Mercy Housing has launched a new program, with $100 million in unused Troubled Asset Relief Program money, to slash loan balances to affordable levels on Chicago-area homes that are underwater, or worth less than their debt. The program seeks to buy distressed loans at a discount, alter them, and sell them at a profit to attract investors to the Illinois housing market.
Community & Economic Development
The Foundation supports prevention of youth violence and the use of information technology to enhance governance, the social sector, and quality of life. MacArthur is exploring new ways to understand the challenges faced by cities around the world, and how to plan, manage, and govern to address them.