Grayslake

http://regionalhousingsolutions.webitects.com/municipality/grayslake

Submarkets (What is a submarket?)

59% of Grayslake is in Submarket 8.
Suburban 1980-99 housing stock, high/middle income, suburban, aging
30% of Grayslake is in Submarket 7.
High population growth, newest housing stock
11% of Grayslake is in Submarket 5.
Suburban 1960-79 housing stock, moderate but declining incomes, lower cost stock

Areas with a similar combination of these submarkets:

  1. Algonquin
  2. Antioch
  3. Batavia
  4. Beecher
  5. Braceville
  6. Bull Valley
  7. Burlington
  8. Burr Ridge
  9. Campton Hills
  10. Cary
  11. Channahon
  12. East Dundee
  13. Elwood
  14. Fox River Grove
  15. Godley
  16. Green Oaks
  17. Greenwood
  18. Gurnee
  19. Indian Creek
  20. Indian Head Park
  21. Island Lake
  22. Itasca
  23. Lake Barrington
  24. Lake Villa
  25. Lake Zurich
  26. Lemont
  27. Lily Lake
  28. Lindenhurst
  29. Mettawa
  30. Millbrook
  31. Millington
  32. Mokena
  33. Monee
  34. Oakwood Hills
  35. Old Mill Creek
  36. Olympia Fields
  37. Orland Hills
  38. Orland Park
  39. Palos Park
  40. Peotone
  41. Plano
  42. Port Barrington
  43. Prairie Grove
  44. Ringwood
  45. Sandwich
  46. Sleepy Hollow
  47. Spring Grove
  48. St. Charles
  49. Symerton
  50. Third Lake
  51. Tower Lakes
  52. Trout Valley
  53. Vernon Hills
  54. Wadsworth
  55. Warrenville
  56. West Dundee
  57. Winfield
  58. Wonder Lake

Want to find housing data for your community? Download U.S. Census housing data and use the Homes for a Changing Region data guide to analyze it.


Issues + strategies

Most communities have multiple submarkets within their boundaries. The issues facing each submarket as well as strategies tailored to address them are outlined below.

Submarkets with primary focus
Issue 5 7 8
Accessibility and visitability

Submarket 7

Improving accessibility and visitability can prepare communities for a growing senior population. A growing senior population raises concerns about whether submarket 7 communities are prepared as accessible and visitable places to live. As new housing is built or current housing is rehabilitated, attention should be given to make sure that housing will address the present and future needs of this population. Some submarket 7 exurban neighborhoods were built without important pedestrian infrastructure, like sidewalks and crosswalks. Figuring out how to retrofit such infrastructure into existing neighborhoods would also improve accessibility, as well as position communities to remain attractive as market preferences change.

Strategies (expand all)

Age-friendly neighborhoods Communities should create local amenities that will appeal to people of all ages, from young families to seniors.
Communities should create local amenities that will appeal to people of all ages, from young families to seniors. A community can best meet its social and economic demands by having a healthy balance of people from all age groups. Nevertheless, municipalities need to plan for amenities that can attract and retain residents. Neighborhood parks, public spaces and community art spaces such as Karcher Artspace Lofts in Waukegan and those created by Batavia, are only a few of the central elements of an age-friendly community. For seniors that want to live independently in the community, having access to services is vital. Municipalities should think about the development of senior housing/services complexes strategically, and ideally should locate them near transit stations and commercial areas. Such developments can be helped by specific transit oriented development ordinances like Chicago’s, which allow increased residential density and reduced parking requirements. Sunset Woods in Highland Park and Thomas Place in Glenview are great examples of developments that came to fruition because of strong collaboration between developers and municipalities. The Northwest Suburban Housing Collaborative’s Handyman Program is an innovative senior service program that connects seniors to low-cost maintenance services and helps them to live independently in their homes. Read more about age-friendly policies.
Value of housing planning Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future.
Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future. Via planning tools like the Homes for a Changing Region Toolkit, municipalities can better understand current and future housing needs in their communities and develop strategies to move toward a more “balanced” housing stock. Around the region, communities have been drawing on the principles of accessibility and sustainability to create healthier and safer housing.

