August 26, 2009 --
There is a new loan pool that will make affordable financing available to Chicago residents who want to purchase a house, make home improvements or help those who face losing their home. Nineteen lending institutions contributed to the $110 million dollar loan pool. It will be administered by Neighborhood Housing Services of Chicago. The MacArthur Foundation will also make a $9 million dollar investment. The city will contribute $5 million.
The loan pool is expected to help up to 1400 potential or existing Chicago homeowners who cannot access the credit they need or are at risk of foreclosure and need to refinance to a more affordable loan.
Loans are now available. Anyone interested should call 311 for more information.