The two units will be assembled into a three-bedroom, two-bathroom home designed to keep energy consumption low. The house has hookups for future solar panels and includes an alarm system and app to monitor energy and water usage.
Homes are priced at $ 350,000, and Swanson said eligible middle-income buyers could combine micromarket recovery funds with funding from the city and Inherent’s lending partners to subsidize up to $ 81,000. Are eligible to receive. He says the grant is the median income of the region that “makes it affordable at 120%.” A household with an income of $ 87,600 alone and $ 125,400 for a family of four.
Over the past two years, 33 homes have sold an average of $ 165,000 in Inherent’s target area, according to Crain’s research on the online real estate market Redfin. Three new homes sold for over $ 370,000.
This house has some unusual facilities. Life insurance for the major household earners and a warranty that includes 5 years of protection against the cold, filter replacement and other maintenance. These are the components of what Swanson calls “building homeowners as well as homes.” Loss of income often leads to foreclosures, “and we want to prevent it,” he said.
Inherent has a total of 24 plots in a 20-block area around Lauraward STEM School, CPS Elementary School on Lonedale Avenue, directly opposite the grounds of the first home. “The idea is to take the property of the community and surround it with housing,” Swanson said.
Inherent’s main investor is Harry Huzenis, who founded James Sotheby’s International Realty (now James Sotheby’s International Realty), a Chicago home broker, with his brother Charlie 40 years ago.
Jameson has previously been involved in the development of homes, but they were primarily luxury homes built in traditional ways. Huzenis said the use of modular homes “involved Inherent because it helped solve the problem of building affordable homes.” It is used nationwide. He is not inventing a new rocket ship. “
Inherent uses a modular structure to join several other developers and reduce costs.Efforts of other developers are underway at East Garfield Park And South shoreEven as Other sites on the south and southwest sides.
Prior to launching Inherent, Swanson was the chief designer of Skender Construction and sought to enter a modular or factory-built apartment. It collapsed in 2020. Prior to that, he was a practice leader in Chicago at Canon, an architectural firm.
Inherent employs 14 people at its factory in the K-Town section of North Lawndale. According to Swanson, if the company is fully operational, it will be able to build 100 homes a year. He hopes to complete a dozen this year and 40 to 50 next year. He said he would like to build a cluster of modular homes in East Garfield Park, North Lawndale, West Pullman and Washington Heights, in addition to the 24 units planned for West Humboldt Park.