Construction loans and grant assistance are provided to purchase and preserve housing for some of Chicago’s most vulnerable residents, with a focus on Single-Room Occupancy (SRO) units that offer essential affordable housing.
CIC administers the SRO Preservation Loan Program authorized under a Chicago City Council ordinance passed in April 2022. Under this program, CIC provides construction loans to new buyers or existing owners of SRO housing. After construction is complete, up to $15,000 per unit will be paid off using City of Chicago grant funds.
Program Terms
- Up to $15,000 of grant assistance per SRO unit on eligible projects
- Grant funds not to exceed 50% of total development costs
- Acquisitions costs within one year of closing can be included in the total development cost
- Units subject to affordability restrictions for 15 years
- Additional eligibility and program requirements may apply