5444 S. Indiana Avenue, Unit 1N, Chicago, IL 60615 First-time homeowner Wambui owns her home instead of renting, and is saving $400 a month. Community Initiatives Inc. (CII), a subsidiary of Community Investment Corporation (CIC), Chicago Homes RE and Neighborhood Lending Services, an affiliated corporation of Neighborhood Housing Services (NHS) assisted Wambui in buying this Freddie Mac two-story condominium, which they purchased through the Enhanced Offer program. These groups collaborate to increase affordable housing for low- to moderate-income residents in Chicago. Her condo is located in the Washington Park neighborhood, which has a per-capita income of $13,087, with 39.1% of the households living below the poverty level.* Crime is still somewhat high in the area; however, the neighborhood offers wide open boulevards with transit to the Loop (Downtown), it is near the University of Chicago, there is a mix of owners and renters, and the area is under consideration for the Obama Presidential Library. Residents are also seeing grocery stores slowly moving back in, and there are desirable public spaces including Washington Park, libraries, community centers, and churches – a slow, but steady revitalization is occurring. Wambui moved to America at the age of 13 from Kenya. Now in her thirties, she and her five-year-old son rented an apartment in a neighborhood where regular shootings occurred. She wanted to live in a diverse Chicago neighborhood – yet one where she could let her son play outside. Wambui was excited to learn of an affordable homeownership opportunity in this three-bedroom and three-bathroom duplex. Wambui was excited “there is more space to spread out, a back deck for her son to play outside, and a private bedroom in the basement for her brother, where he can live before he leaves for a gap-year in Kenya after college graduation.” In May 2016, Wambui purchased the property with a loan from Neighborhood Lending Services. She determined that her mortgage, condominium assessments and property taxes will be $400 less than what she was paying to rent her prior apartment. Wambui will take care of minor renovations needed such as fresh paint and carpet; but even with minor renovations, this unit was more affordable, in better shape, and in a better neighborhood than other units she previewed. Today she is building equity in her home instead of paying rent. Photos: *http://crime.chicagotribune.com/chicago/community/washington-park
