Mayor Emanuel Launches Comprehensive Program to Combat Foreclosure Crisis in City's Neighborhoods

Mayor Rahm Emanuel announced the Micro-Market Recovery Program, an innovative new program for Chicago that will address foreclosures and stabilize property values in key neighborhoods throughout the city.
 
“Through close collaboration with Chicago’s non-profit and community organizations the Micro-Market Recovery Program will stabilize and sustain local property values on a community level,” said Mayor Emanuel. “This program will move Chicago from a house-by-house approach to a community-focused strategy, which will do a better job of protecting residents from the devastating impact of foreclosures, and will have a positive impact on our neighborhoods.”
 
The program targets small geographic areas that are experiencing higher-than-normal problems with foreclosures. The City will work to foster the reoccupation of the foreclosed or vacant properties by coordinating multiple incentive programs, not-for-profit intermediaries, and for-profit capital sources, and by providing financing to approved developers and end-users.
 
The program will start in small subsections of Humboldt Park, Chatham, Chicago Lawn, West Woodlawn, Auburn Gresham, West Pullman, Belmont Cragin, Englewood, and Grand Boulevard. The areas are characterized by a significant number of foreclosures and vacancies, meaningful geographic boundaries, reliable property ownership records, and previous investments by program partners, among other factors. Each also still possesses market interest by potential homeowners and residential developers, such as Auburn Gresham.
 
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