Sep
18

Chicago Using Foreclosures to Strengthen Neighborhoods

September 18, 2010

Chicago has received more money than any other local government to acquire and rehabilitate foreclosed properties and turn them into affordable houses.

Mayor Richard M. Daley said that Chicago has received $168 million, the most in the country, from the federal Neighborhood Stabilization Program (NSP), which provides cities with funding to redevelop vacant properties.

Daley said that the city committed all of the $55 million it received in the first round of funding from the NSP and reached its goal almost a month before the deadline.

So far, Chicago has:

*Acquired 343 units in 85 properties.

*Committed funds to the court-ordered demolition of 72 unsafe buildings.

*Turned over 107 housing units in 27 properties to developers for rehabilitation.

During the next two months, the city is expected to acquire close to 150 more units with the $98 million in funds Chicago received through the second round of NSP.

With the third round of funding, the city will received another $15.9 million in NSP money.

“We all know the impact foreclosures can have on our neighborhoods and we know that if we don’t continue to address this challenge, we face the prospect that entire blocks in many parts of Chicago may be at risk, threatening our City’s economic future,” Daley said in a news conference this week held at 6015 S. Indiana Av., a 46-unit building that is being redeveloped under the program.

“We have an obligation to address the changing needs of our people, and they continue to need a lot of help right now in the face of this epidemic of foreclosures. Through our efficient use of Neighborhood Stabilization funds, we are giving them that help.”

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