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The Micro-Market Recovery Program (MMRP) started in 2011 as an initiative by the City of Chicago as a response to the foreclosure crisis and vacancy challenges Chicago faced. Surveying housing conditions throughout Chicago revealed stark discrepancies in housing distress from neighborhood to neighborhood; some communities were scarcely affected by foreclosures and vacancy, while others required significant intervention in order to stabilize the local housing market. To address those neighborhoods that were hardest hit, the City developed the MMRP, which concentrated resources to fight foreclosure and improve housing conditions in 13 different target areas.
Through close collaboration between the City of Chicago and non-profit and community organizations, including LISC Chicago, NHS and CIC, MMRP identifies vacant properties or vulnerable owners, and connects them to financial assistance, foreclosure counseling, legal or technical assistance from the City/partners or potential investors/homebuyers as appropriate. The goal in all cases is stable, affordable housing, but the role of the local community organization is key in determining the best path to reach it based on the specific conditions in each neighborhood.
Rather than scatter inadequate public and private resources across the city, or even across entire neighborhoods, the MMRP is focusing on just a handful of targeted blocks in a handful of neighborhoods with intense housing needs. These “micro markets” were carefully chosen so they include, or are near, existing public investments that can anchor a wider recovery.
Successes since 2011:
For 2019, ten neighborhoods are currently part of MMRP:
For more information on MMRP visit City of Chicago's website.