Micro-Market Recovery Program

mmrpAfter years of working in the community and fighting against vacant properties and foreclosure, the Far South Community Development Corporation began participating in the City of Chicago’s Micro Market Recovery Program, taking Maple Park (West Pullman) as a neighborhood area of focus, working to improve stability and homeownership for residents. We have partnered with several neighborhood icons such as Neighborhood Housing Services (NHS) and the Chicago Neighborhood Initiatives (CNI).

Far South CDC is offering purchase assistance for up to $35,000 for qualifying families and individuals. The Micro Market Recovery Program is a neighborhood stabilization initiative in eight communities within the city’s boundaries.

The Far South CDC’s MMRP target area lies between 115th Street to 119th Street and from Ashland Avenue and Halsted Street.  Maple Park is a hidden gem in the West Pullman neighborhood with many opportunities for ownership.

maple park

This small area has been identified as an area in need of neighborhood stabilization, one of 13 neighborhoods labeled as such by the City of Chicago, our Maple Park MMRP area was hit especially hard by the foreclosure crisis in 2000 and beyond.

Amenities include:

The goal of the program is to stabilize the community by increasing the owner-occupancy in the focus area. In order to do this, the City of Chicago is offering “forgivable loans” of existing and potential income-eligible borrower there. Income eligibility criteria:

Household Size Household Income Limit
1 person $42,600
2 persons $48,650
3 persons $54,750
4 persons $60,800
5 persons $65,700
6 persons $70,550
7 persons $75,400
8 persons $80,300
9 persons $85,120
10 persons $89,984

mmrp stats

 

The Far South CDC works with local realtors ad developers in acquiring vacant single-family homes for reoccupation. We accomplish this through several methods including but not limited to:

  • Trolley Tours
  • Realtor and Developer Forum
  • Marketing of Maple Park Neighborhood through local news outlets and technology mediums
  • Block Club Parties
  • NeighborWorks Day
  • Maple Park community Events

Interested potential homebuyers and existing homeowners in the area should contact Abraham Lacy at lacy@faesouthcdc.org today to see what assistance is available.

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