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.
The Tribune's Mary Schmich has a telling piece in the paper today about the haphazard and downright sloppy way in which the Chicago Housing Authority (CHA) has handled its 10-year Plan for Transformation, which called for the demolition and rehabilitation of the city's housing projects. Mixed-income housing was supposed to be built in place of the former high-rise developments and displaced residents were supposed to be placed at the top of the list for the housing if they qualified for Section 8. But construction is running far behind schedule and, as Schmich explains, many residents are hustled out of their homes without any meaningful direction from the CHA on their options.
Considering the agency (theoretically) has ten years of experience in relocating such residents, it's an unacceptable state of affairs.
More than 120 volunteers in Chicago will be heading to homeless shelters to try to collect names of the city's homeless for a name registry. The effort is part of a nationwide campaign to find 100,000 homes for some of the nation's most vulnerable.
It was a busy day for Chicago-based National People's Action, the organizers behind the Showdown in America
campaign. Earlier this afternoon, the group swung by Chicago's
Federal Reserve Bank for a public regulatory hearing about the Community Reinvestment Act, which housing and consumer advocates want to see updated and modernized.
in the day, NPA also paid a visit to the headquarters of Bank of
America. The protesters delivered a letter to Brian Moynihan, the CEO
of the humongous financial institution, requesting the bank divest from
payday lending institutions and invest more capital into foreclosure
prevention programs and small businesses. After all, BoA has its hand in
a plurailty of Chicago's home foreclosures. Watch a clip from the event below: