JP Morgan Chase and GMAC announced this week they'll halt foreclosures while they review the accuracy of loan documents, but local foreclosure couselors said they couldn't be sure if Chicagoland mortgagees would be helped by the news.
Chicago Mayor Richard Daley is proposing new rules to govern how condo conversions work in the city. But it may be too late to help many displaced during the conversion boom in the middle part of the decade.
City of Chicago subsidies continue flowing to The Woodlawn Organization (TWO), the politically connected non-profit headed by Mayor Daley ally Leon Finney Jr., despite the fact that the city's own lawyers keep hauling the group into housing court for code violations at buildings it manages across the South Side. This startling revelation, uncovered by the Chicago Reporter, is the latest controversy surrounding TWO, which has gained an infamous reputation for leaving its affordable housing units in poor condition.
The piece also points out that the open spigot for TWO cuts against legislation passed by City Council earlier this year that forbids city contracts from going to "building code scofflaws." Since January, when the new rules were approved, TWO received
$1.3 million from the in subsidies from the Daley Administration. "Over that same time period," the Reporter
finds, "the city initiated 15 separate legal cases against the South
Side developer for violations including rat infestations, broken
plumbing, leaking roofs and deteriorating porches." A city spokesman said that officials are still writing enforcement rules for the law.
Those rules can't come too soon. Here's Progress Illinois' video from earlier this year of Latasha Thomas, talking about the conditions she and her family dealt with while living in a TWO building on South Kimbark in Chicago's Woodlawn neighborhood:
When Thomas's story originally broke, Progress Illinois asked why Leon Finney was invited by the mayor to serve on the Chicago Plan Commission, a development advisory body. An updated version of that question might be put thusly, given recent political developments: Will Chicago's next mayor demand accountability from contractors like Finney when she or he takes the reigns of city government next spring?
A new report finds that federal resources to address the home foreclosure crisis aren't commensurate with the need and argues for using Chicago's TIF dollars to convert foreclosed properties into affordable housing.
Chicago Mayor Richard Daley is planning to introduce
a populist ordinance next Wednesday that would protect renters from
developers who convert their apartments into condominiums. The bill
would force landlords to deliver tenants a nine-month warning before any
action is taken, five more months than is currently required. If a
renter relocates because of the conversion, the building owner must pay him or her a
New data compiled
by the Woodstock Institute shows that the number of Chicago-area
households taking part in trial and permanent home mortgage
modifications is now at its lowest regional level since the federal
Home Affordable Modification Program (HAMP) was launched. There were
34,576 active modifications in the Chicago region in July
2010 compared to 36,208 in November 2009, the first month the Treasury
Department released data by metro area.