Chicago foreclosed homes for sale are now the focus of aldermen in the city as several of them complained that the neighborhoods they represent are not receiving any help from the Neighborhood Stabilization Program funds received by the city.
A total of $153 million in funding has been provided to the city, much more than total funds allocated to cities also battered by foreclosures. From the second round NSP funding, Chicago received $98 million, more than 61 percent of the total money received by the state of Illinois.
Of the many cities of Illinois, only Chicago and Evanston, which got $18.15 million, were given NSP money during the second round. The other three Illinois recipients were nonprofits.
Despite the higher level of NSP funding received by Chicago, several neighborhoods in the city are still complaining that they were not getting any allocation from the NSP money. Aldermen Freddrenna Lyle, Ed Smith and Valerie Leonard are among those who raised their concerns at a meeting conducted by the community development deputy commissioner of the city recently.
Leonard said that there are more than 1,000 foreclosures in her area, but only two were purchased with NSP money.
To respond to the complaints, the deputy commissioner called for patience and explained that ultimately, a total of 2,500 Chicago foreclosed homes for sale will be acquired and fixed under NSP.
Another deputy commissioner, Ellen Sahli of the Chicago Community Development, said that program officers looked first for vacant boarded buildings that could be rehabilitated and occupied by families to make immediate impact on neighborhoods.
The commissioners also explained that the money should be spent only for foreclosure homes to comply with NSP rules, so vacant buildings or single-family homes which are not foreclosure properties are not eligible for the NSP scheme.
They also advised residents who are concerned about abandoned properties in their neighborhoods to call 3-1-1 so that the commissioners can research the properties for possible rehabilitation.
In another report, officials representing Chicago are attending the Neighborhood Stabilization Boot Camp at Harvard University to learn about stabilization strategies in other cities. The boot camp is sponsored by the Housing and Urban Development, Living Cities and the Ash Center for Democratic Governance and Innovation at the Harvard University John F. Kennedy School.
Residents interested in buying Chicago foreclosed homes for sale or looking for work are advised to visit chicagonsp.org for further information.
Author Resource:-> Original Post: Chicago Foreclosed Homes for Sale Get Attention of Aldermen on Foreclosure-Support.com.
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