Communities United, a North Side community group, has successfully turned 19 foreclosed homes into permanent affordable housing in rapidly gentrifying neighborhoods. The two-year effort will now allow 44 families to remain in northwest neighborhoods including Albany Park, Avondale and Belmont Craigin. A nonprofit developer purchased the properties at a discount from Fannie Mae, and will now manage and rent them below market rate to tenants.
North Side Community Group Turns 19 Foreclosed Homes Into Permanent Affordable Housing
Communities United, a North Side community group, has successfully turned 19 foreclosed homes into permanent affordable housing in rapidly gentrifying neighborhoods. The two-year effort will now allow 44 families to remain in northwest neighborhoods including Albany Park, Avondale and Belmont Craigin. A nonprofit developer purchased the properties at a discount from Fannie Mae, and will now manage and rent them below market rate to tenants.
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