On February 13, Steve and Deona Thomas of 5T Management were joined by Angela Maurello of Community Initiatives Inc. (CII) and Ed Hinsberger of HUD to accept the Polk Bros. Foundation Affordable Rental Housing Preservation Award for their work on 5800 South Michigan Avenue.
5800 South Michigan was a troubled building that benefitted from a coordinated preservation strategy developed with help from the Preservation Compact Interagency Council and the City of Chicago’s Troubled Buildings Initiative.
HUD Multifamily Director Ed Hinsberger was acknowledged for saving the project-based section 8 contract. CII purchased the note, completing the foreclosure and selling it to 5T Management – who then transformed it from a deteriorating haven for crime, into a safe, high quality asset for the neighborhood.
The Sargent Shriver National Center on Poverty Law, a Compact partner, also played a key role in keeping tenants informed throughout the process. Another partner, Chicago Community Loan Fund, refinanced the property upon stabilization.
See the results of 5T’s amazing rehab, read the story, and watch a video about the project at lisc-cnda.org.