تقرير CCWBE

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PIHCO had a wonderful meeting with the members of our Morgan St building regarding strategy about acquiring one or both adjacent properties. Members offered insight from their interactions with the adjacent owners that is shaping how we will be approaching them. Among those insights are certain barriers, such as the north property having been bought for likely too high a price, with the owners making improvements signaling intent to sell for a higher return, but the interactions have been positive and there is reason to believe they would be interested in selling to us. With the southern property, the owner is absent and some of our members have had negative experiences with the owners’ son. Other members have had more fruitful interactions, and have volunteered to help lead in our approach to them.

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This goal is largely dependent on coming under contract, and we are not under contract. However, we have been looking for grant opportunities and lining up financing. The financing could potentially be arranged as such we may not need a mortgage. High interest rates are affecting home and financing prices which may impact the owners’ desire to sell. Recent increases in property tax bills also make it difficult to keep potential expansions affordable, especially as both of the adjacent buildings here only have two units. PIHCO has also applied to two other grant opportunities: Unidos US and Chicago Neighborhood Development Awards. Some exciting prospects exist for funding these acquisitions as well, including the possible ability of PIHCO to pivot some or all Community Project funding grant (Federal) towards acquisition. City funds will also be available soon for co-op acquisition and the Morgan Street properties are ideal for that funding source, which should be available this year.

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During our meeting with our Morgan St members, included in the discussion was the potential incorporation of the existing tenants of the adjacent buildings. This includes the father of the owner of the property to the north. Further relationships need to be built with the existing tenants in the property to the south. With TRP’s secured federal CPF funds for share loans ($1000000), we would have share loans available once share sales commence. PIHCO has initiated ongoing conversations with UHAB, The Resurrection Project, University of Chicago Law School, ex-DOH commissioner Marissa Novara, The Chicago Community Trust, and others regarding operation of these share loans.City funding is also going to be able to offer share loans or even grants for co-op purchases within the year. PIHCO will be able to offer an info session in the coming months for prospective members.

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Thus far, internal capacity has not been particularly constrained.

Our federally granted CPF funds may be used towards procurement of these adjacent sites, and are in the process of rewriting this grant towards this end.