Federal Funds for Chicago Foreclosure Prevention and Mitigation
January 28, 2010 | From the field | Community & Economic Development

The City of Chicago received $98 million from the U.S. Department of Housing and Urban Development to expand a MacArthur-supported initiative launched last year to prevent and reduce foreclosures. The funds came from a $1.9 billion expansion of the Neighborhood Stabilization Program. The City's major partners in this effort include MacArthur grantees Mercy Portfolio Services, LISC-Chicago, Chicago Community Loan Fund, Community Investment Corporation, Neighborhood Housing Services of Chicago, Center for Community Self-Help, and the National Community Stabilization Trust. Last fall, Chicago received $55 million through the first round of NSP funding. Over the life of the program, the City expects to redevelop at least 3,000 homes as part of its broader effort to stem neighborhood blight and speed the recovery of local housing markets.

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