Table of Content
- Rehabilitation Centers at St. Catherine Hospital, St. Mary Medical Center earn 3-year reaccreditation
- Cook County Land Bank Authority putting a homeownership within reach
- Cook County Land Bank Authority Putting Affordable Homeownership within Reach of Residents with New Homebuyer Direct Program
- Cook County Land Bank To Sell Homes Directly To Homebuyers
The toilet in the main floor bathroom is broken and the peach carpet smells of cats.
Further, the buyer will have time to complete inspections within the time period noted in the purchase and sales agreement. Yes, buyers are strongly encouraged to conduct their own inspection so that you may determine the condition of the property and level of rehab needed. Depending upon the source of funds, cash buyers typically are ready to close within 30 days. If you are working with a lender, a lender’s average closing time is days.
Rehabilitation Centers at St. Catherine Hospital, St. Mary Medical Center earn 3-year reaccreditation
If you are interested in a property and wish to inspect, click “Apply”. You will be asked to create an account, and then complete a short application. If you are working with a Real Estate Broker, then the Real Estate Broker will meet you at the property to inspect. If you wish to put in an offer, go back to the property address on the website and click “Offer” and complete the questions.
Buyers are encouraged to reach out to the local municipality and inquire about occupancy requirements. The only expectation is that rehab complies with all local, county, and state building codes and ordinances. Typically, the lender issues a loan commitment within days and closes shortly thereafter. The Land Bank will look at occupancy, contract contingencies, down payment, and first time homebuyers. The following entails a list of questions and answers you may have regarding the Homebuyer Direct Program.
Cook County Land Bank Authority putting a homeownership within reach
The mission of the CCLBA is to reduce and return vacant land and abandoned buildings back into reliable and sustainable community assets. Only 38.9 percent of African-Americans owned home in the Chicago area in 2015, compared with 74 percent of whites, according to a report from Harvard University’s Joint Center for Housing Studies. But for a prospective homebuyer looking for a house with good bones, the home has potential. To facilitate the rehab of this particular home in Chicago Lawn, the Land Bank selected community-based developer Bridgette Washington. "It's a neighborhood where a lot of young professionals are buying," Jason Williams said.
Answers to homebuyers’ frequently asked questions, recommendations for lenders and down payment assistance and an application for the program are all listed on the CCLBA website. Details on how to apply for the giveaway home also are available on the site. They will be the first vacant houses to be overhauled and put up for sale as part of the Cook County Land Bank Authority's ambitious, long-awaited effort to stabilize communities by ridding them of eyesores and attracting new residents and businesses. The first houses as part of a county land bank program are being transferred to developers for rehab and resale.
Cook County Land Bank Authority Putting Affordable Homeownership within Reach of Residents with New Homebuyer Direct Program
The land bank aims to make a long-term impact on neighborhoods hit hard by the housing crisis by filling abandoned homes with homeowners, not just renters, said Cook County Commissioner Bridget Gainer, D-Chicago, chairwoman of the land bank. "The Homebuyer Direct Program will now allow us to sell directly to homeowners," said Robert Rose, executive director of the Cook County Land Bank Authority. "We are able to take these fixer uppers and offer them to homeowners to below market prices, give them a chance to build equity, and to customize it to make it their own." In July, the land bank’s strategy took a big step forward when The PrivateBank committed $10 million in purchase-rehab financing to qualified entities that acquire homes from the land bank. Other banks have donated properties and demolition funds, but PrivateBank is the first to make a direct investment with the land bank in communities, White said. Bank of America donated the property to the land bank, and this week, Alpine Capital Realty Group, a local firm that has rehabbed homes, is expected to close on the $3,000 purchase of the home and start a gut rehab.
After they close on the purchase of the home for about $45,000 from the land bank, the plan is to gut the two-bedroom, one-bath home, add a second-floor dormer to create a master bedroom suite and sell it for more than $180,000. August 1, 2017 If your client is looking to purchase a home, but is having trouble finding something in their price range, or if they are talking about purchasing a fixer upper, a new program from the Cook County Land Bank might be the ticket. Most of the homes in the land bank's program are in Avalon Park, Roseland and South Shore. Some lenders or entities offering down payment assistance will require homebuyer education.
