Participants in the Chicago Neighborhood Stabilization Program have spent the past year purchasing and rehabbing dozens of bank-owned buildings comprising almost 300 units on Chicago’s South and West sides, with the help of $153 million in federal funds allocated by the Housing and Economic Recovery Act of 2008.
Eight of those renovated properties, all in Chicago Lawn, are now available to qualified buyers and will be open for touring this Saturday. The city bought the five single-families and three two-flats last year for a total of $326,000, and subsidized work by Karry Young Development and Vesta Property Development, who installed new insulation, plumbing, heating and air, and other finishes in the homes.
Two of those buildings already have buyers: a five-bedroom / two-bath bungalow at 6405 S Rockwell St (above) that the city purchased last year for $54,500 is under contract for $160,000, and a two-flat at 6501 S Artesian Ave purchased for $99,000 is under contract for $197,029. The other six properties are not listed.
A tour of the homes (PDF) will begin at the Greater Southwest Development Corporation office, 2601 W 63rd St, at noon Saturday.