In 2003, the city of Chicago and Neighborhood Housing Services of Chicago launched an aggressive campaign to address alarming foreclosure rates in Chicago's low- and moderate-income neighborhoods. The Homeownership Preservation Initiative (HOPI) -- a partnership of the city of Chicago, NHS, and key lending, investment, and servicing institutions -- seeks to preserve sustainable homeownership for Chicago residents and to reclaim foreclosed housing stock as neighborhood assets.

Mayor Richard M. Daley and Chicago Federal Reserve President Michael Moskow established three goals for the partnership to be accomplished over three years:
-- Counsel 3,000 individuals in danger of foreclosure
-- Help 1,500 homeowners avoid foreclosure and
-- Cultivate community development best practices

The partnership is actively engaged in applied research and development work on the toughest issues facing the mortgage market: mortgage fraud, foreclosure, vacant homes and delinquent borrowers. Cross-industry dialogue helps regulators and city government diagnose issues and leads to the development of targeted intervention programs.

The Homeownership Preservation Initiative is at the mid-point of the three-year goal period. This report is meant to document the efforts of the HOPI partnership to date and be a resource for other cities, non-profit organizations, and private institutions actively engaged in addressing the foreclosure crisis.