Journal Article

RHOPI perspectives: the Chicago Community Trust

Abstract: Starting in the second half of 2007,the foreclosure crisis spread quickly across the Chicago area, seriously affecting communities of color and vulnerable populations. Although some public, private, and nonprofit responses to the growing foreclosure crisis in the Chicago area had started to develop in mid-2008, most of these responses seemed to be concentrated in the city of Chicago and a few nearby suburbs.The Chicago Community Trust (Trust), in collaboration with the MacArthur Foundation, commissioned the first region-wide report to catalogue those responses. Unsurprisingly, the study showed that large parts of Cook and other collar counties around Chicago lacked housing counseling and legal aid resources, had little access to sustainable financial products to refinance or modify troubled loans, and did not have strategies to deal with an ever-growing number of foreclosed vacant properties.

Keywords: Home ownership; Foreclosure;

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Profitwise

Publication Date: 2009

Issue: Dec

Pages: 4-7