Preservation of Existing Affordable Rental (PEAR) Pilot

The Preservation of Existing Affordable Rental (PEAR) Pilot Program was established by the City of Chicago in 2018 to preserve affordable housing in rising cost neighborhoods. The program provided zero-percent interest rate refinancing of private-sector debt on residential properties with six or more units, with the requirement that at least 20% of units remain affordable to households earning up to 80% AMI for a 30-year term. Initially administered by the Department of Planning and Development, the program was subsequently transferred to the Department of Housing with funding from the City's Affordable Housing Opportunity Fund. The program is no longer accepting new applications.