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NCST’s work increases access to homeownership, promotes resilient neighborhoods, and advances racial equity by advocating for policy change.
VDR Real Estate, is a minority owned SDP developer in the NSI program. VDR purchased this NSI Enhanced First Look property from Fannie Mae and completely renovated this brick two-flat home in a northwest neighborhood of Chicago called Belmont Cragin. VDR spent almost $150,000 in the rehabilitation of this two-flat property including new kitchens, hardwood floors, new roof and finished basement.
The homeowner is a first time home buyer who used an FHA loan to qualify, including the rental income. The developer also provided the homeowner with $9,000 to help them qualify for the loan. The final sales price for this two-flat was $450,000. The engagement of socially responsible for-profit developers who have access to more capital and can purchase higher value properties, allow these properties to be rehabbed to a high standard and sold to an income qualified buyer.
Belmont Cragin is a predominantly Hispanic neighborhood with 43% of the housing stock made up of 2-4 unit buildings. The foreclosure activity in this neighborhood with this specific housing type skyrocketed to 95.7% at the beginning of the foreclosure crisis. Intervention such as NSI has helped reduce that percentage but is still extremely high (81% in 2015). This neighborhood was specifically targeted by the IL Attorney General Settlement funds for redevelopment and includes two City of Chicago MMRP (micro-market recovery program) efforts led by Spanish Coalition for Housing and Northwest Housing Center.
NCST’s work increases access to homeownership, promotes resilient neighborhoods, and advances racial equity by advocating for policy change.