Submarket 8

Improving accessibility and visitability can prepare communities for a growing senior population. A growing senior population raises concerns about whether submarket 8 communities are prepared as accessible and visitable places to live. As new housing is built or current housing is rehabilitated, attention should be given to make sure that housing will address the present and future needs of this population. Some submarket 8 neighborhoods were built without important pedestrian infrastructure, like sidewalks and crosswalks. Figuring out how to retrofit such infrastructure into existing neighborhoods would also improve accessibility, as well as position communities to remain attractive as market preferences change.

Strategies (expand all)

Age-friendly neighborhoods Communities should create local amenities that will appeal to people of all ages, from young families to seniors.
Communities should create local amenities that will appeal to people of all ages, from young families to seniors. A community can best meet its social and economic demands by having a healthy balance of people from all age groups. Nevertheless, municipalities need to plan for amenities that can attract and retain residents. Neighborhood parks, public spaces and community art spaces such as Karcher Artspace Lofts in Waukegan and those created by Batavia, are only a few of the central elements of an age-friendly community. For seniors that want to live independently in the community, having access to services is vital. Municipalities should think about the development of senior housing/services complexes strategically, and ideally should locate them near transit stations and commercial areas. Such developments can be helped by specific transit oriented development ordinances like Chicago’s, which allow increased residential density and reduced parking requirements. Sunset Woods in Highland Park and Thomas Place in Glenview are great examples of developments that came to fruition because of strong collaboration between developers and municipalities. The Northwest Suburban Housing Collaborative’s Handyman Program is an innovative senior service program that connects seniors to low-cost maintenance services and helps them to live independently in their homes. Read more about age-friendly policies.
Value of housing planning Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future.
Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future. Via planning tools like the Homes for a Changing Region Toolkit, municipalities can better understand current and future housing needs in their communities and develop strategies to move toward a more “balanced” housing stock. Around the region, communities have been drawing on the principles of accessibility and sustainability to create healthier and safer housing. Plainfield’s experience in housing development is instructive as well as its density bonus program, which provides an increase in residential density above a base level if a given development meets one or more of 15 village objectives. Community “buy in” regarding balanced housing is more likely to occur if a community creates a housing committee similar to those created by Highland Park and Lake Forest. Municipalities that are interested in incorporating greater accessibility/visitability standards into new development or rehab of existing single-family homes should review Bolingbrook’s accessibility/visitability requirements.
Attracting investment

Submarket 5

Communities will need to develop creative strategies to attract additional investment and development. Incentivizing infill can be difficult in mostly built-out areas. Many financial institutions do not provide mortgage products for homes at lower price points, limiting the ability to attract new families into some neighborhoods. Rehab may be needed in some areas, but homeowners may not be able to tap into equity loans because of poor market conditions. High property tax rates in some communities prohibit investment and limit affordability.

Strategies (expand all)

