As the foreclosure crisis enters its seventh year, a growing number of single-family homes in the Chicago metropolitan area – some already foreclosed, some in the process of foreclosure – are being rented. Some are being rented by people who have lost their homes, while others are being rented by lenders or investors who have taken title to foreclosed properties.
The next phase of the foreclosure crisis: experts ask how to make single-family rental work for communities
The foreclosure crisis left many communities with a dilemma: vacant homes are accumulating quickly at the same time as fewer and fewer people can qualify for mortgages to buy those homes. What can be done with the growing inventory of vacant, abandoned homes? One solution gathering attention is renting out single-family homes, but some communities are wary due to a history with irresponsible landlords, while some investors are struggling to find ways to manage properties effectively.
By the Metropolitan Planning Council
It’s readily apparent that the foreclosure crisis and its resulting vacancies and disinvestment are problems that cross municipal borders.
Solutions for Balancing the Region's Housing Stock
Cities and counties across the country and in our region are exploring land banks as a promising strategy for addressing vacant properties. This five-part series on land banking on MPC’s blog, The Connector, is intended to inform policymakers and practitioners in northeastern Illinois and other regions—most notably in Cook County—as they explore options for addressing the vacant and abandoned buildings crisis.
Join the Metropolitan Planning Council for an insightful and provocative dialogue between the mayors of Chicago, Gary and Milwaukee. What are their strategies for addressing the issues — ranging from infrastructure and education, to employment and the environment — facing their own and other cities? What do urban mayors need from the President and other national leaders? What is the potential of our tri-state, mega-region to drive collective economic growth?
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LTA Ideas Exchange: Planning for Livability with the CMAP Local Technical Assistance Program (City of Chicago, Downtown)
By Tim Mack
Tim Mack has been a member of Will County’s Community Development Division since 2007, specializing in grant financial management for CDBG, HOME, and LEAD. He assumed the program management role for the county's Neighborhood Stabilization Program (NSP) with its inception in 2008. He also has 10-plus years of personal experience in real estate investing.
Members of the Regional Home Ownership Preservation Initiative sent a letter urging the Illinois delegation to the U.S. House of Representatives to vote against t H.R. 839, The HAMP Termination Act of 2011, which would cancel funding for the Home Affordable Modification Program (HAMP). In the letter, Housing Action Illinois, Metropolitan Planning Council, Neighborhood Housing Services of Chicago, South Suburban Mayors and Managers Association, and Woodstock Institute told representatives: