Abstract
We evaluate a policy implemented in Chicago geared towards improving the private housing stock in distressed neighborhoods. First, the program successfully increased housing renovations and reduced foreclosures, demonstrating tangible housing improvements. Next, treated areas experienced significant reductions in burglaries and robberies, with adjacent neighborhoods also documenting similar decreases in crime. We do not find evidence that gentrification with displacement of incumbent residents is responsible for the positive impacts of the program. Our findings provide evidence of substantial neighborhood gains from low-cost, place-based housing interventions that prioritize the preservation of existing housing stock.