Property Fire Sale
- Chicago's Large Lots program, in which city residents can apply to buy designated vacant lots in their neighborhoods for $1, is expanding to the Roseland and Pullman neighborhoods, Mayor Rahm Emanuel announced Friday.
Applications for 286 lots in Roseland and 20 lots in Pullman will be accepted, beginning Tuesday through Oct. 31.
The Large Lots Program is open to individuals and nonprofits (like block clubs) that own property on the same block as city-owned vacant residential lots. The city determines which lots to put up for sale after seeking input from neighbors and aldermen.
Buyers must agree to maintain the lot and pay property taxes, which typically run a few hundred dollars a year. If the lot is not adjacent to the buyer's property, it must be fenced, which helps deter criminals. Buyers must hold the land for at least five years before they can sell it.
We're all for bringing back stable neighborhoods and getting property back on the tax rolls, but if we recall, this program was roundly abused on the west side with numerous "churches" and connected folks landing the majority of lots, resulting in a massive transfer of wealth by government.
Labels: money questions