Approach to rehabilitation Municipal rehab programs can help certain residents address issues of deferred property maintenance.
Municipal rehab programs can help certain residents address issues of deferred property maintenance. Municipalities in Cluster 5 may consider developing rehab grant or loan programs for certain income-qualified homeowners. Many municipalities around the region have developed these programs, some with the support of federal Community Development Block Grant (CDBG) funding (Oak Park, Evanston) and others through their own municipal sources (East Dundee). Neighborhood Lending Services, Inc. (NLS) offers fixed rate home improvement loans in certain areas of the region. Municipalities in these areas should assist NHS with marketing to residents. Municipalities may also want to consider partnering with local banks to explore the development of a rehab financing product for their residents. Read more about the many different models of rehabilitation programs in the region.
Land banking Land banks can be used as a strategic tool to acquire problem vacant properties and convert them into assets.
Land banks can be used as a strategic tool to acquire problem vacant properties and convert them into assets. Land banks are governmental entities or nonprofit corporations that focus on the conversion of vacant, abandoned and tax delinquent properties into productive use and have proved to be a useful tool to help reinvent and revitalize neighborhoods. Most vacant and abandoned properties have many legal and financial barriers, such as years of back taxes and clouded title that make it difficult to attract investors. Land banks have the ability to hold land tax-free and clear title and/or extinguish back taxes, which can be essential when trying to attract buyers and investment. Land banks can work in partnership with municipalities to advance community-based goals. There are two successful examples of land banks in Illinois, in both the south suburbs and Cook County, and other areas of the region struggling with issues of vacancy and blight might consider the use of land banking as a tool in their community. The Center for Community Progress is a good starting point to learning about land banking. Learn more about strategies to deal with vacant property.
Placemaking and marketing strategies Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment.
Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment. Municipalities can make a concerted effort to enhance neighborhood character in Submarket 5 through strategic public investments such as neighborhood branding/signage, streetlights, sidewalks, etc. Public sector investment will likely signal to the private market a commitment to an area and make it more attractive for additional resources. Learn about placemaking strategies.
Review regulations affecting real estate development To better compete for private market real estate investments, communities can preemptively inventory and update development regulations.
To better compete for private market real estate investments, communities can preemptively inventory and update development regulations. Development regulations protect community health, character, and safety, but can also sometimes be outdated or create unintended barriers to private investment. Some regulations are especially onerous and limit developer interest in investment, while others prohibit forms of development the community may wish to allow. For instance, density limitations may prohibit condo buildings in communities’ historic downtowns. Large minimum lot sizes may prevent the development of starter homes or housing for older community residents. Similarly, point-of-sale requirements may excessively extend home sale transaction timelines. Communities should audit and potentially refresh existing regulations to ensure that they are not creating unintended or unnecessary barriers to development. Assistance may be available through the Urban Land Institute or local associations of realtors to help evaluate perceptions among private market actors of the difficulty of working in the community.
Attracting younger families

Submarket 7

Exurban communities have an opportunity to attract younger families by striking the right balance between affordable homes and amenities. Younger families generally need affordable starter home price points in order to become new homebuyers. Additionally, providing amenities such as walkable neighborhoods, parks, and open spaces can help to meet the preferences of younger generations, such as increased interest in biking and walking and more compact home environments.

Strategies (expand all)

Age-friendly neighborhoods Communities should create local amenities that will appeal to people of all ages, from young families to seniors.
Communities should create local amenities that will appeal to people of all ages, from young families to seniors. A community can best meet its social and economic demands by having a healthy balance of people from all age groups. Nevertheless, municipalities need to plan for amenities that can attract and retain residents. Neighborhood parks, public spaces and community art spaces such as Karcher Artspace Lofts in Waukegan and those created by Batavia, are only a few of the central elements of an age-friendly community. Read more about age-friendly policies.
Inclusionary zoning Communities can use strong markets to create affordable housing.
Communities can use strong markets to create affordable housing. Inclusionary zoning efforts naturally work well in strong markets, leveraging the construction of new market rate units to add affordable units. Many communities in the region have adopted inclusionary zoning ordinances, including Chicago (ARO), Evanston, Highland Park, and Lake Forest.

