Rush Praises $565,000 Awarded to Neighborhood Housing Services of Chicago
WASHINGTON — Today, U.S. Representative Bobby L. Rush (D-Ill.) announced that the U.S. Department of the Treasury has awarded $565,000 to Neighborhood Housing Services of Chicago (NHS) for use as loan capital to originate low-interest mortgages for first-time homebuyers, purchase-rehab loans, and home improvement loans on the Southside.
“It is estimated that between three and four billion dollars have been extracted from black Chicagoans due to decades of racist policies such as redlining and other discriminatory practices. This historical theft has led to an unjust racial wealth gap which persists to this day and undermines the prosperity of black communities in Chicago and beyond.
“The award granted to NHS is an important step in undoing this injustice by helping families on the Southside to build and maintain wealth through home ownership,” said Rep. Rush.
The award, delivered through the U.S. Treasury's Community Development Financial Institutions Fund, provides NHS with increased available capital that can be used to serve individuals and communities that are underserved by traditional financial institutions.
Available loans will be administered through Neighborhood Lending Services (NLS), the lending affiliate of NHS. Established in 1987, NLS provides mortgage lending to new and existing homeowners in low-to-moderate-income communities throughout the greater Chicagoland area.