Improving Homes in Auburn-Gresham

Creating and sustaining affordable housing in Chicago and Detroit is a central part of Urban Partnership Bank’s mission. In March of 2016, we provided a $2 million loan to help with the acquisition and rehab of three properties on one block in the Auburn Gresham neighborhood on Chicago’s South Side. At the time of purchase, the buildings had 50% vacancy rates and most of the units required major upgrades.

Urban Partnership’s loan helped fund renovations, including new granite finishes in the kitchens, stainless steel appliances, upgraded flooring, brand new tear off roofs and much needed tuckpointing. The customer, 7800 Laflin LLC, then worked to lease up the building, in some cases working with nonprofit organizations such as Catholic Charities to help find tenants. All 101 of the housing units in the buildings qualify as affordable housing. We are proud to partner with customers who are working to improve housing in Chicago and make quality homes available to across the city.

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