Preserving Communities Together (PCT)

PCT Applications are temporarily unavailable.  For more information, please call Will Edwards at 312.744.0114.

Preserving Communities Together (PCT)

Program Overview
The Preserving Communities Together (PCT) program facilitates the rehabilitation and return to productive use of vacant and abandoned properties.

Application Procedures
Applicants can identify eligible properties to be considered by the City for acquisition and sale to the applicants upon city acquisition, or identify properties currently owned by the City and posted on the HED website. Application forms are attached.  After initial application screening applicants will be required to provide rehab work scopes (on department forms), for review by the department, as well as evidence of financing to cover acquisition and rehab cost.  Successful applications will be evaluated on scope of work, financing, experience and other related factors.

Fees and Deposits
The conveyance of the property to an applicant must be approved by the City Council.  The applicant must enter into a Redevelopment Agreement with the City, detailing the terms and timeline for the rehabilitation of the property.  A performance deposit of $1,000 and re-conveyance deed to the City are required, to secure the successful completion of each PCT project.   Application process will generally take 90-120 days before property is transferred.   Acquisition through court abandonment proceedings can take longer.

Acquisition price $5,000.00 and administrative fees are due at closing, but DPD reserves the right to require deposit of a potion of the same, along with the performance deposit, prior to closing.

Administrative fees, include, but are not limited to:

  • Costs for title searches
  • Recording fees
  • Property management costs (approx: $600/mo. from date the City acquired property, until closing)
  • Attorney’s costs
  • Court costs  Security

Requirements:

I.  PCT properties conveyed to developer for re-sale generally require the property to be rehabilitated and re-sold to an income-qualified owner-occupant within 12 months of acquisition.   Financing for the costs of acquisition and rehabilitation of the property in the form of an acquisition and rehab mortgage, construction mortgage, letter of credit, or construction escrow, and evidence of property insurance shall be required prior to closing.    

II. Applicants can apply to acquire properties to rehab and keep as their principal residence.  In such cases, the purchaser must generally meet income guidelines of household income of 80% of area median income or less.

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