July 16, 2020
Thirty empty homes in the North Pullman neighborhood may soon be rehabilitated into affordably priced for-sale housing, Crain’s Chicago Business reported.
If an agreement is approved by the Chicago City Council later this month, the city will make a $900,000 grant to Area Wide Realty to buy 30 North Pullman homes. Area Wide will then rehab the homes and put them on the market.
Some will be priced so that households making 80% or less of the area median income can afford, and some will be priced for households making up to 120% of the AMI.
The homes will be sold to Area Wide by two entities, each of which owns a portfolio of homes in the neighborhood: Chicago Neighborhood Initiatives, selling 17 homes; and the Cook County Land Bank, selling 13. Area Wide executive Michael Olszewski has an extensive track record with distressed properties, Crain’s reported.
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