[Photo by flickr user Dayna Bateman/creative commons]
Furthering their rehabilitative adventure into Pullman, the city, partnered with the non-profit Chicago Neighborhood Initiatives (CNI), has announced another round of rowhouse rehabs. Forty-nine vacant homes near the 107th street Metra will be bought by the city and rehabbed by CNI, using a mix of TIF financing and federal funds from the Neighborhood Stabilization Program, in existence to fund anti-blight projects. You may recall, this partnership has already worked to rehab 11 Pullman houses, which cost between $150,000 and $200,000, states Crain's. They sold for much less, with the condition that new owners stay put for five years or incur a financial penalty. This new, much larger endeavor will likely employ the same strategy. The homes, while part of a landmark district, have not been prevented from steadily decaying. The city's recent eye on preservation contrasts sharply with its 1960s failed campaign to bulldoze the neighborhood for industry. With the market in prolonged funk, the city seems to be executing piecemeal affordable housing developments wherever it can (see Viceroy Hotel). The advantage of this one is its inevitable outcome— preservation.
·City wants to buy, renovate, sell Pullman homes [Crain's]
·Chicago Neighborhoods: Pullman [City of Chicago]
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