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Insurance - 7542 & 7656 S Colfax Ave, Chicago, IL 60649.docx

Generated 2026-07-01T16:39:32.685095+00:00 from live Dropbox Public folders.

Description

Current Status (as of late August 2025) Building status: DAO has regained possession of 7656 S Colfax after removing squatters. The building is severely damaged (copper piping and wiring stripped, other vandalism) and is fully vacant in anticipation of a joint-venture rehab + sale strategy. Owners voted on 07/29/2025 to reject an as-is sale and repair the property , and on 08/26/2025 to approve the DAO /New Heights joint venture Action Plan for refinance, renovation, and disposition of 7656 S Co

Extracted Content

Current Status (as of late August 2025) Building status: DAO has regained possession of 7656 S Colfax after removing squatters. The building is severely damaged (copper piping and wiring stripped, other vandalism) and is fully vacant in anticipation of a joint-venture rehab + sale strategy. Owners voted on 07/29/2025 to reject an as-is sale and repair the property , and on 08/26/2025 to approve the DAO /New Heights joint venture Action Plan for refinance, renovation, and disposition of 7656 S Colfax . Unit-by-Unit Occupancy Timeline Unit 1 – CHA, Long Vacancy, Then Squatters 2022 – Water Damage & Loss of Habitability Major water-heater leak from Unit 2 caused extensive damage to Unit 1 (floors, walls, mold). CHA placed the unit into abatement ; Lofty provided full rental credit for this unit. Insurance claim approved, with large payouts used to fund repairs and replenish reserves. Unit effectively uninhabitable and vacant for an extended period while insurance and repair scope were sorted. 2023 – Repairs, Listing, and Inspection Issues (Mostly Vacant) Window/door repairs, mold treatment, flooring, plumbing and finishing work progressively completed. By spring/summer 2023, the unit