Quinn announces $50 million housing program

Gov. Pat Quinn has announced a $50 million program to buy and rehabilitate vacant housing in parts of Cook County hit hard by foreclosures.

The homes would then be put on the market as part of an effort to revitalize neighborhoods. The Building Blocks Pilot Program sets aside another $5 million to help buyers with $10,000 grants for down payments. That will help up to 500 homebuyers in the pilot stage of the project.

Illinois is consistently ranked among the top 10 states with the highest number of foreclosures and job losses are driving a growing number of foreclosures in the suburbs.

Quinn said Friday that a strong housing recovery is key to improving the overall economy as homeowners spend money in their neighborhoods.