The money in the pool would be used to pay off the predatory loan. The homeowner would then obtain financing at a more reasonable cost and replenish the revolving loan pool with regular payments. In addition, the Mayor said Chicago police will aggressively enforce the Night Watchman Ordinance against open and vacant buildings that blight neighborhoods and attract criminal activity. The ordinance requires owners to secure their property and post a guard from 4 p.m. to 8 a.m. Police officers will be required to report open and vacant properties to their supervisors for possible building code violations and enforcement action. Police have been doing this successfully on a pilot basis in Area 5 on the Northwest Side, and the program now will be adopted citywide.
Vacant buildings are ugly.
They attract gangs. They create heath and safety hazards. They are among the most frequent problems encountered by CAPS and by block clubs and neighborhood organizations. The Mayor said the City Housing Department will launch a pilot program to preserve 300 vacant dwellings. Participating developers are Hispanic Housing and Neighborhood Housing Services.