In response to the evolving COVID-19 pandemic, the City of Chicago has joined the State of Illinois in issuing a Stay at Home order effective Saturday, March 21st at 5pm CT. In addition, City of Chicago facilities are closed to the public. Staff are prioritizing essential services to protect the health and safety of our residents and employees. As such, we may be delayed in responding to non-essential inquiries and service requests. To stay up to date on the City of Chicago’s COVID-19 response, please visit the City Coronavirus Response Center site.
The City Lots for Working Families (CL4WF) program provides vacant, City-owned lots to developers of affordable single-family homes and two flats for $1 each. Through the program, eight to 20 City-owned lots with a maximum appraised value of $125,000 can be conveyed per developer for each project. Homes must be made available to qualified buyers with incomes up to 140 percent of area median income. Buyers must use the homes as their primary residences for a minimum five-year occupancy period. The program:
Land sold under the program must be used for owner-occupied, single-family homes and two-flats. Properties constructed under the program will be subject to affordability criteria for a minimum of five years. The buyer must execute a mortgage, security, and recapture agreement, as well as a covenant of residency. The initial buyer will earn a 20% write-down of the first $50,000 of land value through a recapture mortgage amount reduction for each year they live in the home. If the initial buyer sells the building within the affordability period, the prorated balance of the recapture mortgage will be due on sale, proceeds of which would inure to the Chicago Community Land Trust (CCLT.)
* Exception: If any one lot is worth more than $125,000 (but less than $175,000) then MBE/WBE and City residency requirements are not waived for the entire project