Suburban Cook County Multifamily Preservation Initiative aligns incentives of developers, owners of rental housing

The Suburban Cook County Multifamily Preservation Initiative (SCCMPI) is a new financing program created to encourage the rehabilitation and preservation of quality rental housing throughout suburban Cook County for municipalities and jurisdictions participating (currently or potentially) in the Cook County HOME Collaborative. 
 
For properties that support the Housing Endorsement Criteria of the Metropolitan Mayors Caucus, SCCMPI  will align and streamline new and existing resources for experienced, multifamily rental property owners and developers through one application process.  Initially, dollars will be available for soft seconds, acquisition financing, operating subsidies, and energy efficient improvements.   Among other key financial enhancements, eligible properties can earn additional points toward qualifying for Low Income Housing tax credits available through the Illinois Housing Development Authority.  
 
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