Rosanna A. Marquez
President
 
  Rafael M. Leon
Executive Director

 

CMHDC was created in 1982 to help finance the construction and rehabilitation of apartments for Chicago’s low-income residents. In 1994, new leadership prompted a redefinition as a 501(c)3 nonprofit affordable housing developer with a mission; as a reliable business partner with an eye to the bottom line; and as a responsible building owner that cares about the quality of life of Chicago’s residents. We came to understand that financing low-income properties wasn’t enough; we needed to own and operate them.

 

Today, CMHDC only takes on projects that further our mission. We challenge ourselves with one question: How can we use this building or this new development to help improve this neighborhood? We focus tightly on rapidly-changing neighborhoods.We take on buildings we consider diamonds-in-the-rough and improve them until they shine. Then we offer them as affordable housing to current and new residents, and enhance them with exceptional building management. Because of this approach, our buildings are welcomed by, and integrated completely into, the communities that are home to our tenants. Our progress has been steady and strong. We have invested more than $46 million to acquire and redevelop 525 units in 30 buildings over the last nine years, and we have more projects in our sights.

 

Our vision for the future includes acquiring more of Chicago’s great older buildings, as well as investing in new construction. Our innovative North Sheridan condominium project enjoys a self-sustaining mix of market rate and affordable units. As our for-profit partner in this development says proudly, “This is a model to be reproduced all across Chicago.”

 

But CMHDC doesn’t want to be the largest affordable housing nonprofit in Chicago; we want to be the one that provides the highest quality affordable housing in the communities we target. CMHDC has never sought to toot its own horn, but the time has come for us to stop working so quietly. We have invested wisely. We have proven we are a good risk. Our tenants, our neighbors and our business partners agree that we have changed people’s lives and helped turn neighborhoods around.

 

But Chicago is a big city, and we have so much more we can accomplish. We seek new partners to help us expand our efforts to preserve and create affordable multifamily homes in Chicago’s ever-changing neighborhoods.

 

We invite you to join us. Together, let us continue to build a better Chicago for everyone.

 

Rosanna A. Marquez
President

 

Rafael M. Leon

Executive Director

 

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 members that includes 7 independent and 2 CHA-appointed directors. CMHDC initiates an acquisition program and acquires its first 20 apartments while reducing its participation in the redevelopment of public housing.

1998   CMHDC furthers its transition to a self-supporting entity. CMHDC and CHA negotiate a fee-for-service agreement, which allows CMHDC the flexibility to pursue development opportunities without the limitations and requirements of the public housing programs. CMHDC sets as a goal to become self-supporting and to reduce income from CHA to no more than 10% of its total income within the following 5 years.

2000   Organization grows to $18 million in assets. CMHDC undertakes its first 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 meets goal of decreasing support from CHA by reducing income from CHA to 4% of total income while substantially increasing its development and rental income. CMHDC forms its first partnership with a for-profit developer 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 as affordable condominiums.