Affordable requirements ordinance (ARO): Chicago adopted a new inclusionary housing ordinance in 2015. A number of stakeholders identified potential positives and negatives in the ARO. Yet, because the ordinance is so new, it remains to be seen how market rate developers will comply. Monitoring its implementation will help other communities understand whether it will serve as a model.
Land trusts Land trusts can provide affordable housing in perpetuity by owning land and leasing it to those who live in houses built on that land.
Land trusts can provide affordable housing in perpetuity by owning land and leasing it to those who live in houses built on that land. Land trusts, like those operating in Chicago and the North Shore, are often an effective tool in helping preserve currently affordable units due to a land trust’s unique ownership structure. When a land trust sells a unit to an owner, they only sell the improvements (i.e. the home), but not the land underneath. As a result, a household can purchase a home for substantially less than what it would ordinarily cost.
Repurpose and redevelop property Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment.
Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment. Overdeveloped and vacant retail areas can be rezoned for mixed-use developments or housing. When adding multi-family units near transit, municipalities should consider lower parking requirements to relieve congestion and encourage walkability. Mundelein’s Downtown Design Guidelines, Glenview’s Downtown Development Code, and Libertyville’s payment in lieu of required parking policy are all great examples of how to create a more efficient built environment.
Rethink unfinished planned unit developments The time is right to explore the future of stalled developments.
The time is right to explore the future of stalled developments. As stalled planned unit developments come back online, more diverse housing options should be included. Now that the market is recovering in many exurban areas of this submarket, municipalities should put some thought into planned unit developments that were never completed due to the housing downturn. Municipalities should consider supporting more diverse housing types to be built in these developments, including small-lot single family housing as well as multi-generational housing. HomeTown Aurora and Georgetown in Batavia are examples of developments that offer varied housing options.

Submarket 8

Communities have an opportunity to attract younger families by striking the right balance between affordable homes and amenities. Younger families generally need affordable starter home price points in order to become new homebuyers. Additionally, providing amenities such as walkable neighborhoods, parks, and open spaces can help meet the preferences of younger generations, such as increased interest in biking and walking and more compact home environments.

Strategies (expand all)

Age-friendly neighborhoods Communities should create local amenities that will appeal to people of all ages, from young families to seniors.
Communities should create local amenities that will appeal to people of all ages, from young families to seniors. A community can best meet its social and economic demands by having a healthy balance of people from all age groups. Nevertheless, municipalities need to plan for amenities that can attract and retain residents. Neighborhood parks, public spaces and community art spaces such as Karcher Artspace Lofts in Waukegan and  those created by Batavia, are only a few of the central elements of an age-friendly community. Learn more about age-friendly neighborhood strategies.
Placemaking and marketing strategies Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment.
Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment. Municipalities can make a concerted effort to enhance neighborhood character in Submarket 8 through strategic public investments such as neighborhood branding/signage, streetlights, sidewalks, etc. As noted before, adding pedestrian infrastructure to these existing neighborhoods will be particularly valuable. Public sector investment will likely signal to the private market a commitment to an area and make it more attractive for additional resources. Learn more about placemaking strategies.
Repurpose and redevelop property Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment.
Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment. Overdeveloped and vacant retail areas can be rezoned for mixed-use developments or housing. When adding multi-family units near transit, municipalities should consider lower parking requirements to relieve congestion and encourage walkability. Mundelein’s Downtown Design Guidelines, Glenview’s Downtown Development Code, and Libertyville’s payment in lieu of required parking policy are all great examples of how to create a more efficient built environment.
Code issues

Submarket 5

Finding a balance between too aggressive and too lenient code enforcement can be difficult. In some parts of Submarket 5, where the market is weaker, communities struggle to find the right balance in addressing code issues. Too aggressive enforcement can lead to vacancy and reduced neighborhood stability because building owners cannot afford to make all the repairs. Burdensome point of sale requirements may deter new investment in the community, and challenges with staff capacity can often result in long waiting periods to complete required inspections. On the other hand, too lenient enforcement can lead to deteriorating property conditions and households living in unsafe or unsanitary homes. The results of either approach compound over time and can serve as a deterrent to future market-driven rehabilitation.

