LOGAN SQUARE — Aldermen Joe Moreno (1st) and Roberto Maldonado (26th) are encouraging homeowners along The 606 to apply for a new $25,000 home repair grant designed to curb gentrification.
The aldermen are both holding informational public meetings Monday.
Those who live in Moreno’s ward should head to Nueva Cancion Church at 1701 N. Richmond Ave. from 5:30 – 6:30 p.m., while Maldonado’s constituents should head to the 26th Ward office at 2511 W. Division St. from 3:30 – 4:30 p.m.
Copies of the application will be available, as will information on requirements and eligibility.
The deadline to apply is 5 p.m. on Oct. 15. Homeowners are not required to attend the meetings to qualify. Both aldermen will have applications at their ward offices until the deadline.
Back in May, the two aldermen, along with Mayor Rahm Emanuel, introduced an ordinance called the 606 Bloomingdale Trail Neighborhood Improvement Grant.
The grant, which received final approval in June, uses $1 million from the city’s Affordable Housing Opportunity Fund to help homeowners along The 606 pay for fixes like roof and masonry repairs, as well as updates to plumbing, heating and electrical systems.
The goal is to encourage homeowners to stay in their homes rather than sell to developers.
To qualify, you must have lived in your home for at least three years and earn up to 120 percent of the area median income, or approximately $94,800 for a family of four, according to city officials.
Several rules apply. For example, if the owner moves, sells or leases the home before the term expires, he or she must pay the pro-rated balance.
Homes also must be located within the area generally bounded by Pulaski Road, California Avenue, LeMoyne Street and Dickens Avenue.
Since construction started on the elevated trail, home prices along the western portion — in Logan Square and Humboldt Park — have skyrocketed, according to a study conducted by the Institute for Housing Studies at DePaul University.
According to the study, home prices went up 48.2 percent since the trail broke ground and residents are paying a 22.3 percent premium for properties within one-fifth of a mile of the trail, which the Institute for Housing Studies said translates into more than $100,000 of the area’s average 2015 sales price. The data doesn’t include rental housing stock or for-sale condos.