Chicago to home buyers: Find your place Posted on September 5th
The city is launching a campaign to lure skittish home buyers off the sidelines to purchase $150,000 to $450,000 homes in which the city has an investment.
“Everything is slowing down,” Mayor Richard Daley said at a press conference Thursday announcing the Find Your Place in Chicago program. “You don’t want [city-assisted development] to stall.” The program will use a combination of price reductions, down-payment assistance and financial aid provided by the non-profit Partnership for New Communities, Harris Bank and private developers. Many developers are offering sales incentives that they will continue rather than finance new ones.
The city, while not putting in any new money, has organized the effort and is launching a marketing campaign to publicize existing city tax credits and price-reduction programs. The goal is to sell about 200 homes in 26 neighborhoods.
Much of the financial aid will go to buyers of about 100 homes at former public housing project sites being redeveloped through the Chicago Housing Authority’s Plan for Transformation. The city already provides help for those buying homes in projects being developed with help from the Department of Housing.
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