The Federal Housing Administration (FHA) announced December 4th, that the Mortgage Resolution Fund (MRF) won an auction of 324 non-performing loans, paving the way for MRF to help the families save their homes from foreclosure. The Chicago area was one of four metropolitan areas chosen by FHA for this loan sale. FHA chose the Chicago … Continue reading »
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Developer Central assists developers in rebuilding communities
Community Matters Newsletter – Fall 2012 In 2012, Mercy Portfolio Services debuted Developer Central, their latest tool to assist community developers in their efforts to rebuild neighborhoods across the country. Developer Central, a streamlined version of Community Central, is a robust information and process management software solution tailored to developers who acquire, rehabilitate and sell … Continue reading »
Mercy Portfolio Services Helps Revitalize Pullman
Reginald Hughes has called the Pullman neighborhood home since 1970. Over the decades, he has witnessed the once thriving community fall into a steady decline. Yet, recently his hope has been restored. Throughout the course of 2012 Reginald has watched as Mercy Portfolio Services worked with Chicago Neighborhood Initiatives and Safeway Construction Company to transform … Continue reading »
Building opportunities in Chicago
In 2002 Melvin Bailey started the Community Male Empowerment Project (CMEP) as a way to put ex-offenders and at-risk youth to work. “I pull up on the corner and talk to anybody,” said Bailey. Recently he has been rehabbing houses as part of Chicago’s Neighborhood Stabilization Program and recruiting local residents to do the work. … Continue reading »
Foreclosures increasingly becoming rentals
Source: Chicago Sun-Times With more than one in 10 houses in Chicago vacant, and experts expecting the foreclosure crisis to continue to grow, nonprofits and the city are renting out more of those properties and offering incentives for those willing to buy. Neighborhood Housing Services, a 35-year-old Chicago non-profit, this year will lend $18 million … Continue reading »
Federal foreclosure funds trickling into neighborhoods
Source: Chicago Tribune Torrey Warship had never owned a home — until the mortgage foreclosure crisis. Through a federal program to renovate foreclosed homes, the 34-year-old public works laborer bought his first house in Waukegan for $138,000. He moved his family out of an apartment and into a two-story, two-bedroom, 2 1/2-bath home in a … Continue reading »
Lesson from Ten Years of Lease to Purchase
By Bill Goldsmith & Cindy Holler A recent news article delineated the factors causing the housing markets in cities like Chicago to continue their decline including the flood of foreclosures, lack of end-financing loans and the rise of unemployment, all of which is leading to supply of single-family housing in excess of homebuyer demand. Several … Continue reading »
