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A brief on emerging affordable rental housing trends in economically stressed Chicago communities
For decades, nonprofit housing and consumer-focused organizations have worked in low- and moderate-income (LMI) areas to address improvident mortgage lending practices that have led to high rates of vacancy and unstable neighborhoods. Questionable lending is not a new problem in LMI areas, in short, but the pace of this lending in LMI areas increased as the last decade?s housing bubble inflated. Many unsound lending practices (including failure to prevent fraudulent use of primary residence mortgages to finance investment property1) spread to mainstream housing markets in the first half of ...
Neighborhood housing services of Chicago
Neighborhood Housing Services of Chicago (NHS) held its Annual Community Banks Meeting on Tuesday, April 17, 2012, at the Federal Reserve Bank of Chicago. The meeting brought together over 50 representatives from the NHS Community Banks Partnership to discuss a timely topic - "The Future of Residential Real Estate."
RHOPI perspectives: neighborhood housing services of Chicago
Over seven years ago, Neighborhood Housing Services of Chicago (NHS) increased substantially its focus on working to help victims of predatory lending avoid foreclosure. Well before the ?foreclosure crisis? was a national phenomenon, home owners, mostly in lower-income communities, were facing foreclosure at an increased rate due to the predatory practices of mortgage brokers peddling subprime loans with high interest rates. NHS identified this issue through its network of neighborhood offices, neighborhood staff, and advisory councils, and initiated the Home Ownership Preservation Initiative ...