Two City-owned buildings on the South Side will be sold for redevelopment as affordable housing through land sales approved today by City Council.
A vacant, mixed-use property with 12 apartments and five ground-floor commercial units in South Shore will be sold to Copper Realty Investments LLC for rehabilitation as affordable rental housing and retail space. The two-story building on the northeast corner of 75th Street and Phillips Avenue will be sold for $1. Future residential tenants will earn up to 80 percent of AMI. The ground floor retail spaces will be leased to occupants at market rates.
A vacant, single-family home at 6420 S. St. Lawrence Ave. in Woodlawn will be conveyed to Community Initiatives Inc. for $1. It will be rehabilitated and sold at a yet-to-be determined price to an owner-occupant earning up to 80 percent of area median income.
The rehabilitation of both properties will be performed under the Department of Planning and Development’s Preserving Communities Together program, which reoccupies abandoned properties through their acquisition by the City and conveyance to qualified developers for rehabilitation and sale at affordable prices.
The City took possession of the buildings in 2015 due to unpaid water and tax bills.
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