Search
 

City Moves to Buy Former HUD Project

CHICAGO-Half of the 38 townhouses at 61st and Halsted streets are vacant, with 16 of them having been reclaimed by the US Department of Housing and Development through foreclosure. The city is moving to acquire those units, as well as the 22 that remain in private hands.

By Mark Ruda | Updated on January 13, 2005

CHICAGO-Chicago Housing Authority high rises are not the only failed projects being leveled. A 38-unit townhouse development at 61st and Halsted streets in the slowly revitalizing Englewood neighborhood, built more than 20 years ago with US Department of Housing and Development Section 235 money, is on the way to being replaced.

The city’s community development commission this week authorized the department of planning and development to begin efforts to acquire 22 properties that are believed to be owned by private parties. Property records reveal one 2003 sale at $62,000, but some units have changed hands for as little as $1,000, and city officials note 16 already have been reclaimed by HUD through foreclosure. The city’s department of housing is arranging to buy those units from HUD.

“I wouldn’t say it’s a white elephant,” says 16th Ward Alderman Shirley Coleman. “It’s worse than that.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.