Strategies (expand all)

High priority property maintenance liens Municipalities should utilize priority liens to recover costs incurred for securing and maintaining abandoned residential property.
Municipalities should utilize priority liens to recover costs incurred for securing and maintaining abandoned residential property. Illinois law allows for priority liens for securing and maintaining abandoned residential property. The law applies to any type of permanent dwelling unit that has been unoccupied for at least 90 days and for which the municipality attempted to contact the owner(s) or the owner’s agent(s) but was unable to reach anyone. It covers the removal of weeds, trees, bushes, grass, garbage, debris, or graffiti, and securing or enclosing the property. Liens obtained under this law are superior to all other liens, except taxes. Under this law, municipalities recover their expenses after taxes are paid but before the mortgage is recovered. Thus, municipalities will recover even when the value of the property is less than the value of the mortgage. If municipalities are maintaining vacant property in their community, they should be sure to go through the necessary steps to file a high priority lien on the property. The Metropolitan Mayors Caucus and Business and Professional People for the Public Interest’s (BPI) publication on Vacant Building Ordinances provides detailed information and step-by-step guidance on this process. Learn more about strategies to deal with vacant property.
Rental unit monitoring and regulation Effective municipal regulation, coupled with pro-active strategies and incentives, can improve rental housing quality and reduce problems.
Effective municipal regulation, coupled with pro-active strategies and incentives, can improve rental housing quality and reduce problems. With the number of rental properties in this Submarket, municipalities need to review the structure of their rental unit monitoring and regulation efforts to make sure that they are maximizing authority under state law while effectively maintaining the quality of the local rental stock. Municipalities may want to consider implementing a performance-based rental regulation ordinance such as the one in place in the Village of Addison. Municipalities may also want to point owners of multifamily rental properties to the abundance of resources at the Community Investment Corporation (CIC) for financing, energy efficiency, and property management training. Learn about best practice rental regulation strategies.
Strategic code enforcement on vacant properties Code enforcement departments should create targeted intervention strategies based on certain property characteristics.
Code enforcement departments should create targeted intervention strategies based on certain property characteristics. Maintenance of vacant and abandoned property is important in order to not deter additional investment in a neighborhood. Some municipalities have reported that boarding vacant properties actually discourages neighborhood investment and the best strategy is to make a property appear occupied. Code enforcement departments should maintain vacant property to the best of their ability and issue priority property maintenance liens as necessary. Even sending a notice to a property owner that a priority lien will be issued may encourage an owner to pay past fines or start taking an interest in the property. However, it is important for code enforcement departments to also make a plan when it is clear that the owner of a property is no longer being responsive. Outlining a strategy to identify properties that may need more aggressive intervention is important. At a certain point when the owner is no longer responding it may be more cost efficient in the long run to intervene with a more aggressive strategy. Communities must be willing to utilize the full arsenal of enforcement tools, including demolition or declaration of abandonment, if necessary. Learn more about strategies to deal with vacant property.
Utilize demolition, fast-track, and abandonment authority More aggressive strategies may be needed when owners become unresponsive.
More aggressive strategies may be needed when owners become unresponsive. When it is clear an owner of a vacant property is no longer being responsive, municipalities should consider more aggressive strategies. The Metropolitan Mayors Caucus and BPI’s publication on Vacant Building Ordinances provides detailed information and step-by-step guidance on abandonment, fast track demolition, and declaration of abandonment. Some south suburban municipalities have used their abandonment authority to take control of problem properties and then partner with the South Suburban Land Bank to transfer ownership of these properties to responsible owners. The Village of Lansing has been using abandonment petitions to gain control of vacant properties, reduce strain on municipal resources, and attract investment. Learn more about strategies to deal with vacant properties.
Growth creates opportunities

Submarket 7

Growth creates an opportunity to create a more “balanced” housing stock, which can better accommodate households of various sizes and income levels. Whether in the core of the region or at the edges, submarket 7 is growing. That growth creates opportunities. In newly developed communities, new construction creates the chance to create complete communities from the start, with a balanced housing supply that will be resilient to changing housing demand. At the core, this means understanding whether the housing that is being added creates opportunities from across the income spectrum. A more “balanced” housing stock can better accommodate households of various sizes and income levels. While most of the housing stock in the exurban areas of this submarket consists of newer single-family homes, communities can take a new approach that encourages a greater mix of housing types. In Chicago’s downtown core, the City can evaluate the opportunities that new development has created for households across the income spectrum in order to forge a path forward that increases housing equity.

