This single-family home had been vacant for at least two years when the NCST Community Buyer, Riklin Investments, purchased the home. The village had cited the property for multiple violations; therefore, the Buyer had to post a bond before rehab could even begin. One wall of the home had been destroyed – and left the open to the elements. The original contractor hired did poor-quality work and when confronted, took the money paid and did not return. For example, this contractor put up siding on the house without insulation – the Buyer would not sell an uninsulated home, so then hired and paid another contractor to complete the job correctly. More than $60,000 was spent in renovations, including replacing all kitchen cabinets, installing new granite countertops, adding new stainless steel appliances, completely remodeling the main bathroom, repairing walls and drywall, adding fresh paint inside and out, refinishing hardwood floors and installing new carpet or ceramic tiles. They also added new siding with insulation, a new roof with 30-year shingles, new gutters, and new overhead garage door.
The Buyer’s hard work resulted in a new owner-occupant – a single Mom earning under 80-percent of AMI. She and her son had been living in the Western suburbs where shootings occurred frequently; she was worried her son would be hit by a stray bullet. Even though the NCST Community Buyer had to pay the additional contractor, they agreed to sell the home to this single Mom for the mortgage she qualified for, which was lower than the new appraised value of the home.