what we do
We acquire and preserve multifamily properties in communities that provide economic opportunities.
ACQUISITION
We’re
selective
and
deliberate
Our mission begins with acquisition of existing multifamily properties. We pride ourselves on being selective and deliberate in our acquisition process. Our portfolio of multifamily properties reflects the attention we give to both the building and the neighborhood. We are well-known and well-respected in the field for our ability to close a transaction efficiently. We understand the Chicago and metropolitan housing market, and identify properties that are right for our social mission and our portfolio. Working with financial institutions, we secure long-term financing, leveraging our investment often by a financing/equity ratio of 2:1. And through our wholly owned subsidiary, Chicago Metropolitan Construction, LLC, we make the improvements needed to bring the improved property back onto the rental market, at below-market rents.
PRESERVATION
Saving
buildings,
saving
costs
Preserving an existing building as affordable housing can be as much as 50% less expensive than new construction that uses government subsidies and multilayer financing. That is why we take our own dollars, and purchase buildings in the open market. We can do more, invest more, and in more places for more families.
We invest in preserving rental housing that helps households face less rent-burden and offer more opportunities. We don’t do it all and we don’t do it alone. Working with Kass Management and Urban Equities for property management services, our focus is to ensure tenant selection, resident support, and standards of maintenance aligned with our commitment to meet or exceed the quality of services provided in market-rate apartments. And with Chicago Metropolitan Construction, LLC we efficiently maintain a diversified, scattered-site rental portfolio.
Preservation means paying close attention to our portfolio and our residents. We make sure that every property meets our mission and our metrics for sustainability. This means that we are acquiring properties in locations with high market rents and offer our apartments at below market-rate rent, while generating the revenue to maintain them over time. We take pride in our portfolio and our people that have made our preservation strategy very effective.
PARTNERSHIP
Sharing our
expertise,
supporting
our peers
Our commitment is to increase the supply of affordable rental housing proximate to economic opportunities without relying on government funding alone. This means working with other housing leaders, businesses, and philanthropic institutions to increase the stock of affordable housing. We are at the table discussing with other leaders policies and approaches that affect the local and regional rental markets. We also share our expertise with academic and government institutions, to support a range of initiatives and programs focused on housing affordability. CMHDC is proud to partner with the following organizations:
“CMHDC is extremely unique and innovative, the only nonprofit, one of the very few that focuses on unsubsidized housing, they don’t do affordable housing with these heavy capital subsidies like everybody else.”
Stacie Young, CIC/Preservation Compact