Micro-Market Recovery Program 

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What is an MMRP?

The Micro Market Recovery Program (MMRP) is an initiative of the Chicago Department of Housing that assists in rebuilding distressed Chicago communities by reducing the cost of homeownership, creating communities of choice, and attracting new owners to vacant buildings on targeted neighborhood blocks.

The South Shore neighborhood's O'Keefe area (see map) is a unique community with few single gamily homes, and a dense population of condominium and co-operative homeowners. Despite the allure of the vintage charm and famed architecture, the costs associated with deferred maintenance and aging are crippling to the homeowner’s associations.  The shared ownership community (condominium and cooperative owners) in South Shore is at risk. Costs of repairs exceed available funding. Many of the residents are seniors with fixed incomes.  These risk factors, among others, contribute to the devaluation of properties, loss of homeownership, and ultimate displacement.

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The MMRP provides access to programs to assist homeowners, home buyers, and renters with down payment assistance, repair grants, energy efficiency, and other resources. It offers opportunities to develop and launch pilot programs to aid in the preservation and improvement of homeownership.  The Neighborhood Network Alliance is partnered to lead this cause.

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Learn more about the Micro Market Recovery Program:

 

Some of the resources available in the MMRP include:

Home Purchase Assistance Grant: Chicago Neighborhood Housing Services provides a down payment grant of up to $15,000 to first-time homebuyers in an MMRP area.  CLICK HERE to learn more about eligibility requirements.  (Please note that these programs are available for limited times, and are periodically renewed)