Profitwise News and Views
May 2004 Issue
Special Edition
- Neighborhood Housing Services of Chicago Home Ownership Preservation Initiative
- Remarks by Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago
- Remarks by Richard M. Daley, Mayor, City of Chicago
- Alicia Williams, Vice President, Consumer and Community Affairs, Federal Reserve Bank of Chicago
- John G. Markowski, Commissioner, City of Chicago, Department of Housing
- Bruce Gottschall, Executive Director, Neighborhood Housing Services of Chicago
- Bruce Paradis, President and Chief Executive Officer, GMAC-RFC
- Steve Paton, Vice President, Chase Manhattan Mortgage Corporation
- Richard Monocchio, First Deputy Commissioner, City of Chicago, Department of Housing
- Conclusion
- Neighborhood Housing Services Programs
- May 2004 Issue, Special Edition (PDF,137KB)
Neighborhood Housing Services Programs
Homeownership Education
NHS offers, free of charge, a comprehensive set of homeownership programs that include classroom sessions and individual counseling. NHS issues pre-approval letters for qualified home purchasers who complete the home ownership orientation and classes. NHS also offers a regular schedule of classes taught in Spanish, and housing counselors are billingual.
Mortgage Lending
NHS is a licensed mortgage lender and offers loans for home purchase or purchase/rehab for buyers in Chcago neighborhoods targeted by NHS. Products include mortgage and purchase/rehab loan, "gap" loans to assist homebuyers in purchasing a home, and first-time homebuyers loans.
Home Repair Programs
NHS offers home improvement loans for large or small needs, ranging from general home improvements (e.g., new kitchen, roof, siding, central air conditioning, etc.) to Chicago Home Safety Partnership loans for improvements such as correcting dangerous electrical problems or hazardous heating systems. NHS also offers loan for substantial rehabilitation of one-to-four-unit buildings.
Construction Services
NHS helps finance repairs with a staff of trained construction specialists. NHS staff helps homeowners ensure that work is done correctly by writing construction specifications, reviewing bids from contractors for the homeowner to select from, and monitoring the construction for the lender (NHS) to ensure that the repairs are done properly.
Loan Counseling and Refinancing
NHS offers a affordable loans to help homeowners remain in or improve their homes through refinance loans, refinance/rehab loans, and foreclosure intervention. NHS loans are used often to refinance high-cost, improvident or predatory loans. NHS provides foreclosure intervention services and counseling for families who are experiencing temporary financial difficulities and are at risk of losing thier home to foreclosure.
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