CHICAGO (AP) — Officials of a 30-year-old housing agency originally intended to stop white flight in northwest Chicago say it’s seeing renewed interest, partly due to anxiety about a proposed apartment complex.
The Chicago Tribune reports the Northwest Home Equity Assurance Program launched in the 1980s. It allows members to get property appraisals and pays for shortfalls when owners sell their houses, as long as they lived there at least five years.
Agency director Robin Larson says 30 people have either signed up or asked to update their property’s value since November.
The agency has stockpiled nearly $10 million because it only has guaranteed the value of residents’ houses a few times, thanks to increasing home values and a loophole that meant the housing collapse didn’t qualify homeowners for payments.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
