The Large Lot $1 Program is a City of Chicago neighborhood stabilization initiative to help property owners, block clubs and non-profit groups in select Chicago neighborhoods to purchase City-owned land for $1 per parcel.
The program is one of the recommendations of Mayor Rahm Emanuel’s “Five-Year Housing Plan,” which will direct $1.3 billion in public spending from 2014-2018 to create, improve, and preserve more than 41,000 units of housing citywide.
The program is operating on a pilot basis. Up to two lots are available per application. Applicants must own property on the same block; be current on property taxes; and have no financial obligations to the City, among other requirements.
Lots proposed for purchase must be owned by the City, be vacant, and have residential (R) zoning, among other requirements.
Properties will be sold “as is” via a Quit Claim deed.
The lots may be used to expand the yards of existing homes, for beautification, for gardens, for housing, and other uses permitted by current zoning regulations. Successful applicants must maintain ownership of lots purchased through the program for at least five years.
The fifth Large Lot Program for Auburn Gresham ended on May 15th 2016.
Announcements of other selected neighborhoods and application period dates will be posted periodically.
For further information on the program, Contact Mills Realty at email@example.com or click here to search the properties