The deadline to apply for a $1 city-owned property in one of 34 neighborhoods throughout Chicago’s South and West sides is only a few days away, but there are hundreds of lots that haven’t been claimed yet. As of last week, blogger and urban planner Steven Vance pointed out that there had been 1,990 applications to purchase one of the 3,844 city-owned properties that are being sold off for just $1. As of today, the program’s latest and largest phase has received 2,254 applications, meaning that there are still nearly 1,600 properties up for grabs.
Not just anyone can swoop in and grab real estate for a buck, however. To purchase up to two lots, buyers must reside on the same block as the ones they are applying for, must be current on their property taxes, and be in good financial standing with the city in order to be eligible. In addition, those who do purchase one of the thousands of properties up for grabs must retain ownership for five years before reselling.
If you are a homeowner on Chicago’s South or West side, you may be eligible to purchase a city-owned property for $1. To see the list of properties that are still available and to apply for one, head over to the official Large Lots program website.
Large Lots will be accepting applications on its website through the end of January.
- Fall 2016 Expansion [$1 Large Lots]
- There are still $1 lots that no one has applied for [Steven Can Plan]
- Thousands of $1 Large Lots haven’t been applied for [Chicago Cityscape]
- City of Chicago to expand $1 lot program to 4,000 vacant properties [Curbed Chicago]