Housing is the cornerstone of healthy communities. Chicago Metropolitan Agency for Planning's initiatives seek to integrate housing into our long range comprehensive planning processes as well as to be responsive to current housing market conditions. The CMAP Board's Strategic Report on Visioning, Governance, and Funding calls for...
Vacant Properties
Vacant and foreclosed properties exact potentially destabilizing costs on entire neighborhoods and communities by lowering property values, raising crime rates, and straining municipal resources.
High concentrations of vacant and foreclosed properties are clearly a problem in the Chicago region. Completed foreclosure auctions, which result in the lender gaining ownership of a property, increased in the region by 227 percent between 2006 and 2009. Demand for these homes, despite state and federal interventions designed to encourage home purchases, remains low.
New models must be developed to allow families to stay in their homes, perhaps as renters, so that communities remain stable, valuable housing stock is preserved, and municipalities and servicers do not have the added liability of maintaining and securing vacant property. Municipalities need more tools for purchasing, maintaining, and returning the recent influx of vacant and foreclosed properties to productive use.
This page details the efforts of the Regional Home Ownership Preservation Initiative (RHOPI) vacant and foreclosed properties task force to lead municipalities on maximizing the impact of limited vacant property resources; promote cross-jurisdictional collaboration, land banking, and regional strategy; and position the region for success in obtaining federal, state, and local resources to stabilize neighborhoods and mitigate the effects of vacant properties on communities.
.png)
Vacant, lender-owned properties are concentrated in African American communities, go unsold longer, and incur greater losses to the lender, says a new report from Woodstock Institute entitled...
The Federal Reserve has launched a weekly podcast on the foreclosure crisis. Through interviews with experts on various facets of foreclosure—from neighborhood impacts, to loan modifications, to new strategies—listeners will be engaged in understanding the problems and advancing solutions. Each week, beginning September 24, 2009 and continuing for 10 weeks, a new interview will be...
The Cook County Board of Commissioners on Wednesday awarded a total of $12,068,039 in foreclosure recovery funding to two groups of communities in south and west Cook County, recognizing that these municipalities will make the most of these investments as a result of their trailblazing efforts to work across municipal borders on comprehensive, sustainable redevelopment plans.
...
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...
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...
.jpg)
The Shular family finds a home in the first completed NSP residence in DuPage County (Courtesy DuPage Habitat for Humanity)
DuPage County and its private and non-profit partners are well on their way to obligating their $5.2 million in...
.png)
New foreclosure filings in the Chicago six county region rose 21 percent from 2008 to 2009 despite federal, state, and local programs designed to curb the foreclosure crisis, says a ...
An in-depth look at the innovative regional planning and cooperation going on to revitalize neighborhoods hard hit by foreclosure in South and West Cook County can be found in the Fall/Winter edition of Shelterforce, the National Housing Institute’s journal of affordable housing and community...
.png)
The Institute for Housing Studies at DePaul University has released a working paper, The Multifamily Housing Market and Value-at-Risk Implications for Multifamily Lending. This new research reveals significant price...