Elgin rehabbed homes update - Chicago Sun-Times

Without saying which property, Hall also noted, "The city is currently reviewing offers to purchase two of the homes (now on the market). Any money made on such sales is required to be put back into the program until those funds run dry. The plan was to convert them from run-down dwellings that, in most cases, had become multiple rental units into single-family homes. Elgin also bought and demolished a home at 209 Franklin St. Of the four city-led projects, Hall said the last to be finished was the house at 457 E. Selling prices set The homes all passed city inspections, and Hall thanked contractors for their work and for flexibility in meeting with city staff. Since the homes on Chicago and Channing are in historic districts, Habitat recruited experienced volunteers to help with the specifications of period exterior detail work. He has had a couple of showings a week at the homes in his charge over the 40 days they have been on the market, as well as an open house for Realtors and one for the public that drew about two dozen people. He has hosted a Realtor open house that drew five brokers and a public open house that attracted three potential buyers for both homes he oversees. Another challenge is that the program has income requirements where a single person can't make more than $63,000 a year and a couple no more than $72,000 per year to qualify to buy one of the homes. Buyers also must also be able to secure a loan in a tight lending market. On one hand, inventory has shrunk, meaning prices can stabilize and begin to climb. On the other, he noted, the number of properties that might be heading into another wave of foreclosures remains a big unknown. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www. Realtors