title
Authorization to provide a loan to C/S Loomis Courts Limited Partnership for operating expenses.
presenter
Presenter: Leonard Langston, Jr., Interim Chief Property Officer
end
Recommendation
The Operating Chairman ("OC") recommends that the Board of Commissioners of the Chicago Housing Authority ("CHA") authorize the making of a loan to C/S Loomis Courts in an amount not to exceed$1,849,042 for 2026 and 2027 to cover anticipated operating expenses until rehabilitation of the site commences.
Funding
The loan shall not exceed a total of $1,849,042.00 from CHA non-federal funds. The loan covers anticipated operating expenses such as the PNC mortgage, reducing oversight of the existing management firm, and reducing administrative and maintenance costs. The loan will be disbursed in two draws to cover expenses through December 2026 and through December 2027;
* $945,740.00- Covers expenses through December 2026
* $903,302.00- Covers expenses through December 2027
Background
Loomis Courts is a 126-unit property located at 1314 and 1342 W. 15th Street owned by C/S Loomis Courts Limited Partnership (the "Partnership"). The Partnership was established as a single purpose entity by CHA to be the owner of the property and CHA has one-hundred percent (100%) ownership of the Partnership. The property is subsidized by Project Based Rental Assistance ("PBRA") vouchers through the U.S. Department of Housing and Urban Development ("HUD"), which is set to expire September 30, 2026.
As of December 31, 2025, all residents have been relocated out of Loomis Courts into public housing or mixed-income developments, or to privately owned units with the use of a Housing Choice Voucher. The relocation of residents was required due to current building conditions that can only be addressed through substantial rehabilitation, which will take significant time to complete.
Although the buildings are vacant, there are costs associated with maintaining the property until rehabilit...
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