Housing Initiative Clinic Closes on CMEP-SEGGIO Ventures Near Logan Square Neighborhood
The Housing Initiative Clinic assisted clinic client Community Male Empowerment Project (“CMEP”) last week with two closings for property acquisitions and related development agreements. Clinic students Megan Stephens ’14 and Stephanie Yesnik ’14, along with Clinical Professor Jeff Leslie, worked on the transactions.
Under these agreements, CMEP partnered with SEGGIO Development LLC to acquire the properties with the intent to complete rehabilitation construction and then market the single family homes to lower income buyers. Both properties are located in northwest Chicago near the Logan Square neighborhood. The Housing Initiative Clinic worked on the Memorandum of Understanding, Redevelopment Agreements, and financing documentation for the transactions.
The venture between the two entities is a strong one, with SEGGIO providing development expertise and up-front funding and CMEP bringing insight into the low to moderate income housing market and strong community ties. These two properties will help CMEP reach its not-for-profit mission to break down barriers within Chicago’s neighborhoods and create more opportunities for low to moderate income individuals hoping to become homeowners.
These homes are the first properties that CMEP and SEGGIO have agreed to jointly develop and market to future residents. If the undertakings are successful, the parties hope to continue to acquire, rehabilitate, and sell homes to lower income buyers. When vacant and foreclosed properties are rehabilitated and sold to new residents, crime in the area is likely to be reduced, helping to rebuild Chicago’s neighborhoods and strengthen communities. The Housing Initiative Clinic plans to continue to assist CMEP with its real estate efforts throughout Chicago, including any future property acquisitions with SEGGIO.