News from CIC: Seeking Developers for Renew Woodlawn, TBI Wins Larson Award

Seeking Developers for Renew Woodlawn

CIC is now accepting proposals under the latest Renew Woodlawn Developer Request for Proposals.

The goal of Renew Woodlawn, which CIC is undertaking with our partners at NHS and POAH, is to provide quality, newly rehabbed homes to owner-occupants that will expand home ownership opportunities for the Woodlawn Community Area. Renew Woodlawn complements the more than $13 million in multifamily investments made by CIC in Woodlawn over the last 10 years.

Under the RFP, seven properties are available for redevelopment. The properties will be available for inspection by developers on November 8th and 10th. Developers selected through the RFP will acquire the property from CII, rehab the property, and sell to qualified homebuyers.

For details about the program and to download the RFP, visit nhschicago.org/live/woodlawn.

CIC Program Wins National Award for Housing Policy

The City of Chicago was awarded the Urban Land Institute's (ULI) 2016 Robert C. Larson Housing Policy Leadership Award for the Troubled Buildings Initiative (TBI), a program administered on behalf of the City by CIC since 2003. Under TBI, multiple city agencies work together with CIC to move buildings from housing court to improved physical condition and management rather than to abandonment and demolition. TBI has addressed more than 14,700 units of multifamily housing. Neighborhood Housing Services of Chicago (NHS) administers the single-family TBI program. Read more at ULI.org.

CIC closed more than $8 million in loans in October. Contact a loan officer today to join the growing list of recent deals financed by CIC.

Recent Deals

NHP Foundation , a non-profit real estate organization, received a $5 million loan from CIC to acquire the Covent Hotel, an SRO property in Lincoln Park with 64 residential units and 7 commercial units. Financing from CIC facilitated a quick acquisition of the property, which NHP has plans to rehab and continue operating as affordable housing.

312 Real Estate received a loan of $1.8 million from CIC to rehab a long-vacant property at 47th and King in Grand Boulevard, an area targeted by the City of Chicago's Micro Market Recovery Program (MMRP). The building is designated by the City of Chicago as historically significant, and will have 20 units following a significant rehab.

A first-time CIC client received a $220,000 loan to acquire an 8 unit, 2 story brick property on West 76th Street in Greater Grand Crossing.

Chicago Realty Solutions received a takeout loan of $1.68 million for 32 single family homes on the far south side of Chicago under CIC's 1-4 Unit Rental Redevelopment Loan Program.

As Chicago's leading multifamily rehab lender, CIC offers comprehensive and flexible financing options to fit your project needs:

Purchase/rehab in the same loan
Cash out/Refi loans to expand your portfolio
Quick acquisition loans
1-4 unit rental redevelopment loans (for investors)
Unique Energy Savers loan program
Competitive rates & terms

That's just the beginning. Get personalized attention, specialized knowledge from experts in the field, and no-cost training and networking opportunities to make sure you reach your goals.

312.258.0070 | [email protected] | www.cicchicago.com

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