Strategies (expand all)

Community education Targeted efforts to build support for diversity of housing stock and people can help address community resistance.
Targeted efforts to build support for diversity of housing stock and people can help address community resistance. Many groups, including elected officials, government staff, non-profits, and citizens, have explored ways to build community support for new housing types and greater local diversity. Utilizing these models in submarket 7 can help address community resistance issues. Read more about the many different best practices.
Inclusionary zoning Communities can use strong markets to create affordable housing.
Communities can use strong markets to create affordable housing. Inclusionary zoning efforts naturally work well in strong markets, leveraging the construction of new market rate units to add affordable units. Many communities in the region have adopted inclusionary zoning ordinances, including Chicago (ARO), Evanston, Highland Park, and Lake Forest.

Affordable requirements ordinance (ARO): Chicago adopted a new inclusionary housing ordinance in 2015. A number of stakeholders identified potential positives and negatives in the ARO. Yet, because the ordinance is so new, it remains to be seen how market rate developers will comply. Monitoring its implementation will help other communities understand whether it will serve as a model.
Land trusts Land trusts can provide affordable housing in perpetuity by owning land and leasing it to those who live in houses built on that land.
Land trusts can provide affordable housing in perpetuity by owning land and leasing it to those who live in houses built on that land. Land trusts, like those operating in Chicago and the North Shore, are often an effective tool in helping preserve currently affordable units due to a land trust’s unique ownership structure. When a land trust sells a unit to an owner, they only sell the improvements (i.e. the home), but not the land underneath. As a result, a household can purchase a home for substantially less than what it would ordinarily cost.
Repurpose and redevelop property Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment.
Communities should evaluate existing zoning and take stock of existing infrastructure when making decisions about redevelopment. Overdeveloped and vacant retail areas can be rezoned for mixed-use developments or housing. When adding multi-family units near transit, municipalities should consider lower parking requirements to relieve congestion and encourage walkability. Mundelein’s Downtown Design Guidelines, Glenview’s Downtown Development Code, and Libertyville’s payment in lieu of required parking policy are all great examples of how to create a more efficient built environment.
Rethink unfinished planned unit developments The time is right to explore the future of stalled developments.
The time is right to explore the future of stalled developments. As stalled planned unit developments come back online, more diverse housing options should be included. Now that the market is recovering in many exurban areas of this submarket, municipalities should put some thought into planned unit developments that were never completed due to the housing downturn. Municipalities should consider supporting more diverse housing types to be built in these developments, including small-lot single family housing as well as multi-generational housing. HomeTown Aurora and Georgetown in Batavia are examples of developments that offer varied housing options.
Value of housing planning Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future.
Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future. Via planning tools like the Homes for a Changing Region Toolkit, municipalities can better understand current and future housing needs in their communities and develop strategies to move toward a more “balanced” housing stock. Around the region, communities have been drawing on the principles of accessibility and sustainability to create healthier and safer housing.
Need for more diverse housing options

Submarket 8

The housing stock of communities should accommodate households of various sizes and income levels. Housing stock that is uniform in both its size and type can result in missed opportunities for communities to attract new residents and jobs. While most of the submarket’s housing stock consists of newer single-family homes, communities have an opportunity to increase the diversification of their housing stock through new development or retrofitting existing stock. An increase in the mix of housing types can appeal to a wider buyer pool and allow submarket 8 communities to remain competitive as market conditions change.

