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Neighborhood housing dervices of Chicago and the home ownership preservation Initiative – a successful partnership looks to expand its scope and impact
The Federal Reserve Bank of Chicago?s Consumer and Community Affairs department has, since the mid- 1990s, worked with various Seventh District organizations and agencies to address foreclosures and their harmful impact in communities. Most notably, the Reserve Bank has supported and partnered with Neighborhood Housing Services (NHS) of Chicago to mitigate the destabilizing effect that foreclosures have on vulnerable communities ? those with older housing stock, lower income, largely minority (and/or recent immigrant) populations, and little commercial or retail investment. The Homeownership Preservation Initiative (HOPI) was conceived and established by NHS, and is the organization?s principal vehicle to address foreclosures in vulnerable Chicago communities. The partnership?s results have generated national attention, and strong interest in adapting its methods to other parts of the country, which is ongoing. HOPI?s success is due in large part to committed partners that include the City of Chicago, which has made critical investments in call centers for homeowners, among other steps, and financial institutions such as JP Morgan Chase, Citigroup, HSBC, and GMAC/RESCAP, which have committed staff and resources, and worked with NHS creatively to open lines of communication and assistance between investors and servicers on one side, and counselors and homeowners in default on the other.
AUTHORS: Michael van Zalingen; Hemani, Nosheen; Berry, Michael