-ops on the South Shore – buildings that provide residents with homeownership opportunities in order to create generational wealth,” Ald said. Leslie Hairston (5th) said.

In the spring of 2021, Hairston said it was “imperative” that any housing preservation effort in the densely populated neighborhood prioritize improving the existing housing stock and helping condominium associations and people elderly.

“Every community has unique housing needs, and at South Shore, we have heard loud and clear about the need to ensure that long-time condo and co-op owners can stay in the community and continue to create wealth through affordable home ownership,” Housing Commissioner Marisa Novara mentioned.

The South Shore Preservation Fund will be supported by the Ministry of Housing Distressed Buildings Initiative and the Chicago Community Loan Fund.

Subscribe to Block Club Chicago, an independent, 501(c)(3), journalist-run newsroom. Every penny we earn funds neighborhoods across Chicago.

Click on here to support Block Club with a tax deductible donation.

Thank you for subscribing to Block Club Chicago, an independent, 501(c)(3), newsroom run by reporters. Every penny we make funds Chicago neighborhoods. Click on here to support Block Club with a tax deductible donation.

Listen to “It’s Alright: A Block Club Chicago Podcast” Here: