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Home Ownership Preservation Initiative (HOPI)

In 2002, nearly 9,500 foreclosures were initiated in the City of Chicago, a 91 percent increase since 1993. Many of these foreclosures were concentrated in the City’s low- and moderate-income neighborhoods on the South and West sides, where foreclosure rates were nearly seven times the national average. Increasing numbers of vacant buildings plagued the City’s most vulnerable neighborhoods, with multiple boarded-up homes appearing on once stable blocks.

With these stark statistics as a backdrop, the City of Chicago and Neighborhood Housing Services of Chicago launched an aggressive campaign to combat foreclosures. Mayor Richard M. Daley and Charles L. Evans, President of the Federal Reserve Bank of Chicago, convened a leadership group to form the Home Ownership Preservation Initiative (HOPI). A partnership of the City of Chicago, NHS and key lending, investment, and servicing institutions, HOPI seeks to preserve sustainable home ownership for Chicago residents and to reclaim foreclosed housing stock as neighborhood assets.

Access publications related to HOPI here.

This page updated 06-09-2009