Bureaus and Offices
"There's one other board-up on the block, but otherwise, it's a quiet block." Cook County Land Bank Authority Executive Director Rob Rose and Commissioner BridgetGainer, chairwoman of the land bank, at a South Shore bungalow that’s up for sale. Please click the respective link below to browse all properties eligible for the Homebuyer Direct Program as well as view instructions on how to apply for CCLBA homes. Occupancy prior to the completion of rehab depends on safety, soundness, and structural integrity. Many cities and Villages require a “Certificate of Occupancy” prior to living in the home.
If you are financing the purchase then yes, your offer should be accompanied by a pre-approval letter from your lender. "Either it's stuck in court, or the buyer couldn't get credit. The houses are still desirable, people wanted to live there … so there needed to be a solution to unstick it." Only 38.9 percent of African-Americans owned home in the Chicago area in 2015, compared with 74 percent of whites, according to a report from Harvard University's Joint Center for Housing Studies. Before the housing crash, almost half of African-Americans in the Chicago area owned homes. Enter the land bank's new program designed to attract prospective owner-occupants with fixer-upper dreams. We strongly encourage buyers to complete inspections prior to making an offer.
All properties eligible for the program are listed below, and will be updated on a daily basis going forward. This new initiative lets CCLBA reach out directly to the home buyers, who then can guide the development process and in turn transform neighborhoods. Founded in 2013, CCLBA works to empower local developers, community groups and potential homeowners by giving them tools to transform their own communities from within. The CCLBA obtains tax delinquent properties for rehab and sells them at below market rates to qualified, community-based developers to lead the rehab work.
The lender plans to issue a request for proposals from other for-profit and nonprofit developers, with a track record, that are interested in getting involved, said Geoffrey Koss, a managing director at PrivateBank. "We're being opportunistic, where we have opportunity to work in scale or turn around the worst house on the block," White said. "We want people to see that these homes that considered to be blighted, nuisance properties are really just waiting for the right developer to put the right attention to it and turn it around. It'll prove the model does work." In the past few years, investors, including large publicly traded funds, have descended on a wide swath of the Chicago area's housing market, snapping up foreclosed homes, bidding up the sales prices, paying cash and amassing large portfolios of rental homes.
Listing for sale the two rehabbed homes next spring, then selling them, will validate that a land bank can succeed in Cook County, as it has in other cities and counties hard-hit by foreclosures and abandoned homes. The goal is to obtain properties in areas that may be risky but are ripe for a turnaround, clear title to them and find a suitable developer, a process that's more laborious than it sounds, said land bank Executive Director Brian White. Since its founding in 2013, the land bank has identified 13 city neighborhoods and 13 west and south suburbs where it sees potential, and has been acquiring vacant homes to sell.
The CCLBA will turn on utilities if requested by lender; however the properties are being sold “As Is”. Buyers should pursue a Purchase-Rehab loan such as a 203K to purchase the property and complete repairs and updates. Enter the land bank’s new program designed to attract prospective owner-occupants with fixer-upper dreams.
This fall, the Cook County Land Bank Authority launched the Homebuyer Direct Program to break down barriers to homeownership and help transform communities by offering fixer-upper homes at below-market prices in neighborhoods across Cook County. The new Homebuyer Direct Program focuses on reaching out to prospective homeowners who may be interested in directly purchasing, rehabbing and living in their dream home. The Cook County Land Bank is looking to offer properties throughout Cook County to prospective owner-occupants at below-market prices. This is your clients’ opportunity to engage in the purchase/rehab, finish it to their tastes, and build equity. "Most of the properties need cosmetic work, not a full gutting," said Rob Rose, the land bank's executive director. "These houses are great for a homeowner to come in, make that investment and build equity … because we're selling to you below market."
"That allows the equity to stay with these people of color who've grown up in those areas." It's just one of the 30 to 40 homes the Cook County Land Bank Authority is putting up for sale as part of a new program designed to promote homeownership by selling vacant, dilapidated, tax-delinquent homes directly to homeowners. Of those, 346 homes have been sold to developers and 167 have been rehabbed. It’s just one of the 30 to 40 homes the Cook County Land Bank Authority is putting up for sale as part of a new program designed to promote homeownership by selling vacant, dilapidated, tax-delinquent homes directly to homeowners. To date, CCLBA has sold over 400 homes to community-based developers for rehab. Projections show the Land Bank will have facilitated over $18 million in new home value in this market, homes that will then generate equity for families for years to come.
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