← 7542 and 7656 S Colfax Ave, Chicago, IL 60649 · All properties
UPDATES.md
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| Property | 7542 and 7656 S Colfax Ave, Chicago, IL 60649 |
|---|---|
| Folder | README & Property Snapshot |
| Kind | Text |
| Updated | 2026-07-16 |
| Dropbox path | 00 - README & Property Snapshot/UPDATES.md |
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## 2026-07-14
- Property Update (07/14/2026):
Hi everyone,
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
Financial data is shown as of 2026-06.
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
Lofty Operating Cash: $22,003.00 (Lofty curr_maintenance_reserve)
ECO Operating Cash: $170,898.05 (ECO Systems General Ledger Column E (210 rows))
## 2026-07-14
- Property Update (07/14/2026):
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
Financial data is shown as of 2026-06.
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
Lofty Operating Cash: $22,003.00 (Lofty curr_maintenance_reserve)
ECO Operating Cash: $170,898.05 (ECO Systems General Ledger Column E (210 rows))
Financial summary:
- Lofty-held current maintenance reserve: $22,003.00
- ECO GL Column E sum: $167,649.14 (217 rows)
- Property Update (07/14/2026):
Hi everyone,
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
Financial data is shown as of 2026-06.
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
Lofty Operating Cash: $22,003.00 (Lofty curr_maintenance_reserve)
ECO Operating Cash: $170,898.05 (ECO Systems General Ledger Column E (210 rows))
## 2026-07-14
- Property Update (07/14/2026):
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
Financial data is shown as of 2026-06.
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
Lofty Operating Cash: $22,003.00 (Lofty curr_maintenance_reserve)
ECO Operating Cash: $170,898.05 (ECO Systems General Ledger Column E (210 rows))
Financial summary:
- Lofty-held current maintenance reserve: $22,003.00
- ECO GL Column E sum: $167,649.14 (215 rows)
- Property Update (07/14/2026):
Hi everyone,
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
Financial data is shown as of 2026-06.
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
Lofty Operating Cash: $22,003.00 (Lofty curr_maintenance_reserve)
ECO Operating Cash: $170,898.05 (ECO Systems General Ledger Column E (210 rows))
# Property Updates
## 2026-07-12
- Property Update (07/12/2026):
Hi everyone,
This month's update includes the current reviewed financial summary from the guarded monthly workflow.
Financial summary from FINANCIALS.md:
## Monthly Cash Position (2026-06)
Amounts are shown as of 2026-06. ECO Operating Cash is the complete DAO-attributed ECO Systems GL Column E balance through the as-of month, including accruals; it is not limited to ECO Systems LLC bank cash.
| Metric | Amount | Source |
|---|---:|---|
| Lofty Operating Cash | $22,003.00 | Lofty `curr_maintenance_reserve` |
| ECO Operating Cash | $170,898.05 | ECO Systems General Ledger Column E (210 rows) |
Financial summary:
- Lofty-held current maintenance reserve: $22,003.00
- ECO GL Column E sum: $170,898.05 (210 rows)
## 2026-07-02
- Property Update (07/02/2026):
This month's update is limited to verified cash-position data from Lofty and ECO records. No tenant ledger rows are included.
Financial summary:
- Lofty-held current maintenance reserve: $222,003.00
- ECO GL Column E sum: $171,514.28 (210 rows)
## 2026-07-02
- Property Update (07/02/2026):
Hi everyone,
This month's update is limited to verified cash-position data from Lofty and ECO records. No tenant ledger rows are included.
Financial summary:
- Lofty-held current maintenance reserve: $222,003.00
- ECO GL Column E sum: $171,514.28 (210 rows)
- Yhome Transition Reconciliation refresh:
- Updated **Lofty OR Cash** to the current Lofty `current_maintenance_reserve` value for Colfax.
- Lofty OR Cash: **$222,003.00**
- Source: Lofty listing `current_maintenance_reserve`, reconciled to Colfax public update/listing notes only.
- We are actively monitoring sale/disposition-related file activity for this property.
- Transaction and documentation review is in progress.
- A follow-up owner update will be sent with any material changes to status, timeline, or economics.
- Confirmed transaction stage
- Any owner actions required
- Reconciliation/distribution notes if closing occurs
- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $3,926.53 |
| Lofty Operating Cash | $0.00 |
| ECO Operating Cash | $335,839.25 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $227,358.61 |
| Estimated Owners' Equity | $474,390.28 |
| DAO Estimated NAV Per Token | $41.34 |
| DAO Tokens | 16976.400000000001 |
| Current PM | ECO |
## 2026-05-19
- Property Update (05/19/2026):
- Yhome Transition Reconciliation refresh:
- Updated **Lofty OR Cash** to the current Lofty `current_maintenance_reserve` value for Colfax.
