Our Region’s Community Foundation. 0. Roberto Requejo Program Officer The Chicago Community Trust

Our Region’s Community Foundation. 1

Our Region’s Community Foundation.

Roberto Requejo

Program OfficerThe Chicago Community Trust


Our unhealthy “old normal”

A bubble of historical proportions

Source: The Economist (2011)



Growing all over the place

Source: CMAP and Metropolitan Planning Council (2007)

$7 billion per year lost due to traffic congestion costs



A huge mismatch between supply and demand

Source: Homes for a Changing Region (2006)



Fewer and fewer rental options for working families

Source: The Preservation Compact (2007)


The situation today

An unprecedented foreclosures crisis

Source: Woodstock Institute (2011)

% of Properties withForeclosure Filings, 2006-2010

More than 25 percent

15 to 24.9 percent

10 to 14.9 percent

5 to 9.9 percent

Less than 5 percent

Fewer than 20 properties


The situation today

More than half of Chicago’s residents burdened by housing

Source: Chicago Rehab Network (2011)

1 in 4 homeowners “under water”


The situation today

Growing number of homeless children (CPS)

Source: Chicago Coalition for the Homeless (2011)


The Trust’s response

$10 million in grants deployed 2008—2010,

thanks to Unity Challenge donors

Homelessness prevention and services

Rental housing preservation and construction

Resources for tenants

Alternatives to foreclosure and sustainable homeownership

Solutions for vacant properties



www.regionalhopi.org



Borrower outreach and counseling

13,000 homes visited in person

1,000+ families attending


Return on Investment

Cost of counseling a homeowner to avoid foreclosure:

Cost of one foreclosure to municipal agencies:

Cost to nearby homeowners:

Grants to coordinate suburban housing collaboratives:

Federal, State and County dollars leveraged so far:

Cost of homeless services as part of supportive housing:

Cost of homeless services outside of supportive housing:

$500 to $3,000

up to $34,000$220,000

$300,000 $20,000,000

$27,000 $42,075


Building the “new normal”

Nonprofits leading the way


Geoff Smith

Senior Vice PresidentWoodstock Institute

Mortgage Lending:Subprime Mortgages Concentrated in Communities of Color

WOODSTOCK INSTITUTE | JUNE 2011

Higher Cost Mortgage Lending, 2006 Loans by Defunct Subprime Mortgage Lenders, 2006

Source: FFEIC - Home Mortgage Disclosure Act data


Source: Record Information Services

Belmont Cragin Foreclosure Filings - 2006


Belmont Cragin Foreclosure Filings – 2006 +2007



Belmont Cragin Foreclosure Filings – 2006+2007+2008



Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009



Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009+2010



Ofelia Navarro

Executive DirectorSpanish Coalition for Housing

Foreclosure Counseling Casesat Spanish Coalition for Housing

173410

1,358

2,5252,718

410

500

1000

1500

2000

2500

3000

2005 2006 2007 2008 2009 2010

The Spanish Coalition for Housing has had 2,718 new foreclosure counseling cases through December 2010, over 66 times as many as in 2005. This represents an increase of over 660% in foreclosure cases since 2005.

• 21,760 families came to our offices and benefitted from the various programs at SCH

– Pre-purchase (homeownership) counseling 1,414

– Foreclosure Prevention counseling 4,766

– Small Landlord Empowerment Support 1,055

– LIHEAP /Weatherization Program 5,061

– Affordable Rental & Public Housing Program 9,464

Families Served through our Programs in 2010


Cindy Holler

PresidentMercy Housing Lakefront

Mission

5

To create stable, vibrant and healthy communities by developing, financing and operating affordable, service-enriched housing for

families, seniors and people with special needs who lack the economic resources to access quality, safe housing opportunities.

“Bringing the best of each to bear on community solutions”

Mercy Housing Lakefront and Mercy Housing Management Group

Develops, owns and manages 21 Chicagoland properties with nearly 2,800 residents who are formerly homeless, seniors, or working families. Employs 261 persons in Chicagoland. Currently, 371 units of housing under construction. Active in community development strategies in 7 Chicagoland communities.

Mercy Portfolio ServicesManages $169 million in Neighborhood Stabilization Program funds for Chicago working in 29 neighborhoods. To date, 598 units acquired, 189 units under construction, and 25 units completed. New products include an IT Platform known as Community Central and the Mortgage Resolution Fund which works to keep people in their homes.

Joint Venture with The Cara Program. Preserving vacant properties and creating jobs for disadvantaged workers.


Joanna Trotter

Community Development DirectorMetropolitan Planning Council

Catalysts for Change: Private sector

engagement;

Municipal coordination and leadership;

Policy incentives at every governmental level

Engaging employers in housing, transportation, and environmental initiatives



In closing…

This crisis is extensive and complex, but not unmanageable

There is a lot of opportunity triggered by the crisis

Investing in housing is one of the most impactful ways

to help us arrive at a better “new normal”

To learn more about initiatives at the Trust:Factsheet and materials in your packets

www.regionalhopi.org

www.cct.org


Documents

Our Region’s Community Foundation. 0. Roberto Requejo Program Officer The Chicago Community Trust