More than 100 potential homebuyers gathered in April to visit several affordable homes available through the Chicago Housing Trust.
CHT offers new or newly renovated for-sale properties at below-market prices to buyers meeting certain eligibility requirements — giving more middle-earning households a chance at homeownership.
Structured Development is responsible for 70 units in CHT’s portfolio, including The Seng, at 869 W. Blackhawk St., and Harrison Row Townhomes, but there are other options, as well. Sales of these properties have co-broker commissions based on purchase price.
CHT, formerly the Chicago Community Land Trust, is a nonprofit administered and staffed by the Chicago Department of Housing, whose mission is to provide equitable, attainable and stable homeownership for Chicagoans. It seeks to bring homeownership within reach of middle-income Chicagoans while ensuring long-term affordability.
Properties in CHT’s portfolio are available to buyers earning no more than 80%, 100% or 120% of the Area Median Income. All applicants must be preapproved for a mortgage and certified by the CHT prior to placing an offer and executing a contract. Buyers don’t have to be first-time homeowners, though that’s often the case, and they cannot own property at the time of closing.
The buyer must occupy the home as a principal residence for as long as he or she owns it. All properties have a deed restriction to ensure the homes remain affordable for at least 30 years.
The April trolley tour started at The Seng, a new 34-unit affordable condo building featuring two- to four-bedroom condos priced from $285,000. A big part of the appeal of the property, which offers workforce housing in a popular neighborhood at below-market pricing, is its vibrant neighborhood with scores of restaurants, recreational options and entertainment venues.
Next up was a single-family home at 1735 N. Sawyer Ave. in Chicago’s Logan Square neighborhood, priced at $268,000 (and now under contract).
A trio of options in East Garfield Park included 2535 W. Monroe St., featuring four new-construction three-bedroom town homes near the United Center ranging in price from $199,000 to $219,000; 2631, 2635 and 2651 W. Jackson Blvd., with three modular three-bedroom single-family homes priced at $273,500; and 23 three-bedroom and five four-bedroom town homes at Harrison Row Townhomes, also developed by Structured Development, at Harrison Street and Francisco Avenue, priced at $245,000 to $249,000.
Next was a fully renovated two-flat at 6633 S. St. Lawrence Ave. in Woodlawn being sold for $330,000. The home is walking distance to the new Obama Presidential Center and near the University of Chicago, public transit and two grocery chains.
The tour wrapped up with a three-bedroom renovated garden unit in a historic greystone building at 4248 S. Drexel Blvd. in Bronzeville, priced at $190,000; and three one-bedroom condos at 235 W. Van Buren St., in a Loop high-rise building, priced from $151,400 to $178,188. Interested brokers can learn more about these properties on CHT’s website, by emailing chicagohousingtrust@cityofchicago.org or by contacting individual properties’ brokers.
Another trolley tour is planned for the fall.
Christina Glass is a Realtor and the office manager at Structured Development.