A long-time school teacher now has an affordable condominium in which to retire. Sheila, a 76-year-old widow still teaching full-time, hoped to find a home of her own for retirement, but assumed homeownership was out of her reach. She was thrilled to purchase this small condo unit in Morgan Park, the same neighborhood where she grew up. As a bonus, the unit is across the hall from her daughter’s condo.
Community Investment Corporation (CIC) saw this one bedroom, one bath condo and knew there was potential to help someone into an affordable home via NCST’s Enhanced Offer program. CIC first reached out to the condominium association board to let them know this unit would be made available for an owner-occupant, and the board brought Sheila’s desire to own to CIC’s attention.
CIC’s model allows homeowners to complete less extensive renovations themselves. Sheila, the new homeowner, will refresh the kitchen and bathroom before moving in. She is excited about her future and plans to retire soon. The collaboration between Fannie Mae, NCST and CIC allowed Sheila to purchase an affordable condo, and the condominium association now has an owner-occupant who will help stabilize their building.
Sheila wrote in a letter to CIC, “Thank you for the effort you gave to help me find affordable housing in retirement. I had grave concern about this matter, and now, thanks to you, I can feel unafraid to face the future, secure in the knowledge that I will have a safe (and beautiful) place to live.”