Mayor Richard M. Daley outlined the city’s plans for using more than $55 million from federal and private sources to revitalize Chicago neighborhoods hardest hit by the national mortgage foreclosure crisis. “The City recognizes the magnitude of this problem and its potential to slow down the progress we have made in neighborhoods all across Chicago,” Daley said in a news conference held at Navy Pier. “If we don’t continue to address this challenge, we run the risk that whole streets in many parts of our city may be at risk, threatening the economic future of these homeowners and the tax base of our city.”
MacArthur is supporting this initiative with a $500,000 grant and a $15 million long-term, low-interest loan.
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