“Rebuild Chicago” Campaign Unveiled At City Hall Press Conference
Action Now held a press conference on June 28th, to introduce our new “Rebuild Chicago” campaign, based on a plan developed by Action Now Institute’s Neighborhood Revitalization Committee.
Example of a building that could be rehabbed and rented using the Rebuild Chicago program
The Rebuild Chicago program proposes using funding from the Mayor’s new Infrastructure Trust to rehab vacant buildings and then rent them out at an affordable price to community members.
At the press conference, Charles Brown, Chair of the Neighborhood Revitalization Committee, presented the Rebuild Chicago proposal for the Infrastructure Trust. Alderman Toni Foulkes (15th Ward) and Alderman Ameya Pawar (47th Ward) also attended to voice their support for the Rebuild Chicago plan. Alderman Bob Fioretti (2nd Ward) and Alderman Deborah Graham (29th Ward) are also in support of the program.
Alderman Pawar explaining how the Rebuild Chicago plan would utilize the Infrastructure Trust to help communities
As stated in the Rebuild Chicago proposal, “The program turns vacant buildings into rental properties as a means for economic development and neighborhood revitalization. Properties pass through four development stages: the property begins as a vacant, bank Real Estate Owned (REO) unit and transitions into a rehabilitated, rented property. Finally, the property is returned as bank held property sold on the market.”
It continues, “The property, now rehabilitated and no longer vacant, is deeded back from the Escrow account to the original bank mortgagor to be sold on the market, perhaps to the private property management to be further rented, or perhaps to the renters to now be owners. After the 10-year rental period, the bank mortgagor will earn a 133 percent return on their investment through this sale.”
Action Now looks forward to working with the Mayor and City Council to get Rebuild Chicago implemented so that we can start revitalizing our communities.
Coverage of ANI’s Rebuild Chicago Plan & Press Conference:
The Chicago Reporter, “A new proposal for Chicago’s vacant property woes”
Progress Illinois, “Advocacy Group Wants Infrastructure Trust Used For Vacant Properties”