New Addition to Chicago’s Micro-Market Recovery Program
With the Neighborhood Network Alliance (NNA) serving as the lead organization in the South Shore region, the Micro-Market Recovery Program (MMRP) is growing from 10 to eleven areas. This was announced two weeks ago at an event held by the Chicago Department of Housing held at South Shore International High School.
“We are very excited to be in alignment and partnering with the city on this program, which will provide timely and much-needed support for homeowners in South Shore who want to stay in the community. The housing stock in South Shore continues to be a pivotal issue in our community.” Val Free, CEO of the NNA stated in Crain’s Chicago Business.
The Micro-Market Recovery Program (MMRP), targets unoccupied buildings on specific neighborhood blocks, lowers the cost of homeownership, fosters a sense of community, and aids struggling Chicago neighborhoods. Through reinvestment in abandoned properties and assistance to present homeowners, a community partner group in one of the MMRP’s 11 identified target regions enhances neighborhood stability. These regions now include Auburn Gresham, Austin, Chatham, Chicago Lawn, Englewood, Hermosa, New City (Back of the Yards), South Shore, West Garfield Park, West Humboldt Park, and West Pullman.
The MMRP gives access to programs that help renters, homebuyers, and homeowners with down payments, energy efficiency costs, grant funding for repairs, and other services. Some of the resources available in the MMRP include $15,000.00 in down payment assistance, as well as forgivable loans to help current owner-occupants make necessary home repairs.
Applicants must be first-time homebuyers or have not owned a property in the last three years in order to be eligible for an MMRP Purchase Assistance Grant. They also must attend a HUD-certified 8-hour in-person or online Home Buyer Workshop. Regarding their income, the program aims at households with an income of 120% of the Area Median Income (AMI) for the Chicago Metropolitan Area.
For more information, contact Assistant Commissioner Will Edwards at DOH, [email protected]. If you want to contact the Neighborhood Network Alliance (NNA), call 773.609.3007 or visit their official site www.thenna.org.