Photo courtesy of Lisa Thompson at Century 21
This home - 169 East 16th Place, Chicago Heights - is currently available through the Cook County Neighborhood Stabilization Program
Authored with Christina Harris, MPC Research Assistant
As two clusters of neighboring communities in south and west Cook County work to address foreclosures, new and rehabbed homes are coming on the market thanks to several existing and new programs. These new homes not only present opportunities for homebuyers to strengthen local communities and bolster their redevelopment efforts, but also provide local employers with options to stabilize their workforce by offering employer-assisted housing (EAH) benefits that simultaneously support their workers’ homeownership goals.
Through the Cook County Neighborhood Stabilization Program (NSP), 15 houses have been redeveloped in Chicago Heights and Richton Park and are available for purchase immediately. Additional homes will soon be available in Park Forest, Lansing, and Dolton. In the coming months, funding from the Illinois Dept. of Commerce and Economic Opportunity’s (DCEO) Community Stabilization Program (CSP) will be used in the southern and near west suburbs to acquire and rehabilitate vacant or foreclosed homes. With this funding, approximately 25 homes will be redeveloped in Bellwood, Forest Park, and Maywood, while approximately 40 homes in Hazel Crest, Lansing, Park Forest, and South Holland will be rehabbed and sold. NSP and CSP each have assistance available for homebuyers, and both programs are subject to certain eligibility guidelines, including income restrictions.
This home - 193 East 16th Street, Chicago Heights - is currently available through the Cook County Neighborhood Stabilization Program
Photo courtesy of Lisa Thompson at Century 21
In addition, the new Illinois Building Blocks Pilot Program, a partnership between the Illinois Housing Development Authority and Cook County, has committed $55 million to return vacant and foreclosed properties to productive use, provide affordable homeownership opportunities to working families, and help existing homeowners access foreclosure prevention resources. The pilot communities are Berwyn and Maywood in the west suburbs and Chicago Heights, Park Forest, Riverdale, and South Holland in the south suburbs. The homebuyer financing element of the program is designed to offer affordable interest rates and provide down payment or closing cost assistance to homebuyers purchasing vacant homes in the six pilot communities. Vacant homes purchased in these six towns through Building Blocks, NSP and CSP are all eligible for this special financing package.
Through the Illinois Foreclosure Prevention Network, Gov. Pat Quinn is offering a free foreclosure prevention workshop in Berwyn on Saturday, March 31, 2012. The workshop will connect struggling homeowners with resources and tools to prevent foreclosure.
For more information about the Cook County Neighborhood Stabilization Program, please contact Patricia Wilson at patricia.wilson@cookcountyil.gov or 312-603-1068.
For more information about the Illinois Building Blocks Pilot Program, please contact Cami Freeman at cfreeman@ihda.org or 312-836-7411.
For more information about DCEO’s Community Stabilization Program in the southern suburbs, please contact Janice Morrissy at janice.morrissy@ssmma.org or 708-922-4672.
For more information about DCEO’s Community Stabilization Program in the western suburbs, please contact Michelle Hoereth at mhoereth@iff.org or 312-596-5145.
For information about homes available in Chicago Heights, please see the three listings below or contact Lisa Thompson of Century 21 at Lisa@LisaAThompson.com or 312-569-0359.
169 East 16th Place
192 East 16th Street
1541 Wallace Street