Gov. Quinn Announces $40 Million Initiative to Help Chicago Heights Fight Foreclosures
Cook County will pony up an additional $10 for the initiative.
The State will spend $40 million to help Chicago Heights identify and purchase foreclosed properties, according to Gov. Pat Quinn.
Last Friday, Quinn announced the creation of a state funded initiative called "The Illinois Building Blocks Pilot Program," designed to help Chicago Heights and five other suburban communities to do deal with foreclosures in their borders.
At a press conference Quinn spoke on the importance of affordable housing and stabilizing communities.
“We believe in housing and being able to be a homeowner, because when you are a homeowner, you have a stake in the neighborhood,” Quinn said.
Cook County Board President Toni Preckwinkle announced Cook County will also contribute an additional $10-million dollars in partnership with the State’s Building Blocks program.
“People deserve to know that their communities are being maintained and that their elected officials are working together to impact positive change at the local level,” Preckwinkle said.
The initiative will help identify foreclosed properties and fund the City’s purchase of those properties from the foreclosing lender, according to Mayor David Gonzalez's office. It will also provide financial assistance for property rehabilitation and down payment assistance to potential buyers at below-market interest rates.
Chicago Heights Mayor Daivd Gonzalez said he shared Preckwinkle's excitement about the initiative, especially with the Heights standing to benefit so much from it.
“We’re excited to partner with Governor Quinn and Cook County President Preckwinkle in attacking the foreclosure problem," Gonzalez said. "Foreclosures affect each and every one of us. They lead to decreased property values and increased criminal activity. Most importantly, foreclosures cause us to question our core belief that home ownership is the basis to success in America.”
Gonzalez referenced the new initiative and one of the City's past programs in discussing the fight against foreclosures.
"This new foreclosure initiative is a perfect follow-up to the City’s successful FIND Chicago Heights Program that assisted 67 families in the purchase of homes in Chicago Heights in 2009 through 2010," Gonzalez said. "We look forward to many more families becoming part of our great community.”
In partnership with existing efforts, such as the federally-funded Neighborhood Stabilization Program, the primary goals are to turn vacant properties into affordable housing and help current homeowners prevent foreclosures, according to the mayor's office.
Frank
6:10 am on Tuesday, February 7, 2012
I hope the money is used wisely. We need to make sure that the assistance given is for qualified homebuyers/owners. I hope the city will put a careful vetting process in place on who can be helped by this program I look forward to seeing the guidelines to the program.
Frank
6:21 am on Tuesday, February 7, 2012
Before a dime of this money is spent I hope the city consults qualified contractors, reputable lenders and ethical realtors. These three professions should be consulted on how to establish the qualifying guidelines to the program. They should all be professionals that have no political ties to this city. If done properly it can be a fantastic way to help the problem in this city.
Tom
6:31 am on Tuesday, February 7, 2012
Our state is so broke that it can't pay the bills that it has right now. I applaud the idea but I really believe Illinois needs to bail itself out of it's own monetary problems before adding more debt that we can't pay. The next big foreclosure on the horizon is the State of Illinois. Where will ALL of us live when that happens? I know!!!!!!! let's print more money, yeah that'll work.
Frank
6:45 am on Tuesday, February 7, 2012
Upon doing more research it appears the qualifications are set by the Illinois Housing Department Authority. I do agree Tom, how does Illinois keep shelling out this assistance when the state is not even paying our public schools.
Tom
6:52 am on Tuesday, February 7, 2012
All we hear about is Illinois shutting down this that and the other for lack of funding. We let them shut down mental health and state and county health facilities i.e. Oak Forest hospital and Tinley Park mental health center, turning a lot of these people out into the street. Look around you at the homeless problems which are growing exponentially right here in the Heights, I would love to hear Governor Quinn try to explain his logic.
Pete Petrouski
7:04 am on Tuesday, February 7, 2012
I believe that the program has merits and is much needed. There is hardly a block in Chicago Heights that does not have at least one boarded up home. This program can have significant positive impact on our city. The FIND program was successful and will provide a good foundation upon which to implement this, much larger program. The devil is always in the details and we cannot let this opportunity be squandered.
Mahdee
7:19 am on Tuesday, February 7, 2012
Are you Kidding us! She is going to come up with 10 million after saying that Cook County is broke. And starting this July she is going to input pay parking at Markham Court house and at all the Court houses. Now I see why my tax bill jump like it did; the County needs the money to help these City buy property, just do home rule and take them..
tramm
10:49 am on Tuesday, February 7, 2012
what about helping the people keep their homes before going into foreclosure? that would be a good thing. giving them a lower intrest rate and modifying their loan.
Tom
10:44 pm on Tuesday, February 7, 2012
Pete, I agree with you totally, except for the simple question of where is the money coming from. Illinois doesn't have the proverbial pot or the window to throw it out of and all of a sudden Quinn can come up with 40 million for this project and Cook County which Toni Preckwinkle tells us is also broke can come up with 10 million. We need to stop putting the cart before the horse and follow tramm's suggestion attack the problem earlier before these houses go into foreclosure.Freddie Mac and Fannie Mae , Acorn and others helped many people get mortgages who they knew were going to default. I've seen far too many homes occupied and vacant over and over again in the south burbs because people who couldn't afford to make the monthly payments were being told they would get help with rates and down payments and then were left swinging in the breeze with payments they couldn't hope to make.This only deepens the hole they are in, it doesn't help them at all. I wonder what the real percentage is of people who got these Gov't backed aid programs and are still in their homes.