CARDINAL GEORGE ANNOUNCES $500,000 INVESTMENT BY THE
ARCHDIOCESE OF CHICAGO IN AFFORDABLE HOUSING INITIATIVES
Additional $2.3 Million to be Set Aside for Not-For-Profit Developers of Affordable Housing
Chicago, IL (November 23, 2009) – Francis Cardinal George, O.M.I., Archbishop of Chicago, today announced the formation of a new partnership between The Resurrection Project and the Archdiocese of Chicago. This partnership involves the investment of $500,000 by the Archdiocese in The Resurrection Project’s affordable housing initiatives on the Southwest side of Chicago.
The initial investment by the Archdiocese will provide additional capital to assist in the development, construction, marketing, and promotion of affordable housing units being built by The Resurrection Project for low-to-moderate income families and individuals. This investment comes at a time when there is a significant need for initial investment dollars that are not readily available to not-for-profit organizations for pre-development work.
“There is dramatic necessity in our city neighborhoods for this kind of development that has shown to be a critical component necessary to helping to reduce poverty, homelessness and other forms of social disruption,” remarked Cardinal George. “We are very pleased that the Archdiocese can partner with The Resurrection Project, which has realistically challenged people and institutions to act on their faith and values to help create healthy neighborhoods and communities. They have repeatedly shown credibility with the City, local neighborhoods, and the banking and investment communities to accomplish their mission and have demonstrated the capacity to make quality living options available in Chicago areas which lack sufficient numbers of affordable homes.”
"The Resurrection Project is excited to enter into this partnership with the Archdiocese of Chicago,” said Raul Raymundo, Chief Executive Officer of The Resurrection Project. “Their support will provide us with resources to continue strengthening communities on Chicago's Southwest side through affordable housing for rental and ownership - both of which are so important during this time of economic recession. We truly are putting our faith and values into action, and we are proud of our accomplishments as we enter into our 20th year in 2010. We look forward to new affordable housing projects and the success we will be able to achieve thanks to the Archdiocese."
It was also announced that the Archdiocese will set aside an additional $2.3 million for not-for-profit developers of affordable housing to be used as a revolving loan fund at low interest rates which is intended to create large numbers of single and multiple-unit affordable housing, energy efficient utility upgrades to new or existing homes and similar initiatives. It is expected that the Archdiocesan affordable housing fund will leverage substantial amounts of investments, in the form of construction and long-term financing, which non-profits can then access to develop affordable housing in the area’s neediest regions.
The Archdiocese of Chicago has long supported affordable housing development. Since 1987, the Archdiocese has been involved in the production of affordable housing for low-to-moderate-income individuals and families in the City of Chicago and the metropolitan area. Acting through Catholic Charities Housing Development Corporation, 2,648 new or rehabbed affordable rental units for seniors and the disabled at a cost of $263 million were developed. Additionally, from 1995 through 2004, the Archdiocese invested $3 million dollars in the Ezra (Nehemiah) Project, an ecumenical partnership, which successfully produced almost 100 new for-sale housing units for low-to-moderate income families, in Chicago’s Lawndale community. The Ezra Project was strengthened through the involvement, energy, and commitment by many Catholic pastors working in ministry on the Westside and their concern about the availability of low-cost, but quality housing.
In the spring of 2006, the Archdiocese made a charitable donation in the amount of $711,800 out of the Affordable Housing Fund to the St. Leo Housing project of the Catholic Charities Housing Development Corporation (CCHDC) to help foster the development of affordable housing for very-low income persons, including persons with physical disabilities. CCHDC was the sponsor of the development of a 14-unit multifamily apartment building, which was a rehabilitation of the former St. Leo the Great Church Rectory at 7733 S. Emerald Street in Chicago, for rental to very-low income disabled households.
The objective of the Archdiocesan affordable housing fund is to expand access to housing at reasonable costs to families and individuals whose incomes range from 60 to 100 percent of Area Median Income. For more information about the Archdiocesan affordable housing fund, interested not-for-profit groups or organizations can contact Nicholas Lund-Molfese, Director, Office for Peace and Justice, 312-534-5383, firstname.lastname@example.org. For more information about The Resurrection Project, contact Raul Raymundo, Chief Executive Officer, 312-666-1323, x.207, email@example.com.