History
1982
The Chicago Metropolitan Housing Development Corporation (CMHDC) is created as an instrumentality of the Chicago Housing Authority (CHA). CHA appoints five members to the Board of Directors.
1983 – 1984
CMHDC issues bonds exceeding $200 million to provide financing for the creation of more than 2,100 rental apartments.
1992 – 1993
CMHDC refinances its 1983 bonds under an agreement with the federal government. This refinancing, known as Financial Adjustment Factor (FAF) refinancing, allows CMHDC to capture more than $20 million in funds over the next 10 years for the development of affordable housing.
1994 – 1996
CMHDC begins to assist the CHA in its efforts to redevelop public housing by acquiring and rehabbing single family homes to be used by public housing residents. Assets of the corporation approach $4 million.
1996 – 1997
New and current management takes charge of CMHDC. The corporation is restructured as a 501(c)3 non-profit housing development corporation with a mission to acquire and redevelop multifamily properties using its FAF money to leverage private financing. The Board of Directors is expanded to 9. CMHDC initiates an acquisition program and acquires its first 20 apartments while reducing its participation in the redevelopment of public housing.
2000
Organization grows to $18 million in assets. CMHDC undertakes its first substantial rehab project at 4700 N. Beacon followed by the rehabilitation of 1714 W. Jonquil and 10979 S. Church.
2002
CMHDC reaches $29 million in assets with more than 250 rental units and starts divesting its single family homes.
2003 – 2004
CMHDC reaches over $40 million in assets with over 400 rental units. CMHDC forms its first partnership with a for-profit developer, Related Midwest, to work on a new construction for-sale condominium project, The Mark.
2007
CMHDC reaches over $46 million in assets with 525 rental units. The Mark is completed and 8 units are sold as affordable condominiums.
2010
CMHDC Development Services is created as an entity dedicated to working in the suburbs of Chicago to stabilize the affordable rental market.
CMHDC Development Services acquires Cicero Garden, a 54 unit affordable housing development in Cicero, IL. Increasing the rental portfolio to over 650 units CMHDC Development Services becomes a key player in addressing the foreclosure crisis in Chicago’s southern suburbs in partnership with Cook County, the Metropolitan Planning Council and the South Suburban Mayors and Managers Association (SSMMA).
Cook County selects CMHDC Development Services as its technical advisor partner to manage the County’s Neighborhood Stabilization Program.
CMHDC receives its first foundation grant award in the amount of $45,000 from the Searle Funds of The Chicago Community Trust.
2011
CMHDC incorporates Chicago Metropolitan Construction , LLC, a general contracting construction company to meet the organization’s construction needs.
Cicero Gardens is completed.
CMHDC acquires its first Chicago NSP project, 3252-56 West Leland, a 6-unit rental building. CMHDC Development Services structures the successful short-sale acquisition of 85 single-family homes and townhouses throughout the southern suburbs.
Total assets for CMHDC and its related entities exceeds $54 million with and rental portfolio increases to 727 units.
2012-2018
CMHDC and Development Services restructured their rental portfolio. Some properties are sold while increasing acquisitions in the Chicago suburbs.
CMHDC partners with Communities United to preserve small buildings in Chicago’s northwest side including Albany Park, Belmont Cragin, Lincoln Square and West Ridge. In 2017 CMHDC wins the LISC (Local Initiative Support Corporation) Polk Brothers Foundation Affordable Rental Housing Preservation Award for the preservation of these 18 buildings. In 2018, this effort leads to the creation of the City of Chicago PEAR (Preservation of Existing Affordable Rentals) program.
2022
CMHDC and CHA legally separate. CMHDC develops a new strategy to continue providing Naturally Occurring Affordable Housing.
Board is expanded to 11 members
“CMHDC strives to provide quality apartments and buildings for their residents. As a landlord they take pride in their properties and their tenants are proud of the place they call home because of their approach. ”