Archive for the ‘affordable housing’ Category

Bank of America "Giving" 150 Properties to Chicago

Saturday, May 14th, 2011

Bank of America is . It makes sense that it would typify the release of 150 properties as “giving” them to the city. In all technical terms, BoA is doing just that.

This is actually a good thing. Regardless of the likely face-saving and books-scrubbing motive behind BoA’s actions. How the properties will navigate the legal process is the most interesting part of the story. I will discuss that in another post.

The properties in question are all abandoned. Although some of the coverage (in particular the coverage ) describes these properties as having been abandoned by the defaulting borrower, they have been equally abandoned by BoA. This is a triumph of negative press coverage if ever there was one. I would describe this as a victory for groups like the . The Institute’s research is what gave a public face to the blight occuring in lower-income neighborhoods across Chicago.

Another part of the program involves the rehabilitation of abandoned condominiums. While the 150 single-family homes will be demolished, the condos will be rehabbed by the Community Investment Corp, which has received a $2.5 million grant for this purpose. They will be rehabbed and rented as affordable housing.

All cynicism aside, this is a darn good start.

According to reports, each bag came with an apple tv, a special new year’s edition mophie powerstation, a 1,000 yen itunes gift card, and a pair of wireless beats powerbeats2