Housing Initiative Clinic—Significant Accomplishments for 2014-15
Students in the Housing Initiative Clinic represent nonprofit developers and tenant groups in their affordable housing development transactions. Some highlights from 2014-15 include:
- closing on the completion and transfer of the rehabilitation of distressed housing under the City of Chicago's Troubled Buildings Initiative;
- counseling a client on program design for a single family housing development in a distressed neighborhood on Chicago's south side;
- negotiating the site plan and development phasing for two major public housing redevelopment projects on the north side and west side of Chicago;
- negotiating partnership agreements and limited liability company operating agreements for affordable housing joint ventures between nonprofit and for-profit developers;
- closing on the addition of an open space parcel for parkland adjacent to an affordable housing development the clinic had assisted under the federal Neighborhood Stabilization Program;
- counseling a limited equity cooperative on its acquisition and conversion of a multifamily, tax credit-financed rental development in the Edgewater neighborhood;
- drafting organizational documents and negotiating a construction contract for a limited equity, Section 8 housing cooperative in Wicker Park;
- closing on refinancings for a limited equity housing cooperative in Logan Square;
- negotiating a guaranteed maximum price construction contract with a design builder for construction of a community center in the Englewood neighborhood; and
- developing a model tenant lease for the City of Chicago in conjunction with the Lawyer's Committee for Better Housing.