Rising foreclosures are taking a toll on affordable rental housing, according to the Chicago-based Woodstock Institute, which has released a report revealing that two- to six-unit apartment buildings accounted for 35 percent of the nearly 14,000 foreclosures filed in the Windy City last year.
In Chicago's West Garfield Park neighborhood, apartment buildings — which provide the bulk of the city's affordable housing — made up nearly 87 percent of foreclosures.
They also accounted for over 70 percent of foreclosures in North Lawndale, the Lower West Side, East Garfield Park, and New City. About three-quarters or more of the city's foreclosures are tied to a dozen lenders, and the Lawyers' Committee for Better Housing identified those responsible for the most tenant evictions as Deutsche Bank, Bank of New York, Wells Fargo & Co., and LaSalle Bank.
The institute is concerned about the impact that reduced affordable housing supply will have on community stability, and it notes that many renters are unaware that their landlords are in foreclosure until they lose their utility service or receive eviction notices.
Source: Chicago Sun-Times, David Roeder (05/28/08)
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