#IHaveIssues: Land Selling for $1 in Chicago?

source: Newcity

If you have always planned to build your own home from the ground up or open your own business but were concerned about land well your wishes have been granted.

Now is the best time to purchase in the city of Chicago as part of the Green and Healthy Chicago Neighborhoods initiative  .The Chicago Plan Commission has approved the Large Lots pilot program, which will enable qualifying residents and nonprofits to buy city-owned vacant lots for $1 in the Englewood neighborhood on the South Side.

  

It’s designed to move vacant properties out of the city’s hands and into private ownership, Mayor Rahm Emanuel said in a statement.

 “People can use the land to expand the yards around their homes, to create gardens on their block, or for beautification, housing, or for other purposes.”

Now the only negative is that the lots are in the south-side's Englewood area, which natives know its a high area for crime. For a business owner, security should be a must in budget planning. Nonetheless,  if all goes well, this plan could expand beyond the Englewood area.

It seems as though the mayor is trying to turn Englewood into a more "civilized" area like it did to State when they deconstructed all of the project buildings; especially after reports that they were building a Wholefoods in the area this new $1 sell reads gentrification all over it.

photo courtesy of Wholefoods Newsroom

The goal, according to the Sun-Times, is to expand it to a 13-mile planning area including some 5,000 vacant lots in nearby neighborhoods like Washington Park, Woodlawn, Fuller Park and Greater Grand Crossing.
To qualify for the “Large Lot Program,” applicants must already own property on the same block as the lot they want to buy; they must also be current on property taxes, have no financial obligations to the city (like water bills or parking tickets) and must tell the city how they plan to use the property, DNAinfo Chicago reports.

One developer has already bought six of the empty lots for $1 a piece and expects to turn them into affordable.

Apparently, this $1 deal is not new, as cities all around the nation (including the one I previously mentioned, which was in Berkeley) have been using it to spur investments in unpopular areas where vacant lots sit unoccupied to fester. Though the requirements may differ, the price is what remains attractive.

Learn more about how individuals and organizations have and are using this opportunity to their benefit by visiting The Huffington Post.