Affordable housing extends beyond new construction, encompassing Naturally Occurring Affordable Housing (NOAH). NOAH is critical but increasingly at risk. In Chicago, for instance, 10% of NOAH housing was lost from 2012-2019. In response, the Community Investment Corporation (CIC) has leveraged $330 million from 40 lenders to support acquisition and rehabilitation efforts. In addition, they have another strategy called Troubled Buildings Initiative that targets unresponsive landlords by coordinating city departments to ensure building upkeep. Furthermore, their collaborative efforts helped implement tax relief programs which incentivized low- to moderate-income owners to improve buildings while keeping them affordable.

https://nextcity.org/urbanist-news/when-preserving-affordable-housing-is-cheaper-than-building-it