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.
In the news—CAR 2015 Good Neighbor Awards for Groundbreaking Redevelopment
Congratulations to Developer Karry Young for awards for NSP buildings at 1337 S Central Park in N. Lawndale and 6447 S Yale in… Continue
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
Take a virtual tour of an beautifully rehabbed Auburn Gresham home currently for sale
Check out this video of 7618 S May, beautifully rehabbed by KMW Communities ...http://tours53.vht.com/C21SGR/T433207099
CAR Good Neighbor NSP Winners
Congratulations to Developer Karry Young for 2015 redevelopment awards for NSP buildings at 1337 S Central Park in N. Lawndale and 6447 S Yale in Englewood. Past awards went to Theodore Mazola and Prairie Park, LLC for buildings at 5520-30 S Prairie in Washington Park and to Christopher Woods and Three Corners for 5521 W Gladys in Austin.