Beyond financing, CIC – through its affiliate Community Initiatives, Inc. (CII) – takes direct action to preserve affordable housing.
Vacant and distressed rental buildings create unsafe conditions for residents and neighbors, and depress local market conditions. CII acquires distressed real estate so that new owners can rehab the properties, provide stable management, and preserve affordable housing. CII is quick and nimble in its transactions and in its ability to navigate complete title and other legal issues.
How It Works
CII pursues this acquisition-for-preservation using a variety of tools, and many of these properties are available for sale to responsible developers:
Multifamily Properties
CII acquires multifamily properties through direct purchase, implementing the Distressed Condominium Act, foreclosing on Troubled Buildings Initiative (TBI) liens, and accepting assignment of government owned properties and liens. CIC financing is available to developers to help with the acquisition and rehab of these properties.
To learn more about available multifamily properties for sale, contact Dedric Richardson, Vice President, Acquisitions & Dispositions Strategy, dedric.richardson@cicchicago.com.
1-4 Unit Properties
CII acquires vacant 1-4 unit properties for rehab into functional rental buildings or for sale to homebuyers. Since 2015, CII has sold over 500 1-4 unit properties to over 100 different development partners in 56 Chicago neighborhoods. CIC financing is available to developers to help with the acquisition and rehab of 1-4 unit portfolios.
To learn more about the 1-4 unit development partner vetting process, contact Dedric Richardson, Vice President, Acquisitions & Dispositions Strategy, dedric.richardson@cicchicago.com.
Accepting assignment of government-owned properties and liens
Quick, Nimble, Effective. Using an array of tools and strategies, CII has acquired 784 vacant and distressed properties, improving and preserving over 6,000 units of affordable housing.
Properties Acquired
| Buildings | Units | |
|---|---|---|
| Multifamily | 263 | 4,310 |
| Condos | 96 | 784 |
| 1–4 Units | 779 | 995 |
| Total | 1,138 | 6,089 |