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A spokesperson said each home costs about $500,000 to build but will be sold for $315,000. Buyers can qualify for up to $100,000 in down payment assistance, along with an additional $50,000 in support from the state. Homes are also being built in North Lawndale, Roseland, Washington Park and Chicago Lawn.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
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Audio and summary
One problem here is how is the job market in Back of the Yards. As far as the post Stock Yard industrial park there are plenty of for lease signs all over it. Affordable housing in an economically depressed area is like houses that sell for 500 dollars in Detroit. And 315k ain’t exactly affordable either.
Gosh, and to think I actually had to work and save to obtain my $500K 1920s era home. What’s wrong with me?
It’s possible you may be a chumbolone and not know it. There are many of us around.
500G to build a home that sells for 315G? THat sure is not affordable to the taxpayers who are paying the tab of 185G for these homes.
Affordable at 500K. You can get a nice house in the suburbs for 500k. I would like to see the costs to build this house . Breakdown material costs then EACH TRADE ‘s COST . Then the overhead and management fees .
“IT’S THE CHICAGO WAY” Taxpayers money NO ACCOUNTABILITY.
That’s just swell. A +300K house with 100K down payment assistance and 50K additional money, most of which probably won’t be repaid. One that qualifies for this redistribution of the wealth more than likely receives social welfare and maybe even a guaranteed income.
Step 1, raise taxes and fees steadily over decades, increasing unaffordability. Step 2, spend tax money subsidizing home ownership to address the unaffordability you helped cause.
According to posted salary schedule, DeJuanda Fairley-Hall is a counselor in the “Peace and Educ Coalition(!?)” department of Chicago Public Schools, paid $121,500 last year plus $37,209 in benefits. So even if the land is free, paying $500,000 for a house might be a stretch. At $315,000, or maybe $215,000 or $165,000, it becomes more workable. Perhaps someone with residential construction experience can explain why it would cost $500,000 to build the house.
I’d agree, why would it costs that much? But, then you’d have to factor in the M/WBE cuts on the contracts…so… Perhaps someone can also explain why the Illinois tax payers have to fund the $100K down payment and another $50K in “support” for a $300 house. Really, 50% of the home value is paid for my Illinois Tax Payers? A concern is that if the new “owners” have no investment or skin in the game…what is their motivation to keep the property up and maintain it?
For comparison, a private for-profit developer is building new homes in Harvey for prices “starting at $180,000.” As in the Chicago project, the land was free.
Yeah, the more you look at this, the M/WBE give-away contract loads, the enormous prevailing wage rate in Chicago as well as the shear graft, stealing and corruption in a prOgram like this must be the cost difference. Contractors are more than likely required (as most Chicago and Illinois companies who win contracts do) they have to employ or subcontract a percentage of Minority and Woman owned companies and pay them a percentage of the contract – whether they do any work or not – often 30%. The rest must just be the normal graft, corruption and stealing of dollars… Read more »