A long-time CIC client received a $695,000 loan
to refinance and rehab a 26 unit, three-story brick building in South Shore. The property was acquired from CIC's affiliate, Community Initiatives, Inc (CII). The distressed property will be rehabbed, preserving the affordable rental units.
Transforming Housing LLC received a $2.4 million loan
from CIC to refinance two properties with 36 units in Grand Boulevard. The two adjacent 18-unit brick walk-up buildings were rehabbed in 2009. Refinancing the existing HUD mortgage with CIC reduced administrative costs for the client.
A CIC client and part-time teacher received a $525,000 construction loan
to rehab a two-story, 17-unit walk up on North Central Avenue in Austin. The property will receive new windows, an energy-efficient boiler, and a number of cosmetic repairs.
Adewer Properties LLC received a $261,000 acquisition/rehab loan
for an 11-unit mixed-use property in Greater Grand Crossing. The property, with 8 residential and 3 commercial units, received a Flex loan from CIC. Under the Flex loan program, CIC can finance loans beyond the typical 80% loan-to-value requirement.
Joudeh Investments received $500,000 in financing from the 1-4 Unit Loan Program
. The loan will refinance a portfolio of recently rehabbed properties, which includes two 3-flats, a 2-flat, and a single family home, with a total of nine units in North Lawndale.