PrivateBank – Summary of RFQ
The PrivateBank seeks qualified for-profit and not-for-profit developers with demonstrated experience in rehabbing residential homes in Cook County, including preferably distressed homes requiring substantial rehab. Upon approval under this RFQ, the developer may apply to The PrivateBank for construction loan financing. All developer financing applications will be subject to underwriting and credit risk evaluation by The PrivateBank, who will have sole authority to approve and establish financing terms with the developer. Acceptance as a prequalified developer under this RFQ does not constitute a guarantee of financing from The PrivateBank or a commitment by CCLBA to deliver a home for rehab. Approved loans will be funded via a draw process with IFF, or a third party designated by The PrivateBank, to provide construction oversight. The PrivateBank reserves the right to reject any and all submissions for approval as a qualified developer, or for construction financing.
* December 12 Update: This communication is to parties who have expressed interest in receiving any additional information about The Private Bank/ Cook County Land Bank Housing Initiative. Questions have been raised about the willingness of the program to consider funding two flats and three flats as part of a neighborhood revitalization strategy. The response is that two flats and three flats are eligible to be considered by the program provided that they will be owner occupied in one of the units and have been acquired or can be acquired by the Cook County Land Bank.
A second question has been raised about the willingness of the Cook County Land Bank to attempt to acquire single family properties that are not currently included in the inventory of the Land Bank. This question used the example of a block where a developer was already working on a property acquired through the Land Bank, but there was one boarded up property on the block that was not owned by the Land Bank. The questioner raised the concern that the boarded up property was likely to have a negative impact on the marketability of the property under rehab and that the developer wanted to acquire it and rehabilitate it as well. In such cases, the Land Bank can be approached to assess the feasibility of it successfully acquiring the property.
- Photo of the pre-bidders conference conducted on December 3rd, kicking off the PrivateBank’s Housing Renovation Finance Initiative.
Submission Instructions
- Please register your interest in responding to this RFQ by emailing pb-cb-dev-rfq@iff.org.
- Registering will allow you to receive updates to this RFQ and to ask and receive responses to questions.
- All questions concerning this RFQ must be submitted in writing to receive a response. Responses will be posted to the CCLBA website with this RFQ on an ongoing basis.
- A pre-bidders conference will be scheduled December 3 at 2 pm in the large conference room at the Metropolitan Planning Council, located at 140 S. Dearborn St., Suite 1400, Chicago IL. Attendees should register by email at: pb-cb-dev-rfq@iff.org.
Deadline & Delivery Instructions
Complete applications must be submitted by 5 pm CST on December 19, 2014. Incomplete proposals or proposals received after the deadline will not be accepted. Please deliver an electronic copy, with required attachments and backup documents, to: pb-cb-dev-rfq@iff.org