Incentives to Offset Residential Housing Include Smoke-Free Apartments

By Veronica Grecu, Associate Editor

A series of incentives meant to stir things up in the Chicago residential market may prove to be quite attractive for prospective renters or home buyers.

According to the International Business Times, Bank of America plans to donate as many as 150 vacant and abandoned properties in and around Chicago to a non-profit community organization in an attempt to revitalize areas of neighborhood blight. The properties come from foreclosures collected by the bank and have little to no value. Reportedly, Bank of America’s plans include registering properties with the city when the mortgage is delinquent and the property has been identified as vacant and abandoned; identifying up to 150 properties to be sent to a newly established courts process so that the foreclosure process take less time and the properties can be returned to productive use; co-financing Chicago’s program of demolishing dilapidated properties included on the list of donated properties; and donating foreclosed and vacant condominiums to the Community Investment Corp. that would upgrade, preserve and yield affordable housing for others in need.

The Chicago Tribune reports another set of incentives coming from CMK Cos., who is offering free assessments for a year and a $5,000 closing credit for a new 47-story condominium located at 235 Van Buren in Chicago. The selling price for a one-bedroom unit start at $139,900; the price for two-bedroom, two-bath units begin at $269,900 and penthouses prices start at $339,900. Each unit includes standard features such as stainless steel appliances, oak flooring, granite kitchen countertops, European-style cabinetry, Grohe fixtures and 10-foot ceilings. According to Scott Hoskins, president and managing broker for CMK Realty, the penthouses are located on the 45^th and 46^th floors and feature outdoor space with large, private terraces and panoramic views of the city skyline, parks, the Chicago River and Lake Michigan. The property at 235 Van Buren also includes 12,000 square feet of commercial and retail space, a dog run, 24-hour door staff, six elevators, a lobby with a 25-foot ceiling and 522 secure indoor parking spaces.

Meanwhile, the Chicago Tobacco Prevention Project is providing grants to several housing groups to increase the number of smoke-free apartment buildings and condos in Chicago. As reported by www.necn.com, the first batch of grants will be awarded to the Institute of Cultural Affairs, Lakeside Community Development Corp. and Claretian Associates; the remainder will be awarded in September.