Mayor Proposes Selling Humboldt Park Lots for $1 for Affordable Homes

By Victoria Johnson on January 17, 2014 7:40am 

 Six city-owned lots, such as this one at 1756 N. Drake Ave., would be sold to a developer for $1 apiece under a plan being considered by the City Council. The single-family homes built on them will be sold for $199,000 each.
Six city-owned lots, such as this one at 1756 N. Drake Ave., would be sold to a developer for $1 apiece under a plan being considered by the City Council. The single-family homes built on them will be sold for $199,000 each.
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DNAinfo/Victoria Johnson

HUMBOLDT PARK — Under a measure proposed to the City Council this week, six empty Humboldt Park lots would be sold to a developer for $1 apiece so affordable homes could be built on them.

According to a release from the Mayor's Press Office, the proposal would see the city-owned lots — collectively appraised at $316,000 — sold to L&MC Investments LLC, which would build homes on them to sell at $199,000 each.

Each two-story, 1,840-square-foot home would have three bedrooms and 2.5 baths, and be available to households earning up to 120 percent of area median income, or $88,300 for a family of four, the release said.

The lots are at:

• 1122 and 1144 N. Christiana Ave.

• 1222 N Rockwell St.

• 1226 N. Campbell Ave.

• 1756 N. Drake Ave.

• 3221 W. Crystal St.

All fall into what is generally considered the Humboldt Park neighborhood, though two (those on Rockwell and Campbell), are officially in the West Town community area, in a block sometimes called East Humboldt Park.

Similar houses around there have recently sold for $300,000 to $400,000, according to various real estate sites, while houses around the other four lots, have been selling for considerably less — between $130,000 and $160,000.

A spokesman for the city Department of Planning and Development said the developer determined how much the homes would sell for.

A voicemail left for L&MC Investments seeking comment was not returned.

If the plan is approved, construction would start in the spring, the release said.

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