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I think TSteven nailed it for me.
If you have found THE group for you, based on the relationships and bond with your brothers, then I think you should go through with being initiated. If the chapter is closed, then I assume you'll be granted alumni status and can continue forward in the fraternity in other ways.
If, on the hand, you would rather try to experience Greek Life with another group (thus admitting that you have doubts about the organization you are currently connected do), then you should explore other options.
I don't have any experience with your Greek system, but I also agree with TSteven in regards to thinking about the likelihood of another organization accepting you.
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BQP est. 1839
"There is a destiny that makes us brothers, No one goes his way alone;
All that we send into the lives of others, Comes back into our own."
~ Edwin Markham
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