Austin Weekly News: "Home equity program racked by crisis"
“If there is one thing both the commissioners appointed to govern it and the property owners whose taxes fund it agree on, it's that the Northwest Home Equity Assurance Program needs to change.
The Northwest Home Equity Assurance Program is one of the three programs that were implemented in the late 1980s throughout what were then majority-white Chicago neighborhoods, including Galewood.
The idea was to stop white flight by addressing one of its root causes — the fear that an increase in the minority population would bring down property values. However, in the three decades since its creation, the program has only been lightly used, leading some elected officials, community organizations and property owners to wonder whether the money that is being collected would be better used some other way.”