Successes
Block by block: Community outreach for Cook County’s mediation program can help families save their homes
What we're trying to avoid: an abandoned home encountered by an Interfaith Leadership Project outreach worker
Against Long Odds, An Abandoned House Becomes a Home for Elgin Family
The Flores family in front of their new home in Elgin.
Families enjoy NSP-rehabbed homes in Cicero
The Town of Cicero is working diligently to meet federal deadlines to fully commit $2 million in Neighborhood Stabilization Program (NSP) funds by September 2010. To date, $954,892 dollars have been committed—46% of their NSP allocation. Cicero has focused its efforts on homeownership assistance, residential new construction and residential rehab.
Chicago Wins $98 Million in Second Round of NSP Funding to Acquire Foreclosed Properties
Chicago will receive a $98 million federal grant to recycle foreclosed homes. The amount, second only to Los Angeles among U.S. cities, reflects and validates the efforts the city and its partners have made in addressing the foreclosure crisis.
DuPage County NSP partnership moves swiftly
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The Shular family finds a home in the first completed NSP residence in DuPage County (Courtesy DuPage Habitat for Humanity)
Federal Reserve highlights Regional HOPI efforts
The final 2009 edition of Profitwise News and Views features perspectives on the Regional Home Ownership Preservation Initiative (RHOPI), one of many Chicago Fed programs aimed at addressing and mitigating the foreclosure crisis in the Seventh Federal Reserve District. RHOPI partners include 70 organizations working to stem foreclosures and their impacts in the Chicago Metropolitan Area.
Foreclosure policy conference highlights diverse approaches to crisis
A conference entitled “Mortgage Foreclosure Policy: Past, Present, and Future” brought together leading practitioners and scholars of the foreclosure crisis at the Federal Reserve Bank of Chicago to highlight national and local efforts to combat foreclosures, engage in critical discussion of the causes of and solutions to the crisis, and develop plans to avoid future foreclosure crises.
Cook County Approves $3.5 Million for Foreclosure Mediation
On November 19th, 2009, The Cook County Board passed a $3.5 million budget amendment that funds outreach and a court mediation program for foreclosure victims. The court mediation program is based on a successful Foreclosure Mediation Program in Philadelphia. It is now possible for any defendant or plaintiff in a foreclosure case to request mediation.
