HODC’s mission is to develop, manage, and preserve the stock of housing that is affordable to low- and moderate-income households primarily throughout Chicago’s northern suburbs.
Need for Housing
The supply of affordable housing in Chicago’s northern suburbs is under increasing strain as rental rates and purchase prices continue to rise. This is a housing crisis for many who work in or want to live in these communities.
By providing affordable housing opportunities for our community, HODC helps: increase aesthetic appeal through rehabs of buildings that otherwise would remain vacant; retain quality employees for local employers; create culturally rich communities; establish a resident base that is highly invested in the community’s economic development; and increase revenue to the community by moving properties back onto the tax rolls.
HODC was established in 1983 by two housing organizations, the North Shore Interfaith Housing Council and the North Suburban Housing Center. In 1983, in response to the decline in federally assisted housing in the Chicago area, these organizations created a task force to perform a six-month study on how to increase the supply of affordable housing stock in the northern suburbs.
In response to recommendations of the task force, members of both organizations decided to create a community-based nonprofit affordable housing corporation to focus on increasing the housing stock available to limited-income households in the northern suburbs. The corporation was founded as the Interfaith Housing Development Corporation and has since changed its name to Housing Opportunity Development Corporation.