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Chicago Mon Jan 18 2010
An ad hoc group of community activists and community groups have come together to ask the city to hold a public hearing on the use and disbursement of federal Neighborhood Stabilization funds:
About a year ago, the City of Chicago received $55 million in HUD Neighborhood Stabilization funds with the expectation of leveraging an additional $58 million in private financing. The proceeds were to be used to purchase 425 abandoned foreclosed properties for rental and for sale housing in 25 neighborhoods most heavily impacted by the mortgage foreclosure crisis. An additional 100 dilapidated properties were to be purchased for demolition with the resulting vacant lots to be land banked and sold to developers and not for profit developers to build new homes. While HUD guidelines provide that essentially all NSP funds be committed within 18 months, public records indicate that 12 properties have been acquired to date. HUD announced on January 14, 2010 that Chicago will get an additional $98 million in Recovery funding to continue the program in the upcoming year.
The group, Chicago Citizens for Neighborhood Stabilization, has penned a letter to City Council Committee on Housing and Real Estate chairman Alderman Ray Suarez (31st) asking him to help initiate a public hearing on the NSP funds: