The City of Chicago has launched a new initiative to prevent foreclosures and stabilize property values in certain neighborhoods that have a significant number of foreclosures and vacancies, reliable property ownership records, previous investments by program partners, and continued market interest by potential homeowners and residential developers. The Micro-Market Recovery Program will begin in sub-sections of Humboldt Park, Chatham, Chicago Lawn, West Woodlawn, Auburn Gresham, West Pullman, Belmont Cragin, Englewood, and Grand Boulevard. The work is supported by $15 to $20 million in loan funds, which will help leverage a total of $50 million in investments from private sources. MacArthur's contribution is primarily through loan funds created as part of the Foundation's Foreclosure Prevention and Mitigation Project. The announcement was covered by The Chicago Tribune, Chicago Sun-Times, WBEZ, and other local outlets.
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