C
hicago Mayor Brandon Johnson's administration is launching Rebuild 2.0, an expansion of the city's pilot rehabilitation program for abandoned buildings. The initiative will work with local developers to acquire vacant or abandoned properties in historically disinvested neighborhoods and resell them to residents. By aggregating homes for redevelopment, the goal is to reduce blight and create revitalized communities.

    The $20 million grant from the Illinois Housing Development Authority will support the program through two community development financial institutions. This partnership aims to provide financing and technical assistance to developers, enabling them to rehab residential housing stock and strengthen communities.

    Rebuild 2.0 leverages various tools, including the Department of Housing's forfeiture process, which allows properties with demolition orders to be forfeited to the program instead. This will help aggregate buildings that have been sitting empty for years, often becoming vacant lots waiting for investment that may never come.

    The city has been working towards these goals through previous programs, such as the Chicago Neighborhood Rebuild pilot, which invested $6 million in rehabilitating 50 vacant homes. The new initiative aims to expand this work to other areas of the city, particularly on the South and West sides, where disinvestment is prevalent.

    By building wealth among local developers and maintaining local ownership of homes once finished, Rebuild 2.0 seeks to address the affordable housing crisis in Chicago. Mayor Johnson has stated that the program reflects his commitment to addressing decades of disinvestment by turning vacant properties into opportunities for homeownership and economic empowerment.