Failing to attract buyers even with deep discounts, developers are starting to bail out on Plan for Transformation, an ambitious program that seeks to replace moribund public housing projects with mixed-income housing.
Since the significant attrition in home values started in late 2007, Chicago remains one of the hardest-hit cities that are struggling to recuperate.
To the extent that the program is working, Mary Ellen Podmolik of the Chicago Tribune reports that developers now resort to offering $10,000 incentives to help assist potential buyers with expenses.
Podmolik asks: "Is the limited success of the homes a function of the horrible housing market or the mixed-income neighborhood and the potentially safer financial investments elsewhere?".
Plan for Transformation is a brainchild of former Mayor of Chicago Richard Daley.
FULL STORY: Plan for Transformation a tough sell in weak market
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