There have been some recent developments in the housing industry in Chicago that spell very good news for locals. Here, we look at two of them: Acquisition loan from the Wilshire Quinn Income Fund and total renovation of Chicago Lawn.
Part of Wilshire Quinn Capital, the Income Fund is set to give an acquisition loan of $6,400,000 to Chicago IL. The property has a retail shopping center (rented out by the Burlington Coat Factory, GNC, Chipotle, Sprint and Wendy’s among others). Wilshire Quinn’s work is conducted with mortgage experts and property owners and those taking loans are contractors seeking rehab financing and individuals seeking to refinance.
Historically, Chicago Lawn has had a terrible reputation. Not so anymore thanks to a passionate group of residents who got together to turn things around. People in this city – that has been quite segregated until now – are banding together to make a difference. These include people from a range of religions, returning prisoners, and people who have lived in the city for generations.
Just seven years ago there were more than 650 abandoned homes/apartment buildings in the neighborhood. But they got help. They asked for support from organizations including: United Power, the MacArthur Foundation and local governors. As such, the neighborhood has now been “reclaimed.”
Today – of those 650+ abandoned homes – over 300 are now filled.