Skip to comments.Emanuel announces $20 million loan pool to target foreclosures (no end to Chicago Way)
Posted on 08/17/2011 5:30:40 PM PDT by STARWISE
Nine Chicago neighborhoods riddled with foreclosures will get a blitzkrieg of cash and attention to turn those properties around, thanks to a $20 million loan pool unveiled Wednesday.
With foreclosures rising by 20 percent in 2010, and resources steadily declining, Mayor Rahm Emanuel is trying a new approach to combat the epidemic that threatens to tear down entire inner-city neighborhoods.
Instead of approaching the problem on a house-by-house basis, the mayor is targeting small sub-sections of nine neighborhoods hardest-hit by the foreclosure epidemic: Humboldt Park; Chatham; Chicago Lawn; West Woodlawn; Auburn-Gresham; West Pullman; Belmont-Cragin, Englewood and Grand Boulevard.
All nine have a concentrated number of foreclosures, continued market interest by potential homeowners and residential developers and a history of prior investments by neighborhood development corporations.
The goal of the so-called Micro-Market Recovery Program is to bring new ownership to 2,500 foreclosed homes over the next few years using up to $20 million in loans provided by the John T. and Catherine D. MacArthur Foundation.
That seed money is expected to leverage private capital primarily from area banks holding foreclosed properties to grow the loan pool to $50 million.
The city hopes to use the money to foster the reoccupation either by assisting homeowners under water, rehabilitating foreclosed homes and providing multiple incentive programs to potential buyers or by providing financing to approved developers who will market the units themselves.
Banks will be asked to either bankroll the renovations or turn the properties over to the city for remodeling. They will also be asked to contribute to the pool of loans.
Last month, the City Council agreed to hold banks responsible for maintaining and securing foreclosed properties to rid Chicago taxpayers of the $15 million-a-year burden.
Rest @ link
The MacArthur Foundation is one of the ten largest private philanthropic foundations in the United States and supports hundreds of leftist organizations, particularly environmentalist groups, although John D. MacArthur himself characterized the types of radical environmentalists that now benefit greatly from his Foundation's philanthropy as "bearded jerks" and "obstructionists."
Most of the MacArthur Foundation's Board members have ties to leftist foundations or organizations. Its current President, Jonathan Fanton, is the Chairman of Human Rights Watch.
In addition to its support of radical environmentalism, the MacArthur Foundation funds groups that advocate gun control, juvenile justice reform, alternatives to incarceration for criminals, low-rent housing for the poor, radical feminist causes, gay rights, and community change initiatives to counter America's allegedly rampant racism, sexism, classism, and homophobia.
Further, it supports organizations that oppose Social Security privatization, school choice, and the U.S. militarys development of an anti-missile defense system.
No one can ever say Rahm-bo isn't a wheeler-dealer par excellence. Watch, as those bank fees and surcharges magically escalate, and the city's union comrades coincidentally get new contracts and jobs.
It’s a good thing that so many politicians support their various leagues of municipalities. City politicians and employees can always use more power. [Little irony and sarcasm there.]
This part at least makes perfect sense.
Anybody else that owns property is required to maintain it to certain standards.
There is no reason a bank should be excused.
WHO gave this idiot that money?...
The entire problem with our country has everything to do with politicians entire focus on “minority” issues....
Interesting conjecture.. its all about minority this or that..
Majority or Minority issues are important but not that important, I believe..
Also race is not that important either.. there is only one race.. we are all colored..
Its all about culture.. rather than race..
Race is a cultural thing anyway...
America black is different than say African black.. or Caribbean black.. or even Mulatto issues..
Cultural PimPs are hidden but very present...