The Land Bank’s home giveaway raises awareness of its Homebuyer Direct Program, which enables people to purchase vacant, abandoned homes at below-market rates, rehab them and earn immediate equity.
Since its inception in 2017, the Homebuyer Direct program has provided more than 140 homes to homebuyers and earned them an average of $20,000 in instant equity. The program focuses on boosting homeownership in areas where lingering effects of the 2008 mortgage crisis left a glut of vacant and abandoned properties in Cook County and slowed community development.
More than 15,000 people entered the Land Bank’s third annual home giveaway in 2019, compared to 3,874 entrants in 2018.
Homeownership builds neighborhoods, and it’s a family’s ultimate peace of mind. The Land Bank makes that dream more affordable for thousands of people across Cook County. Today, the public and private sectors are coming together to help a homeownership dream become a reality.