Gov. Quinn Announces $40 Million Initiative to Help Chicago Heights Fight Foreclosures

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.