Thousands of vacant buildings could leave the registry in Chicago thanks to new Fannie Mae, Freddie Mac program
Chicago, IL: Vacant building registration measures in Chicago could see thousands of vacant homes removed from the registry, thanks in part to a new undertaking from Fannie Mae and Freddie Mac.
Upwards of 4,000 foreclosed homes—from condominiums to single-family homes—will be made available to nonprofit groups before those properties are put onto the general market.
Not all foreclosed homes in the portfolios of Fannie Mae and Freddie Mac will be part of the initiative though. There will still be a few thousand foreclosed homes potentially contributing to the blight problems in and around Chicago.
A second initiative, based on the National First Look Program, offering deals for homes in Cook County will also commence.
Eligible nonprofit organizations will now be given a 12-day first chance, from the time a foreclosure wraps up and control of the property is granted to Fannie Mae or Freddie Mac, to initiate a bid.
As with the First Look Program outline, the property will then be offered for 20 days to the owner if a nonprofit does not make an offer.
Should neither the owner nor a nonprofit make an offer, the property will then go to the general market.
If the programs progress as intended, Fannie Mae and Freddie Mac will minify their portfolios, while areas in and around Chicago will diminish blight in communities; as well as encouraging other such programs to be considered for large cities across the nation still recovering from vacant housing predicaments.
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