The City of Chicago got a $55 million grant yesterday to help the city deal with the foreclosure crisis. And it couldn’t have come at a better time. A new report states nearly 1 in 50 Illinois homes received a foreclosure notice last year.

The city has outlined a number of approaches to re-developing the vacant or foreclosed properties–including rehabbing, demolition, or converting some properties to affordable rentals. The 25 neighborhoods that will receive funds include Austin, Fuller Park, North Lawndale, West Garfield Park and Woodlawn. Ellen Sahli runs Chicago’s housing department and tells us about the city’s plans.

Map: Areas Targeted to Receive Funds

Music Button: Brightwhitelight, “Eclipse On 5th”, from the CD Sounds from the Ground, (Waveform records)