(a) The Commissioner of Housing is authorized and instructed to establish an SRO Improvement and Stabilization Program to incentivize the preservation of well-maintained SRO units. All preservation fees collected pursuant to this chapter shall be utilized solely for purposes related to the operation of the SRO Improvement and Stabilization Program.
(b) Subject to appropriations and the availability of funds from other sources, the SRO Improvement and Stabilization Program shall provide incentives such as forgivable loans for the purpose of rehabilitating SROs; grants to make up the difference between offers to purchase tendered by prospective buyers intending to maintain affordable housing at SROs and larger offers tendered by prospective buyers intending to convert those SROs to other uses; on-site, City-funded social and case management services; and/or other comparable measures.
(c) As part of the SRO Improvement and Stabilization Program, the Commissioner of Housing shall investigate the possibility of securing incentives that are outside the authority of the City to provide, including, but not limited to, property tax credits from Cook County for owners of SROs who maintain affordable housing.
(Added Coun. J. 11-12-14, p. 97375, § 2; Amend Coun. J. 11-14-18, p. 90308, Art. I, § 32)