HUD Articles
Case Study: Property Management
March 14, 2022
Client: Local Community Bank
The Challenge
A lender took back a 2-flat property through deed-in-lieu of foreclosure that was occupied by section 8 tenants. The rents were in abatement with the Chicago Housing Authority due to failed property inspections.
The Solution
Parkvue Realty stepped in as the interim property manager and was able to transfer the property under our management with CHA. Our first step was to make contact with the occupants and gain their trust. Then we assisted the occupants with their paperwork to file with the CHAC. Abatement is the last thing you want when it comes to Section 8 tenants. The only way to have the abatement lifted and be able to collect rent is to pass a re-inspection. In order to ensure that the building met housing quality standards, we hired a contractor to complete all necessary repairs. Once we were confident the property was up-to-snuff, we coordinated a re-inspection with CHAC. All of our work paid off and the property passed inspection. We were able to get the abatement lifted and rents transferred to the client.
