At the end of 2015, Mercy Portfolio Services wound down its neighborhood stabilization work and discontinued operations.
Thanks to the contributions of hundreds of partners and staff, Mercy Portfolio Services preserved, renovated or facilitated the reoccupation of 2,854 distressed or foreclosed homes over six years.
The community impacts of this work included:
- Acquiring and renovating 879 foreclosures in 24 community areas by implementing Chicago’s Neighborhood Stabilization Program;
- Partnering with the Illinois Housing Development Authority (IHDA), Neighborhood Housing Services of Chicago and others to purchase 442 distressed mortgages to help families who were at risk of foreclosure;
- Partnering with community organizations to help facilitate the reoccupation of 1,469 vacant homes through Chicago’s Micro Market Recovery Program;
- Creating or sustaining 3,471 jobs; and
- Enabling over 7,000 people to benefit from affordably priced homes.
This work ultimately helped stabilize and revitalize neighborhoods impacted by the foreclosure crisis.
Reginald Hughes, a long-term Pullman resident, expressed his gratitude.
According to Reginald, the neighborhood has seen tough times. “It was wild, gang infested, crime and infested,” he said.
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 and 2013, Reginald watched as Mercy Portfolio Services worked with Chicago Neighborhood Initiatives to renovate 13 historic townhomes on Champlain Avenue, the street where he has lived for over forty years.
This work helped rejuvenate the community. According to Reginald, “my property value is rising. I think when they get finished with this project a lot of folks are going to move in here.”
He believes that the Neighborhood Stabilization Program will create a good environment where people can raise their children. While most of his family have moved away, he hopes they come back. “One of my sons has bought a home and another is looking,” he said. “I hope my whole family returns to live here.”
Ultimately, Mercy Portfolio Services helped stabilize and revitalize communities throughout Chicago to help people like Reginald.
Reginald is grateful. “Well, for me personally, thank you for coming into this community because we really needed it,” he said.