Harold Washington Unity CooperativeBuilt 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.
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