Molly Sullivan 312.744.2976
The Department of Community Development (DCD) today released its third quarter results, which ended September 30, 2010, reporting that it is making good progress on its five year affordable housing plan and that it has met its goal of obligating all of its round one Neighborhood Stabilization Program (NSP) funds ahead of schedule.
Consistent with the goals of the plan designed to create and preserve healthy communities, DCD met several of its critical targets despite a tough economic climate.
“As we continue to make progress in reaching our goals, the results of our performance are a clear illustration of an effective partnership between the public and private sectors,” DCD First Deputy Commissioner Ellen Sahli said. “While working together in this uncertain economic climate, we have helped Chicago families with modest incomes obtain quality housing and pursue economic opportunities.”
Through the third quarter of 2010, the Department committed over $276 million in resources to support over 5,000 units of affordable rental housing and $26 million to help 519 households achieve or sustain homeownership. To help residents repair, modify or improve their homes, the City committed $12 million to support 1,400 units.
The results through the third quarter, which represent the City’s progress on the Five-Year Affordable Housing Plan 2009-2013, show the Department committed over $315 million in funds to support over 7,000 units, which represents 76 percent of the 2010 unit goal and 77 percent of the 2010 resource allocation goal.
By year’s end, DCD projects to commit over $407 million in resources to support 9,523 units of housing.
In the third quarter of 2010, the City Council approved financing for four multifamily developments, provided over 750 homeowners the tools they need to protect their homes from foreclosure by hosting two Fix Your Mortgage and one Borrower Outreach event, and hosted the 7th Annual Chicago Rents Right Expo bringing information on rental housing resources to the attention of 150 tenants and landlords.
Third quarter 2010 highlights include:
As of the third quarter, 343 units have been acquired and construction has started on 84 of those units. Also, the first home to be rehabbed with NSP funds was sold to a qualified homebuyer. Homebuyers interested in purchasing a Chicago NSP home can visit www. chicagonsp.org for information.
DCD continued to get the word out about foreclosure prevention services that are provided free of charge from trusted non-profit organizations working in partnership with the City of Chicago.
Information on these and other Department of Community Development programs is available by calling 311 or visiting www.cityofchicago.org/dcd.