City Announces Program to Help Buyers Purchase Affordable Homes in Chicago

The city of Chicago plans to invest $5 million to encourage the construction of about 100 affordable homes on vacant lots in six South and West Side neighborhoods.

Chicago Mayor Rahm Emanuel was slated to announce the Building Neighborhoods and Affordable Homes program Monday, which will help eligible residents buy homes built on vacant lots that had been sold to developers for $1.

The neighborhoods included in the program are Englewood, Garfield Park, Humboldt Park, Lawndale, Little Village and Woodlawn, city officials said.

The city says in those neighborhoods, the housing market continues to recover from the recession and prices are not attractive to developers.

Qualifying homeowners can get up to $60,000 to help purchase homes, officials said. 

Buyers who make up to 140 percent of the area's median income - meaning a family of three making less than $106,000 a year - will be eligible to participate, the Chicago Sun-Times reports.

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