Governor Quinn Praises Program as "Economically Smart"
Dec. 7, 2012
/PRNewswire-USNewswire/ -- The West Cook County Housing Collaborative, a joint effort between the municipalities of
and community development financial institution (CDFI) IFF, announced today the immediate availability of seven new quality affordable homes for sale in
. The homes, six in
and one in
, will be made affordable to buyers with incomes at or below eighty percent of the Area Median Income (AMI). The initiative also provides a down payment subsidy of up to
to support the sale of each home.
Formed four years ago to address the extremely high foreclosure rates affecting these five suburban communities, the Collaborative, with IFF providing project management and coordination, has successfully acquired, rehabilitated, and made affordable seven formerly foreclosed, vacant homes, all within one mile of transit stops.
"This is one of the best, economically smart ways that we can help working families and address the foreclosure problem in some of our hardest hit areas," Governor Quinn said. "Affordable housing will help families put down roots and strengthen communities for years to come."
The Collaborative's approach, to redefine each municipality's geographical boundaries as one community, is effective because it allows them to combine resources, giving them the ability to do more together than they could alone. "When the mayors of our five communities came together four years ago to talk about how we could best address affordable housing issues, we determined that the best chance we had to improve our local economies was to work together," said Oak Park Village President
. "And now we are seeing the successful results of that collaboration. We did not do it alone; we did it together."
This announcement comes just one year after the Collaborative received an award of nearly
from the U.S. Department of Housing and Urban Development (HUD), as part of the Sustainable Communities Program, and just under
from the Illinois Department of Commerce and Economic Opportunity (DCEO), both to increase affordable housing for families in West Suburban Cook County.
"Having lived in
my whole life, being part of the Collaborative represents, to me, the very meaning of community," said Mayor Calderone of
. "Working with my neighbors in
West Cook County
to increase housing affordability and improve the lives of families not just in
, but in all five communities, has not only been a rewarding experience, but one that has produced results, and will continue to, for generations to come."
Further praising the efforts of the Collaborative, Mayor Yarborough of
said, "I am incredibly grateful to be a part of this important collaboration—of what we have already accomplished, and the possibilities of what we will accomplish as we continue to work together."
In addition to the seven homes available for sale now, twenty-one additional homes will be available in
, for a total of 28 new homes by the end of 2013—which will be situated so as to make it easier for families to get to work, doctor appointments, childcare centers and schools.
For more information about the available homes, please contact
at the West Cook Homeownership Center at (708) 771-5801 or
IFF conducts all business in accordance with the Federal Fair Housing Law.
One of America's leading nonprofit community development financial institutions (CDFIs), IFF strengthens nonprofits and their communities through lending and real estate consulting that helps these organizations plan, finance, and build facilities that are critical to their success. Founded in 1988, IFF has total assets of more than
and serves nonprofits working with low-income communities and special needs populations in
. To learn more about IFF, visit
: 312-596-5124Kate Maher: 312-521-7385