Mayor Emanuel Unveils Foreclosure Recovery Program
Mayor Rahm Emanuel recently unveiled a $20 million program that will battle foreclosures in nine Chicago neighborhoods through non-for-profit and private sources, according to a press release.
The plan of the “Micro-Market Recovery Program” is to marry new homeowners to 2,500 foreclosed residences over the next few years, using up to $20 million in loans from the John T. and Catherine D. MacArthur Foundation. That money, according to the city, is projected to pull in additional private capital totaling up to $50 million, which will help stabilize the following areas: Humboldt Park, Chatham, Chicago Lawn, West Woodland, Auburn Gresham, West Pullman, Belmont Cragin, Englewood and Grand Boulevard.
“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,” Emanuel said in the release.
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This article originally published at http://chicago.urbanturf.com/articles/article/mayor_emanuel_unveils_20_million_foreclosure_recovery_program/4006
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