Bronzeville Lakefront Development: CVP provided a $200,000 loan to Chicago Neighborhood Initiatives for the Bronzeville Lakefront Development, an 80-acre multi-phase development on the site of the former Michael Reese Hospital. The loan will cover predevelopment costs for the first phase of the ten-year project, which will include the creation of 300 units of affordable housing for seniors. This is CVP’s second project in Bronzeville in a year, following our loan to the Renaissance Collaborative for rehabilitation of the Wabash YMCA.
Casa Del Sol: CVP provided a $100,000 loan to The Resurrection Project to rehabilitate Casa Del Sol, a 53-unit Single Room Occupancy (SRO) facility in the Pilsen community. Casa Del Sol is the only remaining SRO in Pilsen. As Chicago loses many SRO buildings to gentrification — and as Pilsen is being hit especially hard — Casa Del Sol fills a critical need for affordable housing in the neighborhood.
The Conservatory Apartments: CVP provided a $100,000 loan to Interfaith Housing Development Corp. (IHDC) to cover predevelopment costs for a new 42-unit project in Humboldt Park. This Permanent Supportive Housing (PSH) development will serve adults with disabilities and is located one block from the Garfield Park Conservatory and two blocks from the CTA Green Line. It will be energy efficient and Passive House rated. This is CVP’s third loan to support an IHDC project, demonstrating our commitment to long-term partnership and sustainability.
Gotham Greens: CVP provided a $100,000 loan to Chicago Neighborhood Initiatives (CNI), a Pullman-based nonprofit development corporation. Working with Gotham Greens, CNI is constructing a 100,000 sq. ft. greenhouse facility on the long-vacant Ryerson Steel site in the Pullman neighborhood. CNI completed the site demolition, installation of environmental barriers, utility installation and necessary site preparation. CNI then sold the improved land to Gotham Greens who is constructing the greenhouse facility. The farm will create 70 temporary construction jobs and 60 permanent jobs, the majority of which will be filled by community residents. This project is an important piece of the redevelopment story in Pullman that is bringing economic development to an area of the city with a 24 percent unemployment rate, and where 22 percent of the residents live below the poverty line.
Humboldt Park Residence (HPR): CVP provided a $100,000 loan to Latin United Community Housing Association (LUCHA) for the rehabilitation of Humboldt Park Residence (HPR), an existing 68-unit single-room occupancy (SRO) development on Chicago’s West Side. As the City of Chicago is experiencing the loss of many SRO buildings, HPR helps fill a critical need for affordable housing in the neighborhood.
Humboldt Park United Methodist Church: CVP provided a $100,000 loan to the Humboldt Park United Methodist Church (HPUMC), located at 2120-22 N. Mozart in Logan Square to pay for remediation of code violations identified by the City Department of buildings. The majority of the violations relate to the repair of the envelope of the building — the parapet walls, coping tiles, chimney reconstruction, and tuckpointing. The repairs will be done to the portion of the property that contains 12 apartments which provides affordable housing to low- and very- low income households.
Latinos Progresando (LP): CVP provided a $50,000 loan to LP, a 20-year old community organization, to expand its services to the community through high-quality, low-cost immigration legal services, technical assistance to small businesses in the area, and mental health and wellness services. LP currently serves approximately 400 immigration clients each month, many of whom are undocumented and ineligible for funding from traditional sources.
Lincoln Park Interim Supportive Housing: CVP provided a $100,000 loan to Lincoln Park Community Services (LPCS) to develop 48 units of Interim Supportive Housing (ISH) in Chicago’s Old Town community. The project is part of a 68-unit development that will include an additional 20 units of permanent supportive housing and on-site supportive services on the same campus. LPCS is one of the most successful programs in the City, noted for returning homeless persons to stability and employment.
Ogden Apartments: CVP provided a $125,000 loan to Interfaith Housing Development Corporation (IHDC) to cover predevelopment costs for Ogden Park Apartments in West Englewood. IHDC, in partnership with Trilogy Inc., a nonprofit behavioral health care organization serving persons with special needs, will serve two populations in need of permanent supportive housing. Nineteen of the units will be targeted to homeless individuals with a chronic disability. The remaining 6 units will be targeted to people from the State Referral Network (SRN). The SRN connects persons with disabilities and those experiencing homelessness or at risk of homelessness to affordable supportive housing options around the state.
Roosevelt Road Veterans Project: CVP provided a $100,000 loan to A Safe Haven to cover a portion of the predevelopment costs for this 90-unit facility for veterans experiencing homelessness and veterans with disabilities. All units will have project-based subsidy attached which will make all of them affordable to very-low income tenants and will limit rents to 30% of an individual’s monthly income. The project will follow the permanent supportive housing model and provide on-site supportive services.
Wabash YMCA: CVP provided a $100,000 loan to The Renaissance Collaborative (TRC) to cover predevelopment costs for the rehabilitation of the Wabash YMCA, a 101-unit Single Room Occupancy (SRO) property in Bronzeville. First opened in 1914, the Wabash YMCA was one of 25 YMCAs supported by Julius Rosenwald and served as an important social center within Chicago’s Black Metropolis area. CVP provided a loan to TRC to help save the Wabash Y more than 20 years ago, and we’re thrilled to partner with TRC once again to support the facility’s rehabilitation and long term affordability.
Warren Apartments: CVP provided a $100,000 loan to Heartland Housing to support the development of Warren Apartments, a 75- unit mixed-income development. This project complements the 89 units of supportive housing at Heartland’s award-winning neighboring Harvest Commons apartments, renovated in 2013. The development helps to address the need for affordable workforce housing in the rapidly gentrifying Near West Side and West Loop neighborhoods The project is situated in an area which had been home to one of the most dilapidated public housing projects in the city, Henry Horner Homes. Since most of the development was torn down over 20 years ago, the neighborhood has been consistently gentrifying with market rents commanding over $3000 per month for a two-bedroom unit. At the time Horner was demolished, the city and developers committed to replace it with a “mixed-income” community. In order to fulfill that commitment, it is crucial that the affordable housing component be included in the fabric of the design of the neighborhood rather than as an afterthought.
West Pullman Apartments: CVP provided a $150,000 loan to Interfaith Housing Development Corp (IHDC) for the West Pullman Apartments. The loan will cover predevelopment costs for 39 units of permanent supportive housing. This development will serve families who were formerly homeless, many of who have household members with disabilities. The West Pullman development will meet all Passive Home requirements, meaning that its airtight design will decrease the building’s reliance on fossil fuels. This will be CVP’s first project in West Pullman, a neighborhood that has experienced severe disinvestment and vacancy over the past decades.
1850 S. Racine: CVP provided a $100,000 loan to The Resurrection Project for a portion of the predevelopment costs to develop five lots into 37 units of housing — one-, two- and three-bedroom apartments — to address the need for affordable housing in the rapidly gentrifying Pilsen neighborhood. The project will serve families between 30-36 percent of Area Median Income.
To learn more about recent projects, read the 2019 CVP Annual Report.