Politics & Government

Grant to Fund 53 Affordable Homes in West Cook

West Cook Housing Collaborative one of several housing efforts to receive part of $70 million in grants from Attorney General Lisa Madigan's office.

The West Cook Housing Collaborative (WCHC) will receive $3 million to create 53 affordable homes as part of a $70 million grant for housing efforts in communities that have been devastated by the national foreclosure crisis, Illinois Attorney General Lisa Madigan announced Wednesday

According to a news release from Madigan's office, the funding stems from last year's $25 billion settlement with the country’s five largest bank mortgage servicers—Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC—that addressed allegations of widespread robo-signing of documents and other fraudulent practices by banks during foreclosure proceedings.

“With these awards, we are making a down payment on a better future for families in communities hardest hit by the foreclosure crisis,” Madigan said in a statement. “The work being done by these outstanding organizations will help move us forward on the road to recovery.”

Find out what's happening in Oak Park-River Forestwith free, real-time updates from Patch.

An advisory council appointed by Madigan, comprised of housing and community development experts from Illinois’ non-profit, government and private sectors, determined and recommended ways to allocate the $70 million in funding. The Advisory Council focused awards in areas of the state that showed significant need, using data on foreclosed and vacant homes in Illinois, according to the release.

The WCHC will use the funds for its five-town redevelopment strategy that prioritizes redeveloping properties affected by the foreclosure crisis near public transportation, according to the release. "The funding will nearly double the acquisition and rehab underway," allowing IFF (the Illinois Facilities Fund) to create an additional 53 affordable homes for working families.

Find out what's happening in Oak Park-River Forestwith free, real-time updates from Patch.

The WCHC was formed in 2009 to address housing issues in Forest Park, Bellwood, Berwyn, Maywood and Oak Park with a grant from the U.S. Department of Housing and Urban Development. 

“I applaud Attorney General Madigan’s leadership and focus on promoting resilient and sustainable collaborations through the National Mortgage Servicing Settlement,” Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development said in a statement. 

“...Her dedication to use the funds allocated to Illinois for foreclosure-related activities is highly commendable and will pay dividends for years to come.”

Read more on Illinois Attorney General Lisa Madigan's website.



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