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Harold Washington Unity Cooperative

Built on 31 vacant lots in the Humboldt Park neighborhood of Chicago, the Harold Washington Unity Cooperative is structured as a "delayed coop-conversion." The 87 units will be rented for the first 15 years to satisfy the ownership requirements associated with receipt of low-income housing tax credits. After the 15-year period, the 1-, 2-, 3- and 4-bedroom rental units will be converted into limited-equity cooperative units and made available for purchase, with tenants having the right of first refusal. In the meantime the developer, Bickerdike Redevelopment Corporation, offers training workshops to help residents prepare for cooperative ownership. Notably, Bickerdike's mission also includes creating employment opportunities for local residents, who received permits to work on the site during construction.