While vacant land may be at an absolute premium in and around downtown Chicago, some outlying parts of the city grapple with an overabundance of empty residential lots. In an effort to combat urban blight and the illegal activity that often follows, the City of Chicago has announced a major expansion of its Large Lots program that offers empty city-owned parcels to nearby homeowners for just $1.
After debuting in Englewood and East Garfield Park in 2014, more than 550 homeowners have so far taken advantage of the program. Now, thanks to its recently expanded scope, Large Lots will extend to 33 Chicago communities on the West and South sides, offering 4,000 empty properties at the extremely discounted rate.
Not just anyone can swoop in and grab real estate for a buck, however. To purchase a lot, buyers must reside on the same block, be current on their property taxes, and be in good financial standing with the city in order to be eligible. Large Lots will be accepting applications on its website through the end of January.
The city tells the Chicago Tribune that all lots in the program are reserved for residential uses such as extended side or back yards, gardens, parking pads, or landscaped green space. In addition to improved neighborhood aesthetics, the Trib also cites a study that found the program yielded a notable drop in nearby littering, drug activity, and prostitution.
- 4,000 vacant lots on sale for $1 to Chicago homeowners [Chicago Tribune]
- $1 Large Lots [City of Chicago]