NHS was established in 1975 to provide revitalization strategy and practical resources to home owners in disinvested Chicago neighborhoods. In 1978, NHS formed the NHS Redevelopment Corporation (NHSRC) to support its revitalization efforts through direct development activities. NHSRC rehabs vacant buildings, builds new housing and currently manages nearly 300 units of affordable rental housing in Chicago. In 1987, NHS responded to a growing need for creative and flexible loan products by founding Neighborhood Lending Services (NLS), an Illinois Residential Mortgage licensee. NLS supports neighborhood-based lending and directly provides home improvement, purchase and home ownership preservation financing citywide. Throughout its history, NHS leveraged its core competencies of strategic partnership and grassroots learning to craft special initiatives in response to unique community needs. For example, the Chicago Home Safety Partnership formed in 1998 in response to a high rate of house fires in NHS target neighborhoods. The Home Ownership Preservation Initiative formed in 2003 in response to a high rate of sub-prime foreclosures thus, sounding the warning bell early about the foreclosure crisis. The Historic Chicago Greystone Initiative? was launched in 2006 in response to a need for creative resources to revitalize North Lawndales large stock of historic greystone homes bringing historic preservation strategy to a low-income neighborhood for the first time.

Neighborhood Housing Services of Chicagos mission is to create opportunities for people to live in affordable homes, improve their lives and strengthen their neighborhoods.

NHS' three core programs areas are Neighborhood Lending, Homebuyer Promotion and Preservation, and Direct Development. (I.) Neighborhood Lending: NHS provides purchase, purchase rehab, home improvement, and home ownership preservation loans. NHS also provides financial assistance with down payment, closing costs, appraisal gaps and lead abatement for income eligible borrowers. NHS loan officers work with customers to generate creative loan packages that maximize affordability. FY11 neighborhood lending goals: Invest $29,000,000 in private lending capital and $8,000,000 in public funds and expanded NHS regions providing NHS financing to 1,000 families to assist them in buying, fixing or keeping their homes. Leverage conventional lending of 140 conventional loans ($25 Million) made as a result of tandem lending with NLP, NHS counseling services, and/or referral to partners. (II.) Homebuyer Promotion and Preservation: NHS offers comprehensive and free education opportunities to grow the pool of prospective homeowners in target neighborhoods. These include one-on-one counseling and an eight-hour, four class pre-purchase curriculum. Through the Home Ownership Preservation Initiative, NHS also provides post-purchase education and counseling for borrowers at risk of foreclosure. FY11 Homebuyer preparation/preservation goals: Educate and counsel 1,400 prospective homebuyers; Create 225 new homeowners; Provide counseling and loss-mitigation services 3,500 clients and prevent 1,200 foreclosures; Educate 4,000 existing homeowners through workshops and classes. (III.) Direct Development: The NHS Redevelopment Corporation (NHSRC) acquires and rehabs single-family properties and builds new homes. Local NHS offices work with NHSRC to identify problem vacant buildings for acquisition or ideal locations for new construction projects. FY11 direct development goal: Reverse neighborhood decline by reclaiming 92 vacant or troubled buildings through NHS development, lending and partnership activities.