Wells Fargo Foundation announced $500,000 will go to Neighborhood Housing Services of Chicago, Inc. (NHS) for the organization’s Chicago Flats Initiative. The goals of the initiative are to preserve and rehab two- and four-flats, maintain rental affordability, and help homeowners build wealth. To accomplish these goals, NHS is connecting homeowners and renters to available mortgage and rental assistance programs. “We want to make sure we continue stabilizing housing for both renters and owners,” said Neighborhood Housing Services President and CEO Anthony E. Simpkins. “Homeowners have 40 times the net worth of renters, so finding development solutions to foster the building of more affordable homes in our communities is a great return on investment.” The Chicago Flats Initiative will provide:

• HUD-certified financial counseling services and Homebuyer Education classes

• Foreclosure prevention resources to keep homeowners of 2-4 flats in their homes

• Competitive mortgage loans

• Home purchase assistance up to $15,000, home improvement loans

• Health and safety inspections

• Construction management services