Preserving Affordability with Purchase-Rehab Lending on Vacant Building (Mobile Workshop)
Date & Time
Thursday, September 8, 2022, 11:00 AM - 1:30 PM

As cities focus on attracting developers to buy, fix up, and resell vacant, run-down homes in low- and moderate-income neighborhoods, often, the end sales price is beyond the reach of the neighborhood’s current residents. One potential solution that promotes affordable homeownership while still eliminating vacant buildings is making rehab mortgages more accessible to first-time homebuyers. In this mobile workshop, we’ll share how a multi-stakeholder group helped twelve families transform twelve vacant, deteriorated buildings in the West Humboldt Park neighborhood into newly renovated owner-occupied homes. This trip into the field will include a tour of the homes and conversations with some of their current owners. Participants on the tour will also learn about the mechanics of purchasing rehab mortgage lending and learn how a city can use TIF funds as forgivable loans to leverage this investment while preserving affordability. 

Session Type
Mobile Workshop