Community Investment Corporation Closes over $1m in Energy Savers Loans

Community Investment Corporation (CIC) has provided more than $1 million in funding to owners in Chicago and the suburbs for energy saving projects through its Cook County Energy Savers Program.

At the same time, the Center for Neighborhood Technology has completed nearly 5,000 energy audits and dozens of energy-saving improvements are either completed or underway, greatly increasing the stability and attractiveness of the blocks and neighborhoods in which they are located.

Checkmate Realty’s 26-unit project at 3400 Cortland offers a great example of the value of the Cook County Energy Savers Program.  In 2007, while the building was in foreclosure, vacant units were quickly vandalized, making existing tenants feel insecure.  Working with CIC, developer John Brauc acquired the property with a combined construction and mortgage loan.  An additional $152,000 Energy Savers loan made the deal possible, allowing for new windows, doors, individual hot water tanks, hallway fixtures, and even efficient shower heads.  The rents in the West Logan Square building will remain affordable, with two-bedroom apartments renting for around $725/month.

Checkmate’s business model is predicated on long-term ownership and reinvestment in Chicago’s communities.  “We own over 200 units on the South and West sides of Chicago,” explained Brauc.  “We operate on a very tight margin, but we continue to find opportunities to acquire and manage apartments, and to add value.  Energy Savers was the extra financial tool that made this deal work.”

The building is schedule to be completed by the end of March.  After last year’s vacancy rate of nearly 50%, the building is now almost totally occupied.