CSO Resource Benefit Partners

CSO actively engages with a network of resource benefit partners to amplify the impact and scope of its technical assistance for shared ownership properties. These partnerships, which include community organizations, financial institutions, and specialized service providers, supply essential resources such as funding, training, and subject-matter expertise. 

Through these collaborative relationships, CSO can extend valuable services—ranging from legal and financial guidance to property management support—ensuring that each property receives well-rounded, tailored assistance. This approach not only strengthens the resilience of shared ownership models but also broadens resident access to resources that foster community stability and empower ownership. By aligning goals and maintaining open communication with partners, CSO creates a sustainable framework that maximizes positive outcomes for the communities it serves.

City of Chicago Department of Housing

Shared Ownership Housing Preservation Fund (SOHPF)
Preserving Affordable Housing in Chicago

A Pilot Program to Preserve Affordable Housing in Chicago

2024 funding for the SOHPF initiative has been allocated, and 2025 funding is currently under review. This pilot program demonstrates Chicago’s commitment to preserving affordable shared ownership housing in neighborhoods at risk of rising housing costs.

Program Overview

The Shared Ownership Housing Preservation Fund Pilot was created by the City of Chicago to stabilize and preserve affordable shared ownership housing models, such as condominiums and cooperatives focusing in South Shore. This initiative focuses on neighborhoods where rising housing costs threaten to displace moderate- and fixed-income residents.

Funded by the Department of Housing (DOH), the SOHPF prioritizes sustainable housing solutions by providing financial support for critical repairs and upgrades, ensuring long-term affordability for shared ownership communities.

How the SOHPF Works

Assessment and Participation

Participation in SOHPF begins with an initial assessment conducted by the Center for Shared Ownership (CSO). 

This assessment evaluates:

  • Governance structure
  • Financial readiness
  • Alignment with preservation goals

The aim is to ensure sustainable property management, engage owners in decision-making, and foster long-term stability within shared ownership communities.

Comprehensive Technical Assistance

Properties participating in the SOHPF program benefit from tailored technical assistance provided by the Center for Shared Ownership (CSO). This assistance is designed to address the unique needs of shared ownership housing and includes:

  • Governance Support: Strengthening board practices, bylaws, and leadership engagement.
  • Asset Management: Developing budgets, reserve studies, and fiscal strategies to sustain affordability.
  • Training and Capacity Building: Providing workshops on compliance, property management, and community engagement.
  • Risk and Compliance Solutions: Identifying and mitigating risks to property operations and ensuring legal compliance.

This hands-on support ensures that properties can effectively manage their resources, maintain transparency, and achieve long-term stability for their communities.

CCLF: Our Resource Benefit Partner 

The program is administered by the Chicago Community Loan Fund (CCLF), which oversees grants and loans for eligible properties. 

Funding covers essential improvements, including:

  • Repairs related to Code Violations
  • Structural repairs
  • Electrical and plumbing upgrades
  • Safety compliance measures

Eligible properties must demonstrate a commitment to maintaining affordability, have an active governance board, and meet transparency requirements.

For more information on program eligibility and technical assistance please complete the Request for Assistance Survey
https://www.surveymonkey.com/r/SharedOwnershipRequests

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