Bank of America Revamps City Eyesores

by Chicago Agent

A community group in the city of Chicago will soon have the potential to rehabilitate or demolish abandoned and foreclosed homes through a Bank of America Corp. program that will now hand over ownership to these properties, according to the Chicago Sun-Times.

A minimum of 150 single-family homes will be included in this project through referral. The uninhabitable homes are expected to be demolished, with a payment of up to $10,000 per home. Within the Cook County Circuit Court, foreclosure actions will be filed in order to swiftly complete the process for abandoned buildings, which currently typically takes more than a year.

Additionally, 26 abandoned condominiums will be donated to the Community Investment Corp., under a $2.5 million city grant, with hopes of selling and renovating them into affordable apartments.

The effort is expected to positively impact communities, as well as allow for the now-empty buildings to become useful, low-income apartments through a variety of developers.

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