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Working Capital 6.3.09 SPRING 09 Newsletter FINAL:32531_MKCO_Newsletter_R2.qxd 6/3/09 1:52 PM Page 1 PAGE 5 SPRING 2009 Economic Recovery Bill Offers Assessor's new ONE NORTH LASALLE ST. 12TH FLOOR Presorted approach CHICAGO, ILLINOIS 60602 First Class Community Development Opportunities US Postage By Buzz Roberts, National LISC Senior Vice President for Policy to foreclosures (312) 360-0800 PAID Chicago, IL In many Chicago neighborhoods, the FAX (312) 360-0183 The recently enacted American Recovery and Reinvestment Act – more popularly impact of the foreclosure crisis is obvi - Permit No. 3193 The Newsletter of the Chicago Program of Local Initiatives Support Corporation Local Initiatives Working Capi ta l known as the federal stimulus bill – provides several funds targeted at neighbor - ous, but the effect of foreclosures on hood recovery. The bill is vast, but here are a few: property values is harder to deter - Support Corporation/Chicago mine. Assessor James M. Houlihan • Foreclosed homes: $2 billion for the Neighborhood Stabilization Program for has commissioned a new study of LISC/CHICAGO Spring Into Sports Brings Olympics to the acquisition and rehabilitation of foreclosed and abandoned homes. how foreclosures affect property Board of Advisors 2008 Year in Review This amount adds to the $3.9 billion that Congress approved last year, values in the current environment, Neighborhood Youth LISC/Chicago’s support of community develop - including $55 million for the City of Chicago. Cities, states, and nonprofits which will help his office adjust its CHAIR assessment process to ensure that Perry Pero Taking advantage of the City’s interest in the 2016 Olympic Games, half a dozen ment projects and programs totaled more than $75 can apply for the new funds. homeowners get the most accurate Northern Trust (Retired) Chicago neighborhoods sponsored a new youth sports competition this spring, million in 2008, including grants, loans and equity. featuring a range of Olympic sports and engaging more than 1,500 youth dur - These investments led to the development of 1,079 • Low Income Rental Housing: To jump-start stalled Low Income Housing Tax current assessment possible. David Anderson ing the Chicago Public Schools (CPS) spring break. units of affordable and market-rate housing, financed Credit projects, Congress approved two resources. First, states will receive “With foreclosures at record levels, New Pacific Consulting, LLC 197,112 square feet of commercial space and seed - $2.25 billion in HUD grants under a new Tax Credit Assistance Program, we need to take a fresh look at their Spring Into Sports was held at four impact – not just on the resale prices, Kevin Brookins ed a spectrum of neighborhood-building programs. including $94.7 million for Illinois. Second, states will be able to exchange LIHTC ComEd, An Exelon Company public high schools across the city authority for cash grants to the extent that private investments are not available. but on entire neighborhoods and communities, too,” Houlihan said. James Capraro between April 4 and April 11, which Highlights from 2008 included the New Communities • Community Development Block Grants: An additional $2 billion is available Greater Southwest Development Corp. coincided with the visit of the Program’s “Getting It Done” Conference, where The Assessor’s Office estimates the International Olympic Committee. over 900 participants from across the country to cities and states, including $22.5 million for the City of Chicago. value of 1.8 million properties in Cook Franklin Cole (Emeritus) Croesus Corporation Athletes played and competed in learned from the NCP model of comprehensive County using sophisticated model - • Energy efficiency: The Energy Department will distribute $5 billion in ing that incorporates sales data and DeShana Forney sports from badminton to basket - community development. The year also saw the weatherization funds, which can provide up to $6,500 for each housing unit other information. Partnering with Illinois Housing Development Authority ball to boxing, and past Olympians launch of programs like Elev8, which brings new and occupied by households with incomes up to 200% of the poverty line. HUD were on hand to share their expe - existing LISC resources to students in five schools RW Ventures, LLC and University of Laurence Freed will also distribute $250 million to improve the energy efficiency of Section 8, Chicago professor Christopher Berry Joseph Freed and Associates riences and work with kids. across Chicago, and the Great Neighborhoods Section 202 (elderly) and Section 811 (disabled) housing. and with funding from the MacArthur Program, which will apply NCP lessons to other Foundation, the Assessor’s Office will Frances Grossman ShoreBank