Cook County has reached a significant milestone with the launch of a pilot program aimed at increasing homeownership opportunities for local residents, marked by the unveiling of two modular homes in Humboldt Park on Wednesday.
This initiative, spearheaded by the Cook County Bureau of Economic Development, is set to produce a total of 120 new homes across Chicago Heights, Humboldt Park, and Proviso Township.
The targeted neighborhoods were selected due to the ongoing displacement of families caused by rising home prices in other areas.
The newly unveiled modular homes, located on the 800 block of North Homan Avenue, are the first of twelve slated for Humboldt Park.
The Cook County Land Bank Authority facilitated this project by providing previously vacant lots, and officials have indicated that both homes are already close to being sold to prospective buyers.
Commissioner Jessica Vasquez stated that these modular homes will be available for approximately $357,000 each, significantly lower than the area’s median sale price, which exceeds $470,000 according to Realtor.com.
Jessica Caffrey, executive director of the Cook County Land Bank Authority, emphasized the importance of transforming the land into productive homes.
She expressed, “We saw this pilot program as an opportunity to give this land purpose. It’s no longer an eyesore in the community.”
Cook County Board President Toni Preckwinkle highlighted that homeownership serves as a crucial foundation for building generational wealth, which is often inaccessible to many Cook County residents.
She viewed the pilot program as a critical step toward promoting equitable access to housing.
The modular homes are designed for buyers earning up to 120% of Cook County’s median income.
For example, a two-person household can earn up to $115,200 per year and still qualify.
Moreover, there are no income restrictions for residents living in areas disproportionately impacted by the pandemic or in qualified census tracts.
Qualified census tracts are defined as areas where at least half of the households earn below 60% of the area median gross income or have a poverty rate of 25% or more.
Homebuyers will also have the opportunity to access multiple housing grants, such as the Cook County Down Payment Assistance Program and the land bank’s Purchase Assistance Program.
Preckwinkle affirmed the county’s belief that homeownership should be accessible to all.
The Cook County Board allocated $12 million to fund the pilot program, which is distinguished by its focus on modular homes—constructed in sections off-site and then assembled on the vacant lots.
Inherent L3C, a developer based in North Lawndale, is taking charge of the project.
Inherent’s founder, Tim Swanson, noted that the two showcased three-bedroom homes are only the beginning, with plans to create additional housing in the area.
He emphasized the significance of empowering local homeownership, particularly as rent prices have become comparable to mortgage payments.
“Let’s do this stuff better. Let’s build better housing. Let’s build better blocks and believe in a better version, where we are all thriving,” Swanson remarked.
He continued, “That rising tide … it affects everybody.”
All the forthcoming modular homes in Humboldt Park will be two-story residences featuring two parking spaces and fenced yards.
With a total area of 1,445 square feet, these properties will include three bedrooms, two bathrooms, and two living spaces.
A key feature is that the homes will be all-electric, a factor that can significantly reduce utility costs.
County Commissioner Tara Stamps, who represents the Humboldt Park area, expressed optimism about the program’s potential to make homeownership a reality for many Cook County residents.
She stated, “Families that live up and down this block pay obscene amounts of money for rent, and so many of them could very well afford a mortgage if they only had the chance; if they only had the support to get started.”
Stamps concluded by highlighting the current moment as a pivotal opportunity for aspiring homeowners in the community.
image source from：chicago
