Setting the Stage for Neighborhood Redevelopment
The federally-funded Neighborhood Stabilization Program has been combating a challenging housing market that affects neighborhoods across large sections of Chicago. Its primary focus is on areas of the South, West and North sides that are serving as catalysts for revitalization of areas around them. The program has helped neighborhoods minimize the damage and initiated recovery.
By creating high-quality, energy efficient housing and arranging for tiered subsidies based on income levels and neighborhoods, the program has re-ignited local markets, locked in affordability for buyers and renters, and supported local economic development and job growth. It has helped launch increased local confidence, protect recent and planned investments and set the stage for a turn around in local markets and an upsurge in private redevelopment. The City of Chicago's Micro Market Recovery Program and community partners are now building upon these successes.
This video shows shows how the NSP Chicago program has helped to change lives, restore hope, and rebuild communities.
News—On October 26, Mercy Portfolio Services hosted a tour of rehabbed houses in Pullman and West Pullman, all available to qualified buyers through the Neighborhood Stabilization Program.
News—Mercy Portfolio Service's Homebuyer Fair at the Kroc Community Center drew prospective buyers from throughout the Chicago area to learn about the Neighborhood Stabilization Program and the… Continue
News—Prospective home buyers - lots of them - recently toured formerly vacant, foreclosed houses in Logan Square and Hermosa that have been renovated through the Neighborhood Stabilization Program and are… Continue
News—Katie Ludwig, an assistant commissioner dealing with foreclosure mitigation in the Chicago’s Department of Housing and Economic Development, discusses the impact of the Neighborhood… Continue
News—Rahm Emanuel tours West Humboldt rehab and explains the city’s Micro-Market approach.
News—Apartment buildings that have been acquired and renovated through the Neighborhood Stabilization Program are now accepting applications from tenants.
News—The one-two punch of the foreclosure epidemic and Great Recession is teaching community development practitioners to build more effective partnerships, get closer to local conditions … and… Continue
News—Pilot program due this fall aims to buy and renegotiate mortgages so working families are not foreclosed
The City of Chicago is amending its NSP 2 Substantial Amendment allocation priorities. This amendment will be posted for a 10 day public comment period. Please note that comments will be collected through March 14, 2015. A summary of comments will be forwarded to the Department of Housing and Urban Development for review. The amendment can be accessed by downloading the document here.
Properties and their development status as of 1/1/2015
NSP buildings among CAR Good Neighbor winners
NSP buildings at 5520-30 S. Prairie Ave., developed by Theodore Mazola and Prairie Park, LLC, and 5521 W. Gladys Ave., developed by Christopher Woods and Three Corners, LLC, were among 58 winners of the Chicago Association of Realtors 2012 Good Neighbor Awards. Winners are determined based on their quality construction, service to a special population, green benefits, market value and architectural significance.
Homebuyer Fair 2013
October 26 Trolley Tour Photos