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City Outlines $55M to Fight Foreclosures
Produced by Natalie Moore on Friday, January 16, 2009
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Chicago now has millions of new dollars from the federal government to help it deal with housing foreclosures. City officials yesterday talked about how they’ll spend the money.
Map: Areas Targeted to Receive Funds
Twenty-five neighborhoods are targeted for the $55 million that the federal housing department has given the city of Chicago.
Ellen Sahli runs Chicago’s housing department. She says foreclosures have been devastating in many communities that were on the redevelopment upswing.
SAHLI: These communities that we’re highlighting in this effort see the huge impact where you have two, three, four, five on a block. That’s where we have to target our efforts and that’s what this plan allows.
Officials say even $55 million won’t fix all of the vacancy and foreclosure problems. Sahli says just shy of 9,000 foreclosures were filed in the first part of 2008.
Under the city’s plan, the money will be used to help transfer vacant properties owned by banks to redevelopment partners. Some of the targeted neighborhoods are Austin, Fuller Park, North Lawndale and Pullman.
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Patrick McDonough, Andersonville // Friday, January 16, 2009 @ 8:56 AM
Sounds like Daley is redistributing what little wealth in is the poor neighborhoods to the rich with connections. Sad.
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