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Chicago picked as second city for housing program

Director Mel Watt, Photo by FHFA

Director Mel Watt, Photo by FHFA

Chicago will be the second city for the federal government’s Neighborhood Stabilization Initiative, Mel Watt, director of the Federal Housing Finance Agency, announced Tuesday.

The pilot program, announced for Detroit in May, is designed to help repair communities hard hit by the housing crisis and to stem additional foreclosures.

For homeowners in select neighborhoods who are at risk of losing their properties, it offers loan modifications, some of which carry principal reductions…Please click here to read Mary Ellen Podmolik’s story in the Tribune.

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