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We completed a robust training for the members of Jumpstart Housing Cooperative. The primary barrier was time as the housing work is on top of ChiFresh and everyone's plate is very full! The biggest opportunity was that many of these trainings were also helpful for ChiFresh as well (leadership, conflict resolution, etc.)

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We were able to acquire the full capital stack, build out pro-forma financials, and set up an accounting system for the cooperative. The primary barrier for lining up capital was that, in our experience, there is much more private / foundation funding available for worker cooperatives than for housing co-ops. However, we leveraged previous relationships with ChiFresh lenders (Shared Capital Cooperative, JCUA, Crossroads) to meet our financial needs. Our pro forma financials were not 100% accurate, but they were quite close and the cooperative is on its way to being break even.

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We purchased and renovated a 6,120 sq foot residential building in Grand Boulevard. The timeline for property acquisition got pushed back to late September (we had hoped to close in June), because of a combination of capital access and bureaucratic hurdles. On capital access, our lender's timeline extended significantly because of their unexpectedly large pipeline. On bureaucracy, the previous buyer did not have clear title of the property. There were multiple important opportunities that supported us to make this acquisition happen. First, Jason Tompkins of the Illinois Worker Cooperative Alliance and NASCO board helped us identify the property and negotiate terms; and Jeff Leslie and his students at the Housing Transactional Clinic at UChicago provided critical legal support.

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The primary limitation we are experiencing is enough project management capacity given our other projects and commitments. However, our partner organization, Upside Down Consulting, recently hired another project manager to support in this area.

I want to again lift up how incredibly helpful the UChicago Transactional Housing Clinic is. We also spoke with wonderful people in the local ecosystem: Linda Lutton from PHICO, James Yelen from Enterprise, Calvin Holmes and David Feinberg from CCLF, Jason Tompkins from Illinois Worker Cooperative Alliance and NASCO, Daniel Miller from NASCO, and many more!

Where do we submit pictures? We have great ones!