9205 S Cottage Grove – Seller: Wells Fargo
First-time homeowner Caprice Jordan has a tale to tell regarding affordable housing. The Neighborhood Community Stabilization Trust (NCST), along with Community Initiatives Inc. (CII), a subsidiary of the Community Investment Corporation (CIC), and Partners In Community Building, Inc. (PICB) assisted in making Caprice’s dream become a reality.
These groups collaborate to increase affordable housing for low to moderate income residents in the city of Chicago. CIC is a 501(c)(3) not-for-profit corporation, whose mission is to be the leading force in neighborhood revitalization through innovative financial programs. Since 1984, CIC has provided $1.2 billion for 2,000 loans, to rehab and preserve 55,000 units of affordable housing. CII was created in 2002 to go beyond lending and actively intervene to preserve multifamily rental housing. PICB is a HUD certified not-for-profit counseling agency that is dedicated to providing and fostering safe, sanitary affordable housing for low-to moderate-income individuals seniors and families as well as education in financial literacy.
Caprice Jordan is a client of PICB and in 2014 she completed her homeownership certificate class as well as her yearlong sessions to improve her financial health and correct behaviors. As miracles happen through the NCST, Jacob Handelman, from CII, obtained an affordable 2 bedroom condo at 9205 S Cottage Grove in the Chatham Neighborhood of Chicago. He called Bobbi Ball at PICB and the timing could not have been more perfect. Caprice was planning to move from her rental apartment in a couple of months and once she was informed of the opportunity to create an asset for herself she was eager to accept a once in a life time chance.
In July 2015, Caprice purchased the property with cash. She was able to pay half with saving and borrow the other half with a personal loan that will be paid off by August 2016. Caprice, the new homeowner, rehabbed the bathroom with new fixtures and sanded and stained the floors in the living room and bedrooms. In addition, a fresh coat of paint to every room and a lot of love has transformed this homeowner’s condo to the gem it is today. She is excited about the future and has plans to continue the updates of her property in the years to come.
Without the collaboration between NCST, CIC and PICB; Caprice would not have been able to acquire an affordable two-bedroom one-bath condo at such an affordable price. Today she is building equity in her home and looking forward to the months ahead when she becomes the proud owner of a paid off mortgage loan. She can then begin to save for more long term goals. With the financial education she has gained she will be able to continue to grow and help others.