*Yes, you heard right.
If you ever had a desire to purchase property in the windy city – Chicago – now may be the best time to act on it.
It’s not like you’ve got to have a lot of money because the city has plans to sell hundreds of properties off for the price of…well…a candy bar.
As part of the Green and Healthy Chicago Neighborhoods initiative the Chicago Plan Commission has approved the Large Lots pilot program, which will enable qualifying residents and nonprofits to buy city-owned vacant lots for $1 in the Englewood neighborhood on the South Side.
Hey, I personally know of a theatre company who did this once, and built a beautiful 3,000 seat theatre on the vacant lot they bought from a city for $1.
So its no joke.
“It’s designed to move vacant properties out of the city’s hands and into private ownership,” Mayor Rahm Emanuel said in a statement. “People can use the land to expand the yards around their homes, to create gardens on their block, or for beautification, housing, or for other purposes.”
And if all goes well, this plan could expand beyond the Englewood area.
The goal, according to the Sun-Times, is to expand it to a 13-mile planning area including some 5,000 vacant lots in nearby neighborhoods like Washington Park, Woodlawn, Fuller Park and Greater Grand Crossing.
To qualify for the “Large Lot Program,” applicants must already own property on the same block as the lot they want to buy; they must also be current on property taxes, have no financial obligations to the city (like water bills or parking tickets) and must tell the city how they plan to use the property, DNAinfo Chicago reports.
One developer has already bought six of the empty lots for $1 a piece and expects to turn them into affordable.
Apparently, this $1 deal is not new, as cities all around the nation (including the one I previously mentioned, which was in Berkeley) have been using it to spur investments in unpopular areas where vacant lots sit unoccupied to fester. Though the requirements may differ, the price is what remains attractive.
Learn more about how individuals and organizations have and are using this opportunity to their benefit by visiting The Huffington Post.