Fighting Foreclosures: NHS of Chicago
Expands Preservation Partnerships
Article by Rochelle Nawrocki Gorey and Benjamin Metcalf Excerpted
from Summer 2003 NeighborWorks Bright Ideas
On February 4, 2003, more than 60 financial institutions gathered
at the Federal Reserve Bank of Chicago to learn about the alarming
number of foreclosures in the city’s low- and moderate-income
neighborhoods.
Foreclosures in Chicago grew 73 percent between 1993 and 2001,
and Mayor Richard M. Daley has identified this as a top issue
for his administration.
The mayor has worked to forge partnerships to help both the families
and the neighborhoods impacted by foreclosures. The meeting at
the Chicago Fed focused on the Home Ownership Preservation Initiative
(HOPI) of Neighborhood Housing Services of Chicago – a partnership
of lenders, NHS of Chicago and the city to preserve home ownership
and housing stock in these communities.
Launched in 2000, HOPI initially focused attention and resources
on refinancing families out of predatory loans and on avoiding
foreclosure. Two years later, the initiative expanded to address
foreclosed, vacant properties – often the aftermath of improvident
lending – and to work with the lending community to reclaim
these buildings as neighborhood assets.
NHS'Home Ownership Preservation Initiative is committed
over the next three years to assist 1,500 families risk of foreclosure
stay in their homes and to rehab and resell 300 foreclosed, vacant
properties.
View entire article [PDF, 84KB]
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