$257,000 INVESTMENT BY THE ARCHDIOCESE OF CHICAGO
IN AFFORDABLE HOUSING INITIATIVES
Genesis Housing Development Corporation to Receive Portion of $2.3 Million
Set Aside for Not-For-Profit Developers of Affordable Housing
Chicago, IL (October 7, 2010) – Francis Cardinal George, OMI, Archbishop of Chicago, has announced the allocation of $257,000 in Archdiocesan set aside funds for not-for-profit developers of affordable housing to be given to Genesis Housing Development Corporation on Chicago’s south side.
This investment by the Archdiocese will assist Genesis Housing Development Corporation in providing HUD certified counseling to homeowners in danger of foreclosure and to employ local contractors to rehab homes in Bronzeville, Greater Grand Crossing, Auburn Gresham and South Shore. Recently, Genesis launched initiatives to help renters become homeowners, to train contractors in Green Technology and to train those desiring to become contractors. The organization serves more than 400 families a year.
The funds allocated to Genesis are from the Archdiocesan set aside of $2.3 million for not-for-profit developers of affordable housing to be used as a revolving loan fund at low interest rates. It is intended to create large numbers of single and multi-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 (CCHDC), 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 CCHDC to help foster the development of affordable housing for very low-income veterans, 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.
In the fall of 2009, the Archdiocese announced the investment of $500,000 in The Resurrection Project for affordable housing initiatives on the Southwest side of Chicago.