The Chicago-headquartered Cook County Land Bank Authority (CCLBA)
announced a new milestone with the 500th home that has been rehabbed through its programs to transform vacant, abandoned and tax-delinquent properties into viable properties to encourage homeownership in disinvested communities.
The Land Bank received an initial investment for this endeavor with $4.5 million allocated from the $70 million that Illinois received in the 2012 national foreclosure settlement with the five largest mortgage servicers. Since 2012, the organization has acquired more than 800 residential properties. The 500 properties that have been rehabbed received a new lease on life more than 400 local developers.
The 500th rehabbed property is located in the Greater Grand Crossing neighborhood on Chicago’s South Side and was acquired and renovated by Dajuan Robinson, owner of DNA Construction, in the fall of 2018 for $14,000. Robinson converted it from a three-bedroom, 1.5-bath bungalow home into a four-bedroom, 3.5-bath home that is under contract for a sale price of $275,000.
“Property development is a path to successful business ownership for many entrepreneurs of color,” said Cook County Commissioner Bridget Gainer, chairman of the Land Bank’s board of directors. “We’re proud of the impact we’re able to have for business owners who can create jobs, and for families who can attain the dream of homeownership in an affordable way.”