Chicago City Wire

The Chicago Department of Housing (DOH) and the Cook County Land Bank Authority (CCLBA) have joined forces to advance the Rebuild 2.0 program, focusing on rehabilitating single-family homes in Englewood and Roseland. This initiative will see thirty-three properties transferred and renovated as part of a strategy aimed at revitalizing these neighborhoods.

Rebuild 2.0 is designed to preserve existing housing by identifying abandoned buildings in close proximity within historically disinvested areas, acquiring them, and then rehabilitating and selling them for homeownership. The properties will be transferred from CCLBA to Community Development Financial Institutions (CDFIs), with Chicago Community Loan Fund and Greenwood Archer Capital serving as program administrators alongside another CDFI, the C-3 Impact Fund. These organizations will identify developers and provide construction financing, prioritizing businesses led by Black, Indigenous, and People of Color (BIPOC).

“DOH is committed to expanding opportunities for quality housing in all 77 communities, and that includes homeownership,” said DOH Commissioner Lissette Castañeda. “Rebuild 2.0’s block-by-block approach to revitalizing neighborhoods will create wealth building opportunities for Chicagoans and fuel economic development for local businesses.”

The program covers acquisition costs usually borne by developers, making rehabilitation projects more financially viable. Once renovations are complete, the homes will be sold to owner-occupants.

"The Cook County Land Bank Authority is thrilled to provide 33 vacant homes to the City of Chicago for the Rebuild 2.0 initiative," stated Jessica Caffrey, Executive Director of the Cook County Land Bank Authority. "This program will increase opportunities for homeownership, reduce blight and uplift small developers -- all of which are key to our mission."

Support from Lowe’s includes professional landscaping services as part of property acquisition and rehabilitation efforts. Additionally, various city departments such as Buildings, Finance, and Law are offering assistance through expedited permitting processes, elimination of city debt on vacant properties, and facilitating forfeiture processes.

A $20 million grant from the Illinois Housing Development Authority (IHDA) has been instrumental in expanding Rebuild 2.0's reach by providing grants for acquisition costs and adjusting final sales prices for new homeowners.