Chicago aldermen advance new members for Northwest Side home equity board

Chicago aldermen on Monday advanced a group of appointees to a Northwest Side taxpayer-funded commission that guarantees home sale prices for members in several bungalow belt neighborhoods, a program that was created decades ago to try to stem white flight.

Some aldermen questioned the policies of the Northwest Home Equity Assurance Program, which has collected more than $10 million in small property tax payments from all homeowners within its boundaries since the late 1980s, but has handed out just a few payments in that time to residents whose houses didn’t sell for a set minimum price.

“People pay into this program via their tax bill, and it has $9.5 million, $10 million sitting in an account,” said Northwest Side Ald. Gilbert Villegas, 36th, who has for years criticized the agency for not doing more with its reserves. “And it has staff. And what we need to do is to

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