West Humboldt Park development group plans affordable housing

The West Humboldt Park Family & Community Development Council has a plan to keep affordable housing affordable, according to a story in today’s Sun-Times. Affordable housing, the group says, disappears from the market when the first owner sells at market price, so the Council established the First Community Land Trust of Chicago. The trust will maintain ownership of the land on which 10 new single-family homes will be built. Buyers will have ownership of the homes and pay a $25 monthly land leasing fee to the trust. If and when they decide to sell, homeowners must sell at an affordable price. The two-bedroom homes, planned for the 400 blocks of North Hamlin and North Avers avenues, are expected to have prices in the $170s. Plans are still awaiting city approval.

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