Reporters discuss bombshell story on’s CEO

An exclusive interview with the Forbes reporters who recently wrote a bombshell article about CEO Vishal Garg’s controversial workplace culture.

Untying business growth from the housing market cycle

Lenders need to be able to grow their business in a way that is not linear and is not tied to the market cycles – leveraging automation technology can help.

How lenders can engage borrowers earlier in the buying process

Before the application stage, lenders need an effective strategy that ties all the home buying stages together and the right tools to support the process.

A home shopper’s guide to navigating a competitive market

Here is a home shopper's guide to navigating bidding wars and low housing supply.


Chicago will give homeowners and renters $33 million more in assistance funds

Previous assistance has been criticized by residents

Chicago homeowners and renters are being given another chance to apply for housing assistance grants. On Monday, $33 million in grants was announced by the city’s Department of Housing and the Department of Family and Support, in a round of funding from the CARES Act.

In addition, there is a new site to help Chicago homeowners and renters apply, the Chicago Tribune said.

Chicago Mayor Lori Lightfoot originally announced one-time $1,000 grants to help residents suffering financially from COVID-19 in March, and in April created a Chicago Housing Solidarity Pledge, encouraging landlords and renters to work together through the coronavirus pandemic. Both were criticized by residents for not offering enough assistance.

“COVID-19 has laid bare and exacerbated the issue of housing insecurity, a core symptom of the crushing poverty and economic hardship that remains the reality for far too many Chicagoans,” Lightfoot said in a statement.

“This much-needed expansion of our Housing Assistance Grants and the creation of the online Chicago Housing Assistance Portal will ensure that our residents have the support they need to stay in their homes, stay safe and stay afloat during these uncertain times,” Lightfoot said.

The Department of Housing and the city will provide grants between $2,000 and $3,000 to those earning up to 60% of the area’s median income and if they have been financially impacted by COVID-19. Applications opened on Monday and will close on August 10.

Mortgage assistance will also be provided via the housing department. Up to $3,300 will be given directly to those with income at or below 120% of the area’s median income. This application opens on Friday.

The city will also work with the Lawyers Committee for Better Housing to provide no-cost legal defense in eviction court for people making 60% of the area median income or below. This will be in effect through December 2020.

“The first round of COVID-19 Housing Assistance showed us how deep the need is across all neighborhoods in Chicago,” said Department of Housing Commissioner Marisa Novara in a statement. “We have been working to find additional resources to assist those financially impacted by the pandemic, and these new funds will go a long way in stabilizing the lives of residents during these challenging times.”  

Last Wednesday, Chicago City Council agreed to give renters up to 120 days notice before landlords terminate leases or raise rent, according to the Chicago Sun Times. Federal eviction moratoriums expired on Saturday, but Cook county’s moratorium ends August 22.

Leave a comment

Most Popular Articles

The housing market outlook for 2021

After an unprecedented year, MBA Chief Economist Mike Fratantoni says there’s no place like home. Here is his 2021 housing market forecast.

Dec 02, 2020 By

Latest Articles

MBA adds four to its Residential Board of Governors

The Mortgage Bankers Association announced the new members of its 2021 Residential Board of Governors and the Chairs of the Residential Committee.

Dec 04, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please