Caseyville homeowners don't like developer's plan

CASEYVILLE, Ill. (KSDK) – Some Metro East residents fear a developer's plan will decrease the value of their homes.

In Bluffview Commons, concern has outpaced concrete plans.

"We're uncertain about what is actually going to happen," John Buckley said.

What Buckley and his neighbors do know is a developer is interested in building homes on these empty lots in their subdivision. Contempri Building Systems in Pickneyville hasn't formally presented its project. But what developer Larry Pericolosi has said is causing concern in this community: lease to own.

Pericolosi says the houses starting at $150,000 would target low-income families who don't qualify to buy a home. Part of the rent would help them build equity and eventually own the house years down the road. It would be funded by the federal government's low-income housing credit.

Studies are inconclusive about the impact rent-to-own homes have on other property values. The developer said he will contact the mayor to present his project and answer NewsChannel 5's questions.

If the neighborhood doesn't want it, he'll walk away.


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