title
Authorization to complete sale of property in the Pullman Community Area.
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|
Development Address |
Community Area |
Target Population |
|
10527 South Corliss Avenue |
North Pullman |
Affordable Home Buyers |
presenter
Presenter: Ann McKenzie, Chief Development Officer
end
Recommendation
The Interim Chief Executive Officer (“CEO”) of the Chicago Housing Authority (“CHA”) recommends that the CHA Board of Commissioners (“Board”) authorize the CEO or her designee to: 1) execute a purchase and sale agreement with Chicago Neighborhood Initiatives (“CNI”) for the disposition of 10527 South Corliss Avenue, 2) deed the property to CNI or its designee, and 3) execute and deliver such other documents as may be necessary or appropriate to implement the foregoing.
Property Summary and Estimated Contract
|
Property/Site |
Acreage and Square Feet |
Payment to CHA |
|
Land at 10527 South Corliss Avenue |
Approximately 2,622 square feet |
$15,000 |
The property, acquired by the CHA in 1983, is a two-story, two-unit rowhouse located in the Pullman community area, within the Pullman Historic District. The rowhouse has been vacant since November 2005 and is currently secured, but uninhabitable. The property shares a “party wall” with an adjacent property that is privately owned. That rowhouse is also vacant and in disrepair.
Diversity Contracting Requirements
N/A
Development Entities
CNI was formed in 2010 to coordinate resources, economic development, and neighborhood revitalization efforts in Chicago’s low-to-moderate income neighborhoods. CNI is a nonprofit community and economic development organization that focuses on revitalizing economically distressed neighborhoods in Chicago like Pullman, Bronzeville and Englewood.
Property Profile
Background and Approach
On September 17, 2019, the CHA Board of Commissioners approved the submission of the disposition application to the United States Department of Housing and Urban Development (“HUD”) for the sale of the property, as well as the execution of a purchase and sale agreement with the Cook County Lank Bank Authority (“CCLBA”) on behalf of CNI (Resolution No. 2019-CHA-55). On June 10, 2021, HUD granted disposition approval.
Following HUD’s approval, CHA was informed by CCLBA/CNI that they did not intend to purchase the property. Recently, the City of Chicago has obtained funding to assist in a plan for numerous properties in the Pullman community which renewed CNI’s interest in the subject property.
CNI is now ready to proceed with the redevelopment of this site and has requested to purchase the property directly from the CHA and remove the CCLBA as the intermediary in the transaction. HUD has agreed to amend the previously received disposition approval and has asked that CHA’s Board provide a new resolution that describes the purchaser without the CCLBA as intermediary.
Following the acquisition, which will be funded by the City of Chicago’s Rebuild 2.0 program, CNI, or an affiliated non-profit developer, will renovate the property and its adjacent property which is not owned by CHA. The rehabilitated buildings will be deeded to homebuyers at affordable prices.
The requested action complies in all material respects with all applicable federal, state and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative.
Respectfully Submitted:
______________________
Angela Hurlock
Interim Chief Executive Officer