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.

Community & Economic Development, Housing, Program-Related Investments, Chicago, Community Development, Housing, United States

Remarks by MacArthur President Jonathan Fanton at the City of Chicago’s Foreclosure Press Conference

MacArthur President Jonathan Fanton describes new Foundation initiatives intended to help stabilize Chicago neighborhoods hard hit by vacancy and foreclosure. Read More

MacArthur Commits $68 Million to Foreclosure Prevention and Mitigation in Chicago

To help combat the growing lending crisis and the rise of foreclosures in Chicago, MacArthur is investing $68 million in grants and low-interest loans in foreclosure prevention and mitigation efforts in local neighborhoods. Read More