Two groups born of Regional HOPI’s collaborative efforts recently took dramatic first steps towards foreclosure recovery in South and West Cook County. Municipalities in South and West Cook County realized it would be more effective to join forces and apply for federal neighborhood stabilization funds in concert, allowing them to find how to best use the money and target funds accordingly. The housing collaboratives were awarded $12 million from Cook County to purchase, rehab, and sell more than 100 vacant and foreclosed properties and demolish blighted properties in order to revitalize neighborhoods and mitigate the problems of increased crime and decreased property values that are associated with concentrations of vacant properties. Coordination of resources to areas of most need across borders on this scale is unprecedented and has been cited as an American Recovery and Reinvestment Act best practice by Brookings Institute. Read more about the South and West Cook housing collaborative.
RegionalHOPI.org comes from the same belief—that coordination and collaboration can lead to more efficient, robust, and impactful responses to problems. The site is a clearinghouse for regional foreclosure prevention resources on financial products, such as loan modifications and refinancing; housing counseling; tenant issues when landlords are facing foreclosure; and acquisition and redevelopment of vacant properties. Please bookmark www.regionalhopi.org today for your Chicago region foreclosure information needs.
Regional HOPI’s lead partners are The Chicago Community Trust, Chicago Metropolis 2020, Chicago Metropolitan Agency for Planning, Federal Reserve Bank of Chicago, Housing Action Illinois, Neighborhood Housing Services of Chicago, Metropolitan Mayors Caucus, Metropolitan Planning Council, and Woodstock Institute.