One of many affordable homes available through the West Cook County Housing Collaborative
Good news for homebuyers searching for opportunities in western Cook County: formerly foreclosed homes in Bellwood, Maywood and Forest Park have been rehabbed and are selling at a fast clip, at affordable prices to boot.
The process is directed by the West Cook County Housing Collaborative (WCCHC), a partnership between the municipalities of Bellwood, Berwyn, Forest Park, Maywood and Oak Park, formed in 2009 to address the problem of high foreclosure rates. With funding from federal and state grants, WCCHC purchases and renovates vacant properties throughout the five municipalities to make them available at affordable prices to qualified buyers.
The program is specifically focused on lower income households: to qualify, buyers must be below 80 percent of the Area Median Income, which for a family of four is $58,900 a year.
WCCHC chooses properties based on their location: another goal of the initiative is to provide convenient access to schools, medical facilities, and workplaces. Furthermore, many houses are situated near transit stations, to provide affordable connectivity (the area is served by the CTA Blue and Green Lines and by Metra trains as well as many bus routes).
Most properties are three-bedroom houses that cater primarily to families, but there are bigger as well as smaller units to offer a range of housing options. While interiors vary based on existing layout, the houses usually receive new windows, copper plumbing and new kitchens and baths, with granite countertops and stainless steel appliances.
After renovation, the houses are priced at market value, which is often less than the cost of rehab. Recent sale prices ranged between $110,000 and $130,000 for a single-family house.
To further increase affordability, the West Cook Home Ownership Center, which coordinates home-buyer assistance, offers down-payment credit up to $10,000 and other financial incentives to qualifying buyers. The Center also provides homeownership counseling through a required eight-hour training. Here, first-time home-buyers learn about the importance of money management, credit and home repairs. The program aims at creating the conditions for stable homeownership and long-term affordability.
Since 2009, WCCHC has rehabbed and sold a 26-unit apartment building in Maywood and various single-family homes in Bellwood. A few houses are currently on sale in the same two municipalities and in Forest Park, while 21 other properties are undergoing renovation and will be on the market by the end of the year.
For more information, contact the West Cook Homeownership Center at 708-771-5801 or visit www.westcookhomeownership.org.
MPC Research Assistant Cecilia Gamba authored this post.