$118 million coming to Chicago

By
Real Estate Broker/Owner with IL Real Estate Specialists
https://activerain.com/droplet/4PmV

 

  

Today the US Treasury announced it is going to give Illinois $118 million dollars for " Hardest Hit Funds" to address Foreclosures and abandoned buildings caused by the financial crisis

Its a crime because I see another failed policy by the US Treasury and even worse decision by the city of Chicago in how to address the foreclosure crisis in the hardest hit communities.

Most of the money will be going to the Chicago Community Land Bank  and will be used to demolish buildings that pose a threat to health and safety because of structural defects .  Once these building are removed the intent is to get developers into these neighborhoods .

But there is a flaw to this thought process . First removing abandoned buildings actually brings down values to the neighborhood because these buildings now become vacant land  and vacant land has less value than a home sitting on it. Removing the home actually displaces families . There will be less homes or apartments to live in or rent until developers come into build new homes .Finally what makes you think new developers will be interested in these neighborhoods. Can these developers get financing in these neighborhoods and will the rent be affordable or will people be able to afford to buy new homes these neighborhoods ? Or yet a better question are lender going to give new loans to families in these neighborhoods ?

i think the biggest problem is the city had no plan for revitalizing these neighborhoods. I say money should be spent fixing up some of the abandoned buildings and used to create jobs and trainings or jobs  like carpenters , plumbers, electricians , to boost the community . Then use part of this money to build new schools or create business's like day care centers , Internet training centers , grocery stores to address th food dessert issue . 

I could go on but the bottom line is the city needs to address and come up with a comprehensive plan to revitalize and distribute the wealth in the hardest hit communities.

Posted by

 

Jack Lewitz Broker Owner

http://www.ilrealestatespecialists.com

 Email Jack Today: jacklewitz@sbcglobal.net

 Call Jack Today ! Cell: 708-309-5334 Office: 847-674-6710

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Local News and Events
Location:
Illinois Cook County Chicago
Groups:
Illinois Real Estate
Realtors®
REO
Dedicated Bloggers
Short Sale REALTORS®

Spam prevention
Show All Comments
Rainmaker
3,892,134
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Jack. If it made sense it would not be politics! Enjoy your day!

Mar 02, 2016 08:37 PM #1
Rainmaker
1,614,047
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Jack Lewitz It must be the POTUS is looking for a 'landing area' when he finally leaves the office.

Mar 02, 2016 08:37 PM #2
Rainmaker
292,385
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

No the landing areas us already taken by the supposed Star Wars Museum. The Pres I heard is moving to your state ... Palm Springs ...and Sunnyland .

Mar 02, 2016 08:43 PM #3
Rainmaker
3,985,753
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Anytime the government gets involved there is a waste factor that will increase the costs

Mar 03, 2016 06:42 AM #4
Ambassador
2,389,339
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Jack ... this is interesting and some interesting comments!

Mar 08, 2016 04:45 AM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
292,385

Jack Lewitz

Ask me a question
*
*
*
*

Additional Information