Last week during a City Council meeting, Mayor Rahm Emanuel proposed a measure to sell six empty city owned lots to a developer at $1 each to build affordable single family homes. The lots, all of which are scattered around Humboldt Park are collectively appraised at $316,000, and would be sold to L&MC Investments LLC for a whopping $6. In exchange for the "free" lots, the developer will build two story 1,840 square foot homes on each site. The three bed, two and a half bath homes will be priced at $199,000 and made available only to households earning up to 120 percent of the median income for the area (about $88,300 for a family of four).
This news was announced the same week that listing site Redfin gave Humboldt Park the number ten spot on the nation's hottest neighborhoods for 2014. If the measure is passed, construction on the lots is expected to begin this coming spring.
· Mayor Proposes Selling Humboldt Park Lots for $1 for Affordable Homes [DNAinfo]
· Land Sale Proposed for Development of Affordable Homes on the Northwest Side [City of Chicago]