CHICAGO (AP) — Federal officials are starting a new phase of a program designed to help stabilize housing in Cook County neighborhoods hit hard by the economic downturn.
The Federal Housing Finance Agency announced more details Wednesday of a pilot program that’s also being tested in Detroit. It’s called the Neighborhood Stabilization Initiative and was developed with Fannie Mae and Freddie Mac.
The part of the program announced this week allows foreclosed properties to be purchased by community buyers who meet certain requirements before the properties are available to the general public.
The other part of the program is aimed at helping residents potentially facing foreclosure stay in their homes. It allows modifications for people who are 90 days or more delinquent on their mortgages.
