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MBG Acknowledges Not-for-Profit Client’s Award-Winning Affordable Housing Preservation Effort

MBG Acknowledges Not-for-Profit Client’s Award-Winning Affordable Housing Preservation Effort
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In 2016 MBG was counsel to non-profit Chicago Metropolitan Housing Development Corporation in a project to preserve small building affordable housing in the Albany Park community. The transaction involved the coordinated purchase of 41 foreclosed units in 18 buildings from Fannie Mae, an intermediate transfer to the Cook County Land Bank, a line of credit through Enterprise Community Partners, additional equity through the Illinois Affordable Housing Tax Credit program and a community partnership with the advocacy organization Communities United. The project received the Polk Brothers Foundation Affordable Rental Housing Preservation Award at the 2017 Chicago Neighborhood Development Awards.

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Courtney HudsonMBG Acknowledges Not-for-Profit Client’s Award-Winning Affordable Housing Preservation Effort