by Maria Fereira
Published: September 6, 2012
On Sunday, July 29, 2012, TRP and US Bank partnered to host a free trolley tour in the Back of the Yards neighborhood to give local residents a look at TRP’s stock of quality affordable homes now available. The trolley tour was generously underwritten by US Bank. The trolleys stopped by various houses, where community members were then given a tour and a presentation by a TRP financial counselor.
TRP recently used $13.5 million in Neighborhood Stabilization Program 2 (NSP2) funds to acquire 81 units in Back of the Yards. TRP is now renovating these into affordable housing. Some will become rental units, and others will be sold at below-market values.
The trolley tour was designed to show these properties to community members and potential homeowners.
“The trolleys drove past our rentals that are going to be renovated soon so people can see what they look like before we fix them up,” said Denise Reyes, a financial counselor for TRP. “We then took them to see what the finished product looks like. We did a house on Loomis and a house on Damen, and they got a chance to actually walk into these houses.”
The tour illustrated the work TRP has put into many of these houses and the value they have for interested homebuyers.
“We buy these properties when they’re in foreclosure,” explained Reyes. “We use government funds and put almost $300,000 into some of these houses. We’re selling them at about $120,000, and they’re completely finished, renovated, and we put a one-year warranty on the work after closing.”
The trolley tour also included an introduction to several other educational and counseling programs available through TRP’s Financial Services department.
“A lot of people don’t know the process of purchasing a home,” Reyes explained. “They have an idea of what it is, and what they need to do to prepare for it, but they don’t know the specifics. So we’re here to walk them through the whole thing. If they’re not ready now, we will get them ready. It may take a couple weeks, a few months, and maybe a few years, but we will get them ready.”
By including counseling and other forms of financial education, TRP wants to ensure that the buyer can not only purchase a home, but keep it as well. This strategy is integral to preventing foreclosures and keeping mortgages affordable.
More than 200 people took the trolley to see these new homes. The success of this first tour makes Reyes believe more tours will come.
“Now that we know that this is a success,” she explained, “we’ll definitely be doing it again. When you see people who genuinely are interested and you know that you can help them, it’s a very rewarding experience.”
To learn more about TRP’s available homes for sale, visit our Homes for Sale page.