Chicago Neighborhood Rebuild Pilot Program
The Chicago Neighborhood Rebuild pilot program aims to rehabilitate vacant homes and place at-risk youth in jobs. The program's goal is to invest $6 million to acquire and rehab 50 vacant homes in Garfield Park, Humboldt Park, and Englewood through a partnership that will also provide transitional jobs and training opportunities for at-risk youth and ex-offenders.
The initative is expected to generate employment opportunities for about 200 youth to maintian the homes until they are rehabilitated and sold. The funds will help to rehab single-family homes and two-flats in the 7th (Englewood), 10th (Ogden), and 11th (Harrison) police districts over the next three years.
A network of community organizations will ensure the program generates economic opportunities for local contractors, developers, and investors.
- The City will partner with the Cook County Land Bank Authority (CCLBA) to acquire the vacant and abandoned properties.
- The Chicago Community Loan Fund (CCLF) will facilitate the acquistion of the properties by private developers and finance their renovations.
- The Community Investment Corporation (CIC) will assist in acquisition efforts by identifying properties that meet the goals of providing affordable housing and building the capacity of local developers.
- The Safer Foundation and the CARA Program will provide classes and workshops that model successfull behavior, inlcuding financial literacy and job training and placement.
The City's $2 milllion investment helped leverage an additional $4 million in private capital from MB Financial, Rush University Medical Center, and CCLF for the program.
The rehabbed homes will be marketed and sold at affordable prices. The City and its partners will work with lenders and housing counseling agencies to match the homes with prospective buyers.
For more information, please call Will Edwards at 312.744.0892