Micro Market Recovery Program

Due to the severe impact of the national foreclosure crisis, the City of Chicago and its partners are responding with a variety of foreclosure prevention and neighborhood stabilization initiatives. Collaborating with the City of Chicago, Partners In Community Building, Inc. (PICB) was selected to revitalize the target area of Grand Boulevard in attempt to improve home ownership and the prevention of foreclosure. We encourage and invite investors, developers, realtors, homeowners and renters to help revitalize the Grand Boulevard community.

WHAT IS MMRP?

The City of Chicago has identified 13 neighborhoods as a part of the Micro Market Recovery Program (MMRP). The MMRP lead agency has identified the eligible blocks within the MMRP area to participate in the program. Between not-for-profit intermediaries, non-profit, and for-profit organizations, efforts are being made to reduce foreclosures, review current housing statuses, implement financial assets and establish ongoing public engagement.

With the presence of PICB in Grand Boulevard, a further understanding of the foreclosure rates and conditions are being analyzed. We have developed a strategic plan that gathers information of current and potential foreclosures as well as vacant lands and houses.

How do I know if I am eligible to apply for the MMRP/Target Blocks Forgivable Loan program?

  1. You must be the Owner-occupant of a residential property (1 to 4 dwelling units) in the target block identified by the City of Chicago and its delegate agency, which means that you both own and live in the property as your principal residence. ‘Mixed-use’ (residential & commercial) properties are ineligible.
  2. You must have a Household income that fits within the program limits. Household income includes income from all members of your household, even if the other household members are not your Co-applicant(s). Income limits are shown on the Application form. Rental Income is considered household income.
  3. You must have property insurance; be current on your City of Chicago water bill; and not have any unpaid City of Chicago parking tickets. As part of the application process, Neighborhood Lending Services (NLS) will obtain a report from the City of Chicago regarding your water bill and parking tickets.
  4. You must use the Forgivable Loan funds for improvements on your home. The work must be done by licensed and insured contractors who obtain appropriate building permits. You must not have been a previous recipient of a MMRP/Target Block Forgivable Loan.

What is a Forgivable Loan?

A lien will be placed upon your property for a period of 48 months starting with the disbursement of the funds. If you remain in the home for this period the loan is released and you will owe nothing. If you decide to sell or refinance your home within the next 48 months in order to take any cash equity out, then the Forgivable Loan must be repaid. There is no interest on this Forgivable Loan and 1/48th of the loan amount will be forgiven for each month that the loan remains outstanding.

To apply for a loan, please contact Christina Bediako, Jonathan Chance or Ben Garcia at 312-328-0873.

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