BURR RIDGE, Ill., Feb. 14, 2012 (GLOBE NEWSWIRE) -- A subsidiary of the Chicago Metropolitan Housing Development (CMHDC), an affordable housing non-profit organization, recently purchased 86 properties primarily located in Chicago's south suburbs for $2.5 million. That purchase was made possible by a partnership with BankFinancial who financed 85% of the property acquisition in addition to CMHDC's 15% down.
The properties, located in Country Club Hills, East Hazel Crest, Matteson, Park Forest, Richton Park, Sauk Village and University Park, were part of a portfolio held by a single entity and mostly occupied by Section 8 renters.
"BankFinancial has a strong history of serving the communities in which these properties reside in. We received offers from smaller organizations and individual investors but sought a community group that would manage the properties responsibly, says John Manos, BankFinancial Regional President. Since keeping homes occupied is key to maintaining property values, we didn't want to sell to people who would fall into problems again on the investment side," he added.
According to Rafael Leon, Executive Director of CMHDC, the organization plans to continue to rent the properties with the goal of eventually selling the homes to existing renters or new families. CMHDC plans to work with the current residents who have Section 8 assistance to enroll them in the Section 8 Homeownership program, thus providing an opportunity for them to become homeowners. "This transaction offered us an opportunity to retain affordable homes in the southern suburbs and to develop a program which allows current renters to become homeowners at an affordable cost."
BankFinancial Corporation is the holding company for BankFinancial, F.S.B., a full-service, community-oriented bank providing financial services to individuals, families and businesses through 20 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois.
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