Emanuel Hopes $20 Million Loan Program Can Help Hardest-Hit

Mayor Rahm Emanuel unveiled a $20 million loan pool on August 17, 2011, with a goal of bringing new ownership to 2,500 foreclosed homes in "small sub-sections" of nine Chicago neighborhoods. With a 20 percent increase in foreclosures in 2010, the Chicago Sun-Times reported that the $20 million in loans provided by the John T. and Catherine D. MacArthur Foundation is planned to leverage private capital to grow the loan pool to $50 million.

Emanuel told WBEZ that the "Micro-Market Recovery Program" should get about 2,000 homes stabilized within three to five years. "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," the mayor said in a statement.

The Sun-Times reported that about 95 percent of the 10,500 properties are currently vacant and the city plans to enforce a City Council ordinance agreed to last month which would hold banks responsible for maintaining and securing foreclosed properties. Banks would be asked to fund the renovations or relinquish the properties to the city for remodeling.

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