Housing Initiative Clinic Closes Transactions in South Chicago, West Humboldt Park

February 9, 2012

The Housing Initiative Clinic recently closed two transactions in a single week.  The first project was the acquisition and rehabilitation of an eight-unit building in the South Chicago neighborhood area.   The building, having gone through foreclosure and been vacated of tenants, had been purchased and mothballed by the City of Chicago.  A local community development organization, Claretian Associates Inc., reached agreement with the City on a purchase and rehab proposal, and Claretian Associates retained the Housing Initiative to help them structure the transaction and bring it to fruition.   Housing Initiative students Jeremy Press ’12 and Irene Paik ’12, with supervision from Clinical Professor Jeff Leslie, worked on the transaction throughout fall quarter and handled the closing.  Press and Paik negotiated the purchase and sale contract; drafted the construction contract, architect agreement, management contract, trust documents, counsel’s opinion, and various other evidentiaries; and negotiated the loan documents prepared by the project’s two lenders.   Financing was provided by the City of Chicago’s Neighborhood Stabilization Program and by the Community Investment Corporation, a non-profit lender that specializes in