Building Local Capacity
Workshops use regional demographic data and case studies to identify challenges and recommendations that address a broad real estate issue.
- One-day commitment
- 5-8 member experts
- Step-by-step analysis of key issues and challenges
- Focus on action items/building sponsor capacity
Deliverable: Black and white, electronic summary report outlining resources and best-practice policies
Responding to Multifamily Foreclosure
Between 2007 and 2010, the 6-county region witnessed one quarter of a million properties enter the foreclosure process. Multifamily properties increasingly affected by foreclosure include small (2 – 6 unit) and large (7+ unit) buildings, and condominium and rental housing stock. Federal, State and Local foreclosure resources are often limited to single-family housing interventions or are incompatible with the nuances of multifamily housing stock.
A multidisciplinary team of experts from the fields of housing development, lending, legal, affordable housing, and housing policy was convened by ULI Chicago and, using local case studies from partner municipalities, analyzed the challenges and opportunities of multifamily foreclosure and created recommendations for municipalities to manage the crisis.
Responding to Multifamily Foreclosure outlines the recommendations from the workshop, including existing resources to mitigate primary and secondary effects of foreclosure, and step-by-step processes to empower municipalities with proactive steps to approach the challenge.
“We could see from the data that there was active condo foreclosure in our community, but no owners were reaching out to us for help. ULI Chicago’s Technical Assistance Workshop gave us the tools to assess the stability of a condo property, and develop a strategy for appropriate mediation to assist our residents if we discovered condo distress.”
Nora Boyer, Housing Planner, The Village of Arlington Heights
Need More Information?
Contact ULI Chicago at 773-549-4972.