That is the number of rental units in foreclosed properties in Chicago.
In a report (PDF) issued Thursday by the Lawyers’ Committee for Better Housing, the 17,467 rental
units came from 5,904 apartment buildings within Chicago -- which amounts
to tens of thousands of Chicagoans who were left homeless in
2010.
The banks involved in the majority of the foreclosure filings are
Bank of America, Wells Fargo, Chase, Deutsche Bank, US Bank, and
CitiMortgage.
The Albany Park Neighborhood Council (APNC) called
on those big banks to “do the right thing” and not immediately evict the
innocent tenants in foreclosed properties. Typically, banks try to
vacate the buildings as soon as possible, contending that they do not wish to
be landlords or manage a rental complex. But displacing families
blights entire communities and vacant buildings often become a safety
issue, APNC’s Diane Limas said.
Ald. Richard Mell (33rd Ward) is now taking on the issue, pledging to intervene on multi-unit building
foreclosures to negotiate tenant protections. Mell said he will push to
help new purchasers with appropriate tax increment financing (TIF) funds
to off-set the purchaser’s cost, if they agree to maintain
the property as affordable rentals. Just last month, City Council passed
a related policy measure, the Vacant Building TIF Purchase and
Rehabilitation Ordinance. The ordinance allows residents with a
household income no greater than 100 percent of the regional median
income to apply for a TIF grant that would pay for up to 25 percent of
the cost of purchasing and rehabilitating an empty residential property.
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