Increasingly, residents are left with limited resources to access affordable rental apartments or homes. In fact, approximately 245,000 households compete for 115,000 affordable units every year in Chicago. Our project is designed to close the gap. The Tenant Ownership Project differs from mainstream affordable housing developments, allowing working families to gain control of an important economic resource and become community stakeholders. We offer families the tools, education and assistance to maintain financial security, facilitate consensus building and become community leaders.
Residents learn about their shared responsibility in financial and building management.
This is especially critical in a cooperative where the building is owned jointly by its members who are part-owners and make all daily decisions. Nuestro Hogar, a collaborative effort between the Chicago Mutual Housing Network and the Bickerdike Redevelopment Corporation, is located at 3653-3657 West Wabansia. This marks the first time that the City of Chicago has invested in a housing cooperative. Located just one block from South Shore Bank, the Chappel Park Cooperative will also feature two and three bedroom units following its rehabilitation. Composed of representatives from block clubs, local school councils, churches and non-profit organizations, these boards sustain grass roots support for the project.