In 2010, CMHDC created CMHDC Development Services as a subsidiary to concentrate development efforts in Chicago’s suburbs. Both organizations share the same mission but with different geographic areas. Development Services concentrates its development efforts in areas outside the City of Chicago boundaries, and is charged with identifying preservation opportunities to ensure rental affordability in the suburbs.
As the foreclosure crisis started to take a toll throughout Chicago’s metropolitan area, Development Services partnered with the Metropolitan Planning Council (MPC) and the South Suburban Mayors and Managers Association (SSMMA) to address the foreclosure crisis affecting Chicago’s southern suburbs. As a result of this effort, Cook County selected CMHDC Development Services as its partner to oversee the Neighborhood Stabilization Program (NSP). Since its inception in 2010, 0ur work has been instrumental in overseeing the rehabilitation of foreclosed properties identified by Cook County in the suburbs of Cicero, and southern Cook County.
Although the consulting work with Cook County provides a path to mitigate foreclosures, we did not forget our main mission as we continue to provide affordable housing opportunities in the Chicago metropolitan area. To that end, we successfully completed the acquisition and improvement of 54 apartments in 4 buildings in Cicero, IL. This development had suffered from substantial deferred maintenance and needed an infusion of capital and better management. CMHDC Development Services was selected by the Illinois Housing Development Authority to undertake this redevelopment effort which resulted in the long term preservation of this expired low-income housing tax credit transaction.
In late 2011, we also negotiated with a leading local bank a short-sale acquisition of 85 single-family homes and town homes in the southern suburbs of Chicago. This effort allowed for the preservation of 85 low income single homes that were at risk of being foreclosed. Today, a quarter of the units have been rehabbed, and we continue to improve the rest of the units to ensure a safe living environment for our residents.