Updates

RFP: Demolition & Deconstruction Services

Cook County Land Bank Authority (CCLBA) announces a Request for Proposals from qualified contractors to provide DEMOLITION and DECONSTRUCTION services. CCLBA anticipates awarding contracts to deconstruct or demolish at least 50 residential properties under this RFP.

The complete RFP can be found here.

Complete responses are due by September 30 at 3:00 pm CST and must be submitted electronically. Incomplete proposals will not be considered at this time.

A pre-bidders meeting will be held on Friday, September 19 at 9:00 am at the Cook County Building Conference Center, 118 N Clark Street, Room “A”,  Chicago, Illinois 60602. Representatives of the Cook County Land Bank Authority, Cook County Department of Environmental Control, and Delta Institute will be available to answer questions on the RFP and technical questions concerning requirements for DEMOLITION and DECONSTRUCTION contractors under this RFP. Attendance is not required, but may prove helpful.

To RSVP for the pre-bidders meeting and to submit Proposals, please contact: Proposal@CookCountyLandBank.org.  You may also RSVP to (312) 870-9797.

All questions concerning the RFP must be submitted in writing to Proposal@CookCountyLandBank.org

 

The PrivateBank and the Cook County Land Bank Authority announce $10 million in Financing for Neighborhood Stabilization

The PrivateBank and the Cook County Land Bank Authority (CCLBA) announced the creation of a new partnership to help eligible participants realize the dream of homeownership by investing in rehabbing vacant homes in Cook County.

Investors “are not the highest and best use,” said Bridget Gainer, Cook County Commissioner and Chairman of the CCLBA. “There are a lot of attractive homes, but the longer a home sits, the harder it is to rehab. The average home buyer has few financing options for purchasing homes needing extensive rehab, so this responds to the pent-up demand for housing from people who don’t have access to cash, but want to buy and live in these homes.”

Through the partnership, The PrivateBank will work with the CCLBA and nonprofit organizations to identify prospective buyers for homes acquired by CCLBA. Buyers will work with nonprofit partners to complete home buyer counseling, while the homes are being rehabbed by pre-qualified contractors, with an emphasis on supporting small businesses in the communities where the properties are located. The PrivateBank will provide construction financing for the rehabilitation work, which will ensure homes are in move-in ready upon completion. The PrivateBank will also fund administration of the program and retain a program management firm to oversee construction, to ensure home owners are protected. Once the homes are complete, the home buyer will be able to finance the home purchase using a conventional mortgage.

Borrowers will be eligible to apply for a SMART Affordable Mortgage from The PrivateBank for the home purchase. The SMART Affordable Mortgage offers low down-payment options, does not require Private Mortgage Insurance (PMI), and has attractive rates. Buyers can use any mortgage, as well as approved down payment and closing costs assistance grants.

If you are interested in applying for the program, please complete and submit the Pre-Qualification Form for Persons Seeking Property. A list of eligible homes will be made available on or before the program launch.

In the News:

Chicago Tribune:  The PrivateBank pledges $10 million to rehab vacant homes
Crain’s Chicago Business:  Cook County land bank, PrivateBank team up
ABC7:  Program to rehab vacant Cook County homes

 

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