Alderman Maldonado Hosts 606 Bloomingdale Trail Neighborhood Home Improvement Program Roll-out
(August 16, 2018)--26th Ward Alderman Roberto Maldonado will host a public information meeting on August 27th at his Ward office to explain how homeowners living near the The 606 Trail can receive up to $25,000 in grants to stay in their homes. "The market here is extremely hot since the 606 was built, and I think we need to slow it down so we can allow for economic diversity," Maldonado said. The grants would encourage low- and middle-income homeowners to stay in their homes rather than "take the cash that Realtors and developers are throwing at them," he said.
The grants cover masonry repairs, porch and roof improvements, tuck-pointing, door and window repairs, and other exterior upgrades. "Replacing the roof or porch make the home less of a target for low-ball buyers who will tear them down," said Ald. Roberto Maldonado.
Up to 30 percent of each grant could also be used to repair select interior health and safety hazards involving plumbing, heating and electrical systems.
Eligible properties must be located within an area generally bounded by Pulaski Road, California Avenue, LeMoyne Street and Dickens Avenue. Only owner-occupants of one- to four-unit properties are eligible. These owners must have lived in their homes for at least three years and earn up to 120 percent of area median income, or approximately $94,800 for a family of four. Twenty percent of the grant amount will be forgiven for each year of the five-year term. If the owner moves, sells or leases the home before the term expires, the pro-rated balance must be repaid.
Maldonado and Ald. Joe Moreno were co-sponsors of Mayor Rahm Emanuel ordinance creating this 606 Bloomingdale Trail Neighborhood Home Improvement Program. It's a two-year pilot, using $1 million from the city's Affordable Housing Opportunity Fund. "Long-time residents have been part of making the ward a better place to live. They have earned the right to enjoy the fruits of their labor instead of being forced out now," said Maldonado.What: Informational Meeting on The 606 Bloomingdale Trail Neighborhood Home Improvement Program
Attendance is NOT required. Applications will be available at ward office on 8/27/2018. Deadline to apply is 5PM on Monday, October 15, 2018.