Chicago Co-op Offers Affordable Homes for Local Families with Help of CDFI Financing
Client: Pilsen Housing Cooperative (PIHCO)
Client Location: Chicago, IL
CDFI: Shared Capital Cooperative
CDFI Service Area: National
Skyrocketing rents, rapid gentrification, and displacement raise challenges for Chicago’s Pilsen neighborhood, a longstanding Latinx and artist community. Area residents, including Karen and Enrique Leon, decided to created Pilsen Housing Cooperative (PIHCO) to provide long-term, affordable housing to local residents in the neighborhood in the face of these changes.
In 2020, the limited equity co-op combined capital raised from members with a loan from Shared Capital Cooperative to purchase and renovate a six-unit building. PIHCO is now working to acquire a second building.
“We were displaced and we found Pilsen Housing Cooperative, which was a miracle for us,” says Karen Leon, PIHCO resident and member.
Check out this video to hear from the Leons and learn more about PIHCO!