Hot news

Bright Business Solutions & Ideas

Rahm vs. Foreclosures

foreclosure

Last week, Mayor Rahm Emanuel announced the Micro-Market Recovery Program which is focused on foreclosures in an attempt to stabilize hard hit Chicago neighborhoods. “Through close collaboration with Chicago’s non-profit and community organizations the Micro-Market Recovery Program will stabilize and sustain local property values on a community level,” said Mayor Emanuel. “This program will move Chicago from a house-by-house approach to a community-focused strategy, which will do a better job of protecting residents from the devastating impact of foreclosures, and will have a positive impact on our neighborhoods.”

The program will start in Humboldt Park, Chatham, Chicago Lawn, West Woodlawn, Auburn Gresham, West Pullman, Belmont Cragin, Englewood, and Grand Boulevard. These neighborhoods are highlighted because of the significant number of foreclosures and vacancies,

In 2010, more than 10,500 foreclosures were completed in Chicago, up from 20 percent the year before. An estimated 95 percent of the properties are currently vacant.

The press release noted that the John T. and Catherine D. MacArthur Foundation will provide between $15 and $20 million through loan programs that should leverage additional private capital for a total of up to $50 million.  The MacArthur Foundation will work with the Chicago Department of Housing and Economic Development (HED) to design loan products that specifically address the need to stabilize the targeted communities.  Other not-for-profit financial institutions involved with the micro market Recovery program are Neighborhood Housing Services, LISC, Community Investment Corporation, and the Preservation Compact. Discussions with community organizations are ongoing; strategic plans will be released in mid-September. The first interventions in the communities will take place in October.

Michael Hobbs August 22, 2011

 

E-mail Print PDF
You are here: Blog Rahm vs. Foreclosures