What do you think of this idea to deal with abandoned houses in - TopicsExpress

What do you think of this idea to deal with abandoned houses in Chicago? What if we set aside TIF money to alleviate the foreclosure and abandoned houses problem in the neighborhoods? The city could buy a dozen or so houses in each ward from the banks at a cheap rate, hire professional contractors from WITHIN the community to renovate the houses, and then rent them out to families at affordable rates. The renters can then have the option of purchasing the property (cost the city paid to purchase the property plus the cost of the renovation plus a small profit) or the property can be sold on the open market to a family (not an investor) with all the proceeds going back into the TIF fund to continue the cycle. This could not only eliminate some of the vacant houses but also spur economic development in those neighborhoods.

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