Foreclosures Have Devasting Effect On Communities, Says Mayor

The City of Chicago will work with local banks to develop strategies to 'help families avoid losing their homes to foreclosure.'

1 minute read

September 4, 2003, 2:00 PM PDT

By Connie Chung

Mayor Daley of Chicago will announce, The Homeownership Preservation Initiative, which will not only work with 20 local financial institutions to explore ways to avoid foreclosures, but also "reclaim 300 vacant, foreclosed properties, turning them back into viable homes." Lenders have agreed to work with Chicago Neighborhood Housing Services in the effort. "Often, a foreclosed home falls into disrepair, dragging down the value of other neighborhood properties." Mayor Daley emphasized that "'Foreclosures have a devastating effect, not only on the families involved but also on the surrounding communities.'"

Thanks to Connie Chung

FULL STORY: City, banks agree to work on avoiding foreclosures

Wednesday, September 3, 2003 in The Chicago Tribune

Housing Illinois

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