TRP’s Forgivable Loan Supports Longtime Homeowners on Chicago’s West Side

Homeownership has been a cornerstone of financial security and wealth for many families, but aging housing stock, costly repairs, and market pressures threaten that stability. In neighborhoods like Pilsen, skyrocketing home prices and aggressive developer purchases are reshaping the housing market, putting long-time residents at risk of losing their place in the community. To address these challenges, in the fall of 2025, The Resurrection Project (TRP) launched its Pilsen Stay in Place forgivable loan program to help homeowners make essential repairs, preserve affordability, and prevent displacement.

The program offers up to $60,000 for critical repairs to 2–4-unit owner-occupied buildings in Pilsen and the Lower West Side. Structured as a zero percent interest loan that is forgivable after five years, in exchange for owners keeping rents stable for the building’s residents, it helps ensure homes remain safe and affordable while supporting long-term neighborhood stability. Kristen Komara, vice president of Full Circle Homes at TRP, says, “It’s really a preservation and anti-displacement program. We’re trying to keep long-time Pilsen residents in the community.” This program is part of The Chicago Community Trust’s Stay in Place pilot, which focuses on preserving homeownership and supporting wealth-building opportunities for low- and moderate-income Chicagoans. The pilot provides grants for essential home repairs, affordable housing preservation, and estate planning services, all informed by community voices through focus groups facilitated by New America Chicago. In addition to Pilsen, the pilot is funding innovative approaches in Englewood to see if they can be replicated.

According to data from the DePaul Institute for Housing Studies, Pilsen is home to more than 8,000 2- to 4-unit buildings, which make up 62 percent of the housing stock in the neighborhood. These multi-unit homes are vital to affordability but often require expensive repairs.

Ivan Villarreal, a participant in the program, states, “This program is a blessing. Every winter, something breaks, and the cost adds up fast. We’re going into credit card [debt]. With two kids and a wife, it’s stressful.”

“This program takes away that constant worry. It means warmth for my family, fewer sleepless nights, and a chance to breathe financially. I’m excited and grateful. I still can’t believe it.”

Ivan Villareal
Program Participant

The forgivable loan begins as a traditional loan, creating accountability and shared responsibility. Homeowners agree to keep rents affordable—no more than a 5% increase per year—and maintain ownership for five years. If commitments are met, the loan is fully forgiven after five years. Victor Lua, Director of Lending at TRP says, “The result is a structure that balances flexibility with accountability: homeowners receive meaningful financial support upfront, while the community benefits from long-term affordability and housing stability.”

The pilot program, running through May 2027, will invest $1 million to help at least 20 owner-occupants complete essential repairs on 40 units, improving housing conditions for an estimated 96 residents. As Georgina Lerma, a participant in the program, put it, “This program takes a huge weight off my shoulders. Being able to replace the porch is the biggest relief, because I know my tenants will be safe.”