Friday, July 29, 2011

Banks Now More Accountable for Vacant Properties

If you follow the Alderman's office on Twitter (@6thwardchicago) at all, there was mention of a housing ordinance that was being considered at yesterday's session of the Chicago City Council. This story from Ward Room blog:
Banks and other financial institutions now have more responsibility as it pertains to foreclosed homes on their books under legislation passed Thursday by Chicago's City Council.
The measure passed unanimously. Not surprisingly, it was opposed by many financial institutions.

Last year alone, vacant properties cost the city $15 million. Upkeep on almost 2,000 vacant properties and demolishing 345 vacant garages cost the city $1.8 million.

The banks will now be called upon to step up to the plate and take responsibility for the maintenance of foreclosed properties.
In the past week there was an article from the Tribune that showed the effects of foreclosures in Englewood. It would help underscore why such a measure is necessary.

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