Mayor announces new efforts to reduce foreclosures

January 6, 2012 2:52:04 PM PST
Mayor Rahm Emanuel announced a new round of efforts to reduce foreclosures.

The West Pullman, Belmont, Cragin and Chatham neighborhoods are now being targeted as part of the Micro-Market Recovery Program, launched last summer.

The mayor says his administration is working with local groups to get vacant buildings into the hands of responsible nonprofit organizations. Those groups will work to develop them into new homes and apartments for residents.

"I see this as a great opportunity to invest in our neighborhoods, invest in people who've lived in a home, like someone we just met, 60 plus years or somebody's that been here six years, because this is their down payment on the American dream," said Emanuel.

The mayor stresses that reducing foreclosures helps stabilize property values in entire neighborhoods.