If you missed out on the lots that city sold last year to South Side homeowners and community groups for only $1 each, don't worry too much as the city is coming back with another round of $1 properties for sale. Last year, the city began selling vacant lots in the Englewood, Woodlawn, Washington Park and Humboldt Park neighborhoods for only one dollar, and now the city will be taking applications for lots in the Roseland and Pullman neighborhoods. Similar to the South Side lots sold last year, the next batch of fire sale properties will sold under the city's Large Lots program. In order to purchase a $1 lot, applicants must already own property on the same block as the one they are seeking in the program.
While the deal might seem like a losing proposition for the city, selling the lots for a dollar gets the vacant land off of the city's balance sheet and onto a resident's, allowing for the generation of property tax revenue. According to the Tribune, 430 lots within the Englewood and East Garfield Park neighborhoods have already been sold. The Humboldt Park lots in that were sold for one dollar each to a developer last year were part of a different deal. However, in order to prevent buyers from flipping the lots, those who are able to purchase a $1 lot must keep the property maintained and hang on to it for at least five years.
·Chicago to sell 306 more lots for $1 [Tribune]
·Large Lots 4: Roseland and Pullman [$1 Large Lots]
·Here's How to Buy a City-Owned Lot in Englewood for Only $1 [Curbed Chicago]