New owner occupied home upgrade program to revitalize suburban Cook County homes

North West Housing Partnership NFP, an Illinois nonprofit corporation and UP Development LLC, an Illinois limited liability company, have together received a grant from the Federal Home Loan Bank of Chicago's Competitive Affordable Housing Program.

The two organizations have partnered to create the "UP Development Northwest Housing Partnership Homeowner Rehab Program," which is a rehabilitation program that will benefit suburban Cook County homeowners. The grant will be matched with funds allocated by Cook County, and is sponsored by Village Bank & Trust, a Wintrust Community Bank. The bank will provide bridge financing for the program and work directly with homeowners on necessary recording instruments.

Both NWHP and UP Development will function as co-developers, each serving different roles and functions. North West Housing Partnership will work with municipalities to identify homeowners, process income qualifications, and arrange owner financing. UP Development, LLC will manage all construction and program financing.

The goal of the program is to assist suburban Cook County homeowners with home improvements through highly leveraged contributions. Proceeds will be used to provide necessary repairs/upgrades to improve energy efficiency, accessibility or flood-related damage.

"This is an exciting new program for us to expand our housing advocacy role in northwest suburban Cook County," said Jessica H. Berzac, vice president of UP Development, LLC. "After a decade of providing rental communities, we're proud to work alongside NWHP to help homeowners remain in their homes for many years to come."