CHICAGO (AP) — Chicago is launching a new program to rehabilitate vacant homes and provide job training in a handful of city neighborhoods.

Mayor Rahm Emanuel announced the $6 million pilot program on Wednesday. He says that over three years, 50 vacant homes will be acquired and rehabbed. About 200 at-risk young people and ex-offenders will get an opportunity to work maintaining the homes until they are sold.

Emanuel says it's a "win-win" that will revitalize communities and provide jobs and training "in areas that need them the most." The program will operate in three police districts.

The city is providing $2 million from unused property tax rebates. The remaining $4 million is being provided by MB Financial, Rush University Medical Center and the Chicago Community Loan Fund.