Chicago part of pilot program to turn foreclosures into rentals

Hit hard by foreclosures, Chicago is among the first metropolitan areas to participate in a Federal Housing Finance Agency (FHFA) program aimed at selling Fannie Mae-held foreclosures to private investors for rental properties. The agency plans to sell approximately 2,490 foreclosures in Chicago, Atlanta, Las Vegas, Los Angeles, Phoenix and several Florida cities as part of the pilot program.

Reports the Chicago Tribune:

In Chicago, the pilot phase will involve 99 properties with 120 units. Of those, only 34 are considered vacant units. Altogether, the 2,490 properties include 2,854 units, 429 of which are vacant. Current leases at properties that are sold will be carried forward until they expire. No one will be immediately displaced, according to a spokeswoman for the FHFA.

Find the FHFA news release (pdf) on the program as well as a summary of the assets for sale (pdf).

 

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