Strategies (expand all)

Value of housing planning Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future.
Municipalities should invest in long-term planning to identify policies and tools that prepare its housing stock for the future. Via planning tools like the Homes for a Changing Region Toolkit, municipalities can better understand current and future housing needs in their communities and develop strategies to move toward a more “balanced” housing stock. Around the region, communities have been drawing on the principles of accessibility and sustainability to create healthier and safer housing. Plainfield’s experience in housing development is instructive as well as its density bonus program, which provides an increase in residential density above a base level if a given development meets one or more of 15 village objectives. Community “buy in” regarding balanced housing is more likely to occur if a community creates a housing committee similar to those created by Highland Park and Lake Forest. Municipalities that are interested in incorporating greater accessibility/visitability standards into new development or rehab of existing single-family homes should review Bolingbrook’s accessibility/visitability requirements.
Proximity

Submarket 5

Communities may have an opportunity to build off of nearby assets. Submarket 5 spans a wide geography across the region, and in many areas there is bordering proximity to assets such as strong school districts and transit lines. Communities within submarket 5 should closely evaluate the relationship of their submarket to other submarkets and assets to take advantage of potential opportunities to attract investment.

Strategies (expand all)

Value of housing planning Using tools like Homes for a Changing Region can be valuable.
Using tools like Homes for a Changing Region can be valuable. In order to determine which strategies to pursue most actively, Submarket 5 communities must establish a market feasible vision for future development. Homes for a Changing Region is a very valuable tool that can help communities identify how to plan for the future of the local housing market and identify which strategies to prioritize.
Rehabilitation challenges

Submarket 5

Rehab programs may be underutilized. In response to deferred maintenance and code issues, many communities operate housing rehabilitation programs. These programs are not always heavily used, in part, because the cost of bringing the house up to code exceeds the funding available.

Strategies (expand all)

Approach to rehabilitation Municipal rehab programs can help certain residents address issues of deferred property maintenance.
Municipal rehab programs can help certain residents address issues of deferred property maintenance. Municipalities in Cluster 5 may consider developing rehab grant or loan programs for certain income-qualified homeowners. Many municipalities around the region have developed these programs, some with the support of federal Community Development Block Grant (CDBG) funding (Oak Park, Evanston) and others through their own municipal sources (East Dundee). Neighborhood Lending Services, Inc. (NLS) offers fixed rate home improvement loans in certain areas of the region. Municipalities in these areas should assist NHS with marketing to residents. Municipalities may also want to consider partnering with local banks to explore the development of a rehab financing product for their residents. Read more about the many different models of rehabilitation programs in the region.
Weak market demand

Submarket 5

Declining home values put homeowners at risk. Homeowners in Submarket 5 may be particularly challenged due to declining housing values, which puts residents in this submarket the most at risk of having underwater mortgages.

Strategies (expand all)

Housing counseling Communities should familiarize themselves with any HUD certified housing counseling agencies in their area and market their services to residents.
Communities should familiarize themselves with any HUD certified housing counseling agencies in their area and market their services to residents. Housing Action Illinois provides information about housing counseling agencies across the region, which provide an array of housing programs and services. Residents can get access to financial management and budget counseling, mortgage delinquency and default counseling, pre-purchase education, one-on-one homeownership counseling, rental information, fair housing guidance, rehabilitation programs, reverse mortgage counseling, homeless prevention support, predatory lending education, and foreclosure prevention options.
Placemaking and marketing strategies Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment.
Communities should develop strategies to create greater neighborhood identity in order to encourage additional private sector investment. Municipalities can make a concerted effort to enhance neighborhood character in Submarket 5 through strategic public investments such as neighborhood branding/signage, streetlights, sidewalks, etc. Public sector investment will likely signal to the private market a commitment to an area and make it more attractive for additional resources. Learn about placemaking strategies.
Refinancing resources Municipalities should market IHDA's I-REFI program to homeowners who may be underwater on their mortgage.
Municipalities should market IHDA's I-REFI program to homeowners who may be underwater on their mortgage. For homeowners with underwater mortgages, the Illinois Housing Development Authority (IHDA) is offering a new program designed to help homeowners who are current on their mortgage payments but owe more than their home is worth due to declining property values in their community. Through the new I-REFI program, IHDA offers underwater homeowners up to $50,000 in federal assistance to reduce the balance owed on their mortgage and refinance into a new affordable loan based on the current market value of their home. This program may be of particular relevance in Submarket 5 municipalities and should be marketed to residents.

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