WASHINGTON, D.C. – May 5, 2015 – (RealEstateRama) — In a city as large as Chicago, it can be difficult for communities to find the economic support they need. A lack of access to financial services and limited community development can inhibit the growth of these neighborhoods, but one organization has dedicated itself to ensuring that communities can thrive. The Resurrection Project (TRP) stands as a pillar of support for Chicago’s Southwest Side, including Pilsen Back of the Yards and Little Village.
Their work has given the residents of these communities more opportunities to grow together and invest in their futures. This year, TRP is celebrating its 25th year anniversary and, since its inception in 1990, TRP has leveraged more than $340 million in community investment and its plan for its strategic vision 2020 is to do more in the next five years than in the last twenty-five.
Woodstock Institute will honor TRP with a Community Investment Award on May 14.
For 25 years, TRP has brought opportunities and support to southwest side neighborhoods. TRP programs include housing, financial services, education, and safety. One of TRP’s biggest recent initiatives is La Casa, which provides housing for colleges students. La Casa gives students the on-campus college experience in an affordable way in the community. Students can work with each other and use the La Casa Student Resource Center, where students can access technology and learn about internships, among other services.
TRP has also always provided bilingual and culturally competent financial opportunities in its communities. TRP provides residents and local business owners opportunities for financial and business planning to buy a home and/or start or expand their business. TRP held a free six-week training program for local entrepreneurs on the latest business trends. TRP will also be providing access to capital opportunities to local small businesses.
One of TRP’s greatest contributions to southwest side housing and development was its lead role in the rescue ofSecond Federal (SFS). After SFS was closed by the Federal Deposit Insurance Corporation (FDIC), TRP forged a unique partnership with Self-Help Federal Credit Union out of North Carolina to create the largest community development credit union in the state of Illinois. The partnership resulted in preventing a potential wave of foreclosures for southwest side communities already deeply impacted by the foreclosure crisis.
Today, SFCU has executed more than $30 million in new mortgages and responsible lending products—including auto loans and variety of consumer products—that are meeting needs of families and helping them avoid predatory lending. For example, Dreamer Loans are helping families stay together, encouraging youth to exceed in school, and enabling DREAMERs build credit and develop responsible financial habits. Used car loans from dealerships with annual percentage rates (APR) that typically hovered over 20 percent are now a thing of the past, since SFCU car loans average eight percent APR.
The Community Investment Awards Reception is supported by Citi.