- Lofty OR Cash: **$222,003.00**
- Source: Lofty listing `current_maintenance_reserve`, reconciled to Colfax public update/listing notes only.
## 2026-04-06
- Property Update (04/06/2026):
- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $3,926.53 |
| Lofty Operating Cash | $0.00 |
| ECO Operating Cash | $335,839.25 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $227,358.61 |
| Estimated Owners' Equity | $474,390.28 |
| DAO Estimated NAV Per Token | $41.34 |
| DAO Tokens | 16976.400000000001 |
| Current PM | ECO |
## 2026-03-11
- Property Update (03/11/2026):
- This property received an insurance refund check of $255.74, which will be added to its Operating Reserve.
## 2025-12-24
- Property Update (12/24/2025):
- Governance Results for 7542 & 7656 S Colfax Ave:
- The Governance Voting results are back for the owner-proposed governance votes
- The winning vote is:
- Do nothing (2% vests in May 2026, 2% in May 2027, and 1% in May 2028)
- This voting option received 2,259 / 2,721 token votes which is equal to 83% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3381178506) or by searching the application ID: 3381178506
- The winning vote is:
- Retain all excess funds in reserves held by ECO Systems, do not lend to other DAOs
- This voting option was declared the winner in Round 4 with 2,721 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3381188641) or by searching the application ID: 3381188641
- The winning vote is:
- Approve Earl Vanze Co to seek a reasonable amount of legal assistance and pursue Yhome Nursing LLC for withheld rents
- This voting option received 2,477 / 2,721 token votes which is equal to 91% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3381180143) or by searching the application ID: 3381180143
## 2025-12-18
- Property Update (12/18/2025):
- Governance Vote for 7542 & 7656 S Colfax Ave:
- The current property manager, ECO Systems LLC with the following wallet address, has proposed a governance vote.
- The owner proposing this vote holds 4 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Fellow owners,
- Great American Insurance Group has finished processing the insurance claim I submitted for the vandalism caused by squatters at 7656 S Colfax Ave. and they provided the following response:
- "Mike Ohlman with Alacrity Solutions completed an inspection of the property on November 11, 2025, and confirmed theft, vandalism and ensuing water damage to the property as outlined in the attached estimate. The Replacement Cost of the covered damage as outlined in the attached estimate totals $301,785.29. The Actual Cash Value totals $278,215.64. Therefore, we are issuing a payment in the amount of $275,714.75, which represents the Actual Cash Value $278,214.75 less the $2,500.00 deductible."
- The payment was made payable to Lofty Holding 7542 & 7656 S Colfax Avenue DAO, LLC and overnighted to Lofty's address for deposit.
- All existing debts to Lofty/Evernest (~$23,136.04) and ECO Systems (~$14,636.38) and any outstanding bills (taxes $4,523.12 + $7,568.55, insurance $2,877.84) for both buildings will be immediately settled out of the proceeds. This should leave a remainder of about $222,972.82 in reserves.
- We do have the ability to increase the payout by another $15k but only if the actual repairs exceed $278k and are completed by January 21st. This is extremely unlikely to happen given the scope of work.
- An additional $6,506.53 in net rents paid by CHA from February through September 2025 is owed from and withheld by Yhome Nursing LLC.
- All relevant documents are in the Public Dropbox folder under Financials and Operations > Insurance for review and reference.
Additional updates:
- 7656 buyer is still pending a new lender since his original lender ran out of funds for the year. Therefore, the rehab process has not yet begun. The ball is in the buyer’s court, but in case I have to regain control of the property, revert the deed transfer, and complete the rehab myself, at least we now safely have the funds to do so (unless you vote to distribute, but I have to include this ill-advised option in the vote).
- 7542 #2 and #3 are under eviction notices with cases scheduled mid-January.
- 7542 #1 HAP payments have not resumed as CHA refuses to process my Change of Management forms and continues to provide me with conflicting or no information regarding the tenant's status. I will continue to investigate and follow up as they may just need additional forms, but when I spoke with them on the phone last Monday, I was still not the manager on file so they refused to speak with me.
- 7542 #1 tenant remains in the unit, and requests a replacement stove as one of the knobs broke off and cannot be repaired.
- Assuming a similar [$356k BPO](https://www.dropbox.com/scl/fi/jqfxqsn6i6evkn39utipv/BPO-7656-S-Colfax-Ave-Chicago-IL-60649.pdf?rlkey=7lghw5pcya760zt450d34ftnc&e=1&dl=0) for 7542 S Colfax, 9% in transaction costs, $165k post-rehab sale proceeds for 7656, and no major rehab for 7542, this puts the DAO NAV at approximately $39.91/share after my 5% equity dilution (~$2/share).
- I hope I have earned your trust and proven my effectiveness to my fellow co-owners. At this time, I request DAO approval for my 5% dilutive equity (808 shares) to be vested and issued to me immediately to better align incentives following