NCST community buyer, Riklin Investments, acquired this property through the NCST First Look program, and originally planned to rehab this two-story duplex into three affordable rental units by having it rezoned and building out an apartment in the basement.
The building is in the Logan Square neighborhood of Chicago, an area where property values have increased drastically and are no longer affordable to low- to moderate-income families. Single family home prices average $350,000 – $600,000, and multi-family units are $400,000 – $800,000.
Riklin Investments spent $33,000 on the rehab of the two main units, and rented the second floor unit. They then met Kimberly, an active duty Marine, who has served our country for 11 years. She qualified for a VA loan and wanted to move back to Logan Square which is the neighborhood she grew up in; however, with the increase in home prices, she wasn’t able to find anything she could afford. Her desire was to live near her parents once again.
After learning Kimberly’s story, Riklin completed research to see if they could possibly sell her the entire duplex to help her become a homeowner. They learned they could give her this opportunity by offering her a 25 percent discount on the fair market value of the building, and contributing the two percent down payment for her loan. Kimberly was thrilled with their offer and accepted. Now Kimberly is not only a homeowner, but also has an income-producing rental unit.
Kimberly wrote a letter to Riklin Investments stating, “Thank you so much for choosing me. I am so grateful to be able to finally take care of my parents and buy a place where I can live comfortably. It’s a blessing you are part of this kind of program. God bless you and your company.”