Date: Tuesday, May 6 2008
Time: 12:30 to 5:00 p.m.
Location: Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois
Who should come? Elected Officials, Trustees, Municipal staff, County staff and treasurers
The Chicago Metropolitan Agency for Planning, Metropolitan Mayors Caucus and the Federal Reserve Bank of Chicago will co-sponsor a timely and interactive conference titled, “Taking Action: Local Government Strategies to Mitigate the Impact of Foreclosures on Communities.” The program will be held on Tuesday, May 6, 2008, at the Federal Reserve Bank of Chicago, 230 South LaSalle Street. We would be pleased to have you, and a member of your staff, join us for this important event. The registration deadline for this event is Thursday, May 1, 2008. Click here to see the full agenda.
Along with much of the nation, metropolitan Chicago has recently seen a dramatic increase in the number of foreclosures. According to the latest figures in March 2008 from the Woodstock Institute:
- Between 2005 and 2007, the number of properties with foreclosure filings in the region increased by nearly 80 percent.
- The number of properties with foreclosure filings grew to 38,215 in 2007 which was an increase of nearly 32 percent from a previous high of 28,997 in 2006. This is on the heels of a 36 percent increase between 2005 and 2006.
- Suburban communities have seen the largest recent growth in foreclosure filings. Between 2005 and 2007, the areas with the greatest increases included DuPage County, Northwest Suburban Cook County, and Kane County which all had the number of properties with foreclosure filings roughly double.
- It is likely that foreclosures will continue to rise in 2008 as regional property values stagnate or decline; refinance options remain limited for homeowners with adjustable rate mortgages; and the monthly mortgage payments on many loans reset to higher levels. However, as foreclosures mount, many suburban communities may also be unable to manage the foreclosure glut.
The objective of this meeting is to provide local government leaders a forum in which to discuss the tools and strategies necessary for mitigating the impact of foreclosures on community. This forum will:
- Provide an overview of the regional foreclosure state of affairs and examine the implications of foreclosures on local government (revenue and assessments, property values, safety, etc.)
- Focus attention on the legal aspects of foreclosures in terms of the local authority to enact responsive ordinances and policies aimed at preventing the issues related to building vacancy
- Identify best practices, both locally and nationally, where governments have implemented innovative programs to address foreclosures within their communities (for example: maintenance ordinances, vacant building registries, and land banking)
There is no charge for this event; however, attendance will be limited to allow for active participation by all attendees. As a result, conference reservations will be accepted on a first-received basis. Please note that you must register in advance for this event; persons who have not registered in advance will not be admitted to the event. For security purposes a government issued photo I.D. is needed for entry into the building. Event sign-in will begin at 12:30 p.m. on May 6, 2008. Beverages and a light snack will be provided and the program will end at 5:00 p.m. Click Here to Register for This Event!
We hope that you will be able to join us at the conference. If you have any questions about the agenda, please give us a call.
Lee Deuben
Housing & Community Development Planner
Chicago Metropolitan Agency for Planning
312-386-8623
This event is made possible in partnership with the John D. and Catherine T. MacArthur Foundation, Business and Professional People for the Public Interest, Chicago Metropolis 2020, Metropolitan Planning Council, The Real Estate Center at DePaul University, University of Illinois at Chicago’s College of Urban Planning and Public Administration, and the Woodstock Institute.