Troubled Building Innitiatives Announce TBI Condominium Program

Contact: Anthony Simpkins    (312) 744-9777

TBI CONDOMINIUM PROGRAM

NOTICE OF ACCEPTANCE OF BIDS

Bids are now being accepted by Community Initiatives, Inc. (CII) for the  “as is” sale, with no prorations, of the below property, acquired and sold under the authority of the City of Chicago’s Federal Stimulus funded Troubled Building Initiative (TBI) Condominium program.  Acquisition of the property will be subject to an extended use agreement with CII and/or the City. Under the terms of this agreement, 100% of the units must be rented to persons at or below 80% of area median income (AMI), with rents assumed at the 60% AMI rate. The property is under the terms of this agreement until 2020.

Property Address:  5113-15 S. Indiana, Chicago

Minimum Bid Price: $60,000                         

Bids due:  September 16th, 2010 (including $5,000 earnest money)

*The subject property is a three story brick masonry walk-up apartment building.  6 total units.

For additional property information, bid and narrative forms, additional bid requirements, and appointments for viewing property (no realtors!), visit cicchicago.com, or contact Marie Doladee at 312-870-9951 or email marie.doladee@cicchicago.com .