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.
“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.”
Would you buy property for $1? How effective do you think the initiative will be?