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Metropolitan Planning Council
140 S. Dearborn St., Suite 1400, Chicago, Illinois 60603
Contract buying gained prominence on Chicago’s west and south sides in the 1950s during a time when black communities were systematically denied financial resources to purchase homes by the banking and insurance industry, and when local and federal policy conspired to build separate and unequal neighborhoods. Predatory lenders stepped in to fill this void, selling homes to black families on contract—characterized by exploitative terms like high-interest rates, inflated sales prices and a lack of traditional homebuyer protections.
This practice continues in 2017.
Together with the Woods Fund Chicago and Polk Bros. Foundation, MPC will host a half-day forum that will bring together a set of civic, government and community leaders in a series of conversations to discuss contract buying as it exists today. We invite you to join us for this discussion on Friday, September 29 where we will explore the history of contract buying (also known as contracts for deed, or rent-to-own contracts) and its relationship to segregation in Chicago, how it continues to damage present-day communities of color, and solutions to address this resurging housing practice.
The History of Contract Buying
• Alden Loury, Director of Research and Evaluation, Metropolitan Planning Council
• Beryl Satter, author of Family Properties: How the Struggle Over Race and Real Estate Transformed Chicago and Urban America
• Caronina Grimble, Program Officer, Woods Fund Chicago
• Jack MacNamara, Lead Organizer, Contract Buyers League
Solutions/A Call to Action
• Deborah Bennett, Senior Program Officer, Polk Bros. Foundation
• Sharon Legenza, Executive Director, Housing Action Illinois
• Je Yon Jung, Senior Regional Counsel, Consumer Finance Protection Bureau
A full agenda for the forum will be available closer to the event.
The forum is free and open to the public, but advance registration is required. A light breakfast will be served; please indicate any dietary restrictions when you register.