State and Cook County Partner to Buy and Sell Foreclosures
Last month the Governor announced that the state will be partnering with Cook County in a trial program aimed at stabilizing some of the neighborhoods that have been hardest hit by the recent rise in foreclosures and vacant properties. The program, which is being funded by $40 million from the state and $10 million from Cook County, is intended to facilitate the purchase of vacant foreclosed homes. The homes will then be renovated and sold at low interest rates.
If you qualify as a buyer under the program, you may get a $10,000 grant to be used toward your down payment and closing costs. You will also receive financial counseling. Any profits that are generated by the sale of the home to you will go back into the program to buy more vacant foreclosed property.
Currently six Cook County suburbs are participating — Berwyn, Chicago Heights, Maywood, Park Forest, Riverdale, and South Holland. These suburbs hope to diminish the number of vacant foreclosures on their tax rolls, thereby not only increasing the tax base, but making their communities more safe through the elimination of abandoned real estate. Currently, the state estimates that 500 homes will be sold through this program.