Thursday, March 11, 2010

Work ongoing to rehab Chicago's foreclosed properties

This WLS-TV story also has a quote from our Alderman:
There is a sign that the foreclosure crisis in the nation is slowing. It comes as Chicago officials work to stabilize neighborhoods that have many foreclosed properties.

A new report shows the number of households facing foreclosure in February grew by 6 percent over a year ago. However, that's the smallest annual increase in four years. In Chicago, federal funding is being used to rehab foreclosed and abandoned properties. But, some are upset, saying that work hasn't reached their neighborhoods.

The federal government has freed up $153 million for Chicago's foreclosed homes. Throughout the city developers are transforming the boarded up eyesores. For some, that transformation can't happen fast enough.
The rehab is funded by the federal Neighborhood Stabilization Program. The city has bought 200 properties so far with the NSP money.

The city's first deputy commissioner of community development updated aldermen and residents at a hearing Thursday at City Hall. Many at the hearing had concerns about the program not doing more in some of the areas hardest hit by foreclosure.

Aldermen had the first chance to voice their opinions.

"I am so angry in polite company I can't tell you how angry I am," said Ald. Freddrenna Lyle, 6th Ward.

"When the money comes in, if we don't get our fair share, it leaves us where we are. So we want our fair share," said Ald. Ed Smith, 28th Ward.

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