Corporation Organized in cooperation with Chicago neighborhoods, starting in Albany Park. • Homelessness prevention: $1.5 billion, including $34.4 million for Chicago. study concentrations of foreclosures Beyond the Ball, World Sport And in October, LISC/Chicago welcomed Bishop around individual properties, explore Lori Healey Chicago, the Chicago Park District • Public housing improvements: $4 billion, including $221 million for Chicago. Chicago 2016 Spring into Sports closing ceremonies on Arthur M. Brazier as its first Senior Fellow. differences in sales volume among and CPS, all events were held at April 11 , 2009 at Crane Technical Prep High School neighborhoods, and look at foreclosure Michael Lewis high schools in four host communi - While there was much to celebrate in 2008, the • AmeriCorps: An additional $89 million. resale data, as well as other factors. Harris ties where New Communities Program (NCP) lead agencies – Bickerdike, Enlace economic downturn presented challenges as Houlihan has already announced John G. Markowski Chicago, Near West Side CDC and Teamwork Englewood – took responsibility for well. But LISC/Chicago’s programs continue th Community Investment Corporation that assessments will decline in John A. Canning, Jr. of Madison Dearborn Partners chaired the 15 Annual CNDA, which programming the activities and involving neighborhood youth and their families. to be uniquely able to respond to these chal - suburban areas by 5 to 15%. The welcomed a record number of 1,500 people to celebrate the best in Chicago's neighorhoods. John Newman lenges quickly and effectively. In addition to impact on Chicago properties will be The Private Bank “For us, Spring Into Sports is a demonstration of the vitality of our neighborhoods found as the triennial reassessment NCP’s comprehensive foreclosure-response Terry Peterson and their capacity to be part of the global community,” said Keri Blackwell, Program is done in the latter half of 2009. The Friend of the Neighborhoods Award The Norman Bobins Leadership Award strategy, Centers for Working Families are pro - Rush University Medical Center Officer with LISC/Chicago. Blackwell explained that “Spring Into Sports is not a viding assistance to more people than ever, Christine Raguso momentary effort but part of an ongoing program to create healthy, engaging including housing and employment counseling. Senior Chicago Department of Community Dev. activities for youth on an ongoing basis.” Hipolito Roldan Fellow Update Hispanic Housing Development Corp. As a result of the surge in community sports in Chicago neighborhoods, LISC has Bishop Arthur M. Ellen Sahli established Neighborhood Sports Chicago (www.neighborhoodsportschicago.org), Brazier, appointed Chicago Department of Community Dev. an association of community-based organizations working to engage youth and as LISC/Chicago’s families in sports, active-living and broader community-building activities. In addi - first Senior Fellow Scott Swanson tion to providing a healthy, active way to spend spring break, Spring Into Sports last year, has Charter One Bank - Illinois previewed the summer programs that will be in neighborhoods soon. And judg - begun sharing his David Vitale experiences and ing by the success of Spring Into Sports, this summer promises to be the best yet. wisdom across Thomas Weeks WeeksWeldon Development Company the country, with More pictures on page 5 presentations to national LISC staff at Andrew J. Mooney a meeting in Philadelphia and sev - Executive Director eral community development events LISC/Chicago in Kansas City. He has also penned Valerie B. Jarrett, Senior Advisor to President Rami Nashashibi, Executive Director, Barack Obama and Assistant to the President for Inner-City Muslim Action IN THIS ISSUE: several memoirs on his experiences th More than 1,500 youth participated in Olympic activities as part of Spring Into Sports. Intergovernmental Relations and Public Liaison Network (IMAN) The Neighborhood CWFs Step Up in 15 Annual CNDA Interview with First Quarter Economic Recovery in community development. Stabilization Program: Hard Times Honors the Best in Chuck Wolf, Walter S. LISC Grant & Bill Offers www.lisc-chicago.org A Chicago Perspective Chicago Neighborhoods Mander Foundation Loan Activity Opportunities PG 2 PG 2 PG 3 PG 4 PG 4 PG 5 6.3.09 SPRING 09 Newsletter FINAL:32531_MKCO_Newsletter_R2.qxd 6/3/09 1:52 PM Page 2 PAGE 2 WORKING CAPITAL – The Newsletter of the Chicago Program of Local Initiatives Support Corporation – SPRING 2009 PAGE 4 The Neighborhood Stabilization Program: 15 th Annual CNDA Honors the Best in Chicago Neighborhoods The Walter S. Mander Foundation Committed to th ® A Chicago Perspective By Bill Goldsmith, President of Mercy Portfolio Services The 15 annual
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