Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pilot City Program Would Buy Land for Affordable
Six gentrifying neighborhoods across the city, including one in the South Side’s Woodlawn neighborhood, are the subject of a pilot program approved by the City Council’s housing and real estate committee. The $3-million allocation to the Chicago Community Land Trust (CCLT) will enable the CCLT to acquire new properties and create affordable housing.
In consultation with analysts at the Voorhees Center at the University of Illinois at Chicago, the CCLT identified six “target areas” to begin acquisition. Along with Woodlawn, the pilot program targets East Garfield Park, Hermosa, Humboldt Park and Pilsen/Little Village.
In exchange for a legal commitment that their home will be sold at an affordable price when they choose to sell it, homeowners will qualify for substantial property tax savings and up to $30,000 in home improvement grants.
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
