Illinois Receives $118 Million for Blight Busting and Foreclosure Prevention

by San Antonio Attorney

The U.S. Treasury will be giving $118 million to Illinois through a program after its financial collapse in order to render aid among homeowners and solve the neighborhood blight.

Bridget Gainer, the Commissioner for Cook County said that the funding will pave the way for Illinois to render aid in neighborhoods adversely affected by the housing crisis.

Gainer has been an advocate for the funding to be approved and aims to demolished vacant but dilapidated house to make room for developers to build better homes.

The authorities have already approved $5.4 million in total funds in order to address blight and demolish 151 buildings in the state.  A total of 45 buildings will be destroyed by next month, according to Cami Freeman, IHDA spokeswoman.

Freeman added that the authorities also approved $10.5 million for blight reduction last February 19.  The program addressed towards the blight reduction program will receive most of the money rendered and IHDA will also receive aid for its foreclosure prevention programs.  Freeman intends to explore the results with ‘augmenting these programs’ for the funding given.  New programs can also be derived from the money.

The most probable recipient will be the Cook County Land Bank since it has always prioritized on purchasing feasible vacant buildings, clearing each land title and selling them to developers who can expand the potential of each building.

However, Gainer pointed out that a lot of buildings in the South and West Sides of the neighborhood cannot be repaired anymore.  Demolishing these buildings is the only way to resolve the problem.  A multitude of buildings have been spray painted with a red X to signify to police and fireman that these buildings are not safe to enter.  Vacant and vermin-filled homes also drag down the value of neighborhood properties.

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