The foreclosure crisis impacted the Chicago suburbs as well as the city center, but many municipalities lacked the resources and infrastructure to respond effectively to the crisis. While many funding opportunities arose to address the negative effects of foreclosures, smaller municipalities historically had trouble accessing federal funds in the face of competition from major cities that had the resources to find and apply for grants and comply with their requirements.
With more than 360,000 foreclosures filed in the Chicago region in the past five years, it is clear that the scale of the problem is too large for any one entity to solve on its own. Leaders from across the region came together at a conference hosted by the Regional Housing Partnership (formerly known as the Regional Home Ownership Preservation Initiative) to discuss how they have been working with new and old partners to ensure that communities thrive in the wake of the foreclosure crisis.
Municipalities and counties can apply for up to $75,000 from the Abandoned Property Program to secure, maintain, demolish, or rehabilitate vacant homes. Applications are due by 3pm CST on December 6, 2013 and will be disbursed in annual funding cycles going forward.