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Housing Initiative Maribel Hopgood LaVaughn Henry (312) 280-7702 (312) 368-6278 April 19, 2005 Greater Humboldt Park “American Dream Initiative” Launched Initiative expected to bring $200 million in resources to provide affordable work force housing and encourage homeownership Designation of unprecedented community-wide partnership CHICAGO, IL – The Greater Humboldt Park community has been named an “American Dream Community” by Fannie Mae (FNM-NYSE), an effort that is expected to bring an unprecedented total of as much as $200 million in private investment to the neighborhood during the next five years. A broad-based coalition of community organizations was joined by Congressman Luis Gutierrez (D-IL), Chicago Mayor Richard M. Daley, Aldermen Edward Smith (D-28) and Billy Ocasio (D-26) today in announcing the details of the designation. Member organizations of the Greater Humboldt Park Housing Committee include the Bickerdike Redevelopment Corporation, the Hispanic Housing Development Corporation, the Spanish Coalition for Housing, the Latin United Community Housing Association, Latinos United, the Near North Neighborhood Network, The Humboldt Park Empowerment Partnership, the Division Street Business Development Association, and the Puerto Rican Cultural Center. “The Humboldt Park area is a great place to live. We want every resident – regardless of their income or race – to be able to reach the dream of homeownership in our community. This program, and this substantial financial commitment, will help our residents to reach their dreams,” stated Alderman Ocasio. “In Chicago we will continue to support affordable housing not only in the Latino community, but in all areas of Chicago regardless of age, income or background. The number of Latino and African-American homeowners has increased by 44,000 in the past ten years. In the greater Humboldt Park area alone, we have created hundreds of units of affordable housing over the past few years, from affordable apartments to new single-family homes and senior apartments,” said Mayor Richard M. Daley. The Greater Humboldt Park area is bordered by Diversey on the North, Kinzie on the South, Cicero on the west and Western on the east. It includes Humboldt Park and portions of Logan Square, Hermosa, Austin, West Town and Belmont-Cragin. Phase I will target the Humboldt Park Redevelopment Area within these boundaries. Some neighborhoods in the area have seen increasing home prices, making it difficult for low- and moderate-income residents to afford units in the neighborhood. “The Humboldt Park area will now be home to one of the most comprehensive and innovative community development projects ever undertaken to protect affordable housing and encourage homeownership. It is a true community partnership and we are very excited to be a part of it,” said Paul Roldan, President of the Hispanic Housing Development Corporation. According to 2000 U.S. Census data, the area is comprised of nearly 90 percent minority residents. However, property values in the community have been rising and many lower-income residents are finding a declining amount of affordable housing. Overall, the homeownership rate of 34 percent lags behind the city of Chicago rate of 44 percent. The homeownership rate among minorities is lower than 34 percent. Announced in January of 2004, the new goals of Fannie Mae’s American Dream Commitment® pledged to help six million families, including 1.8 million minority families, become first-time homeowners over the next decade. As part of the commitment, several communities across the nation will be selected to receive comprehensive support focused on community development. The primary goals of the American Dream Commitment are to:
“Historically, Fannie Mae has been a significant investor in the Greater Humboldt Park area. Since 1994, the company has invested approximately $1 billion through various housing investment vehicles in the community,” stated Fannie Mae’s Jeff Hayward, senior vice president, Housing and Community Development. “In addition, Fannie Mae is working with lending and community-based partners to meet the homeownership demands of the burgeoning emerging market in the U.S.” The Humboldt Park Housing Committee has been meeting for over a year to assess the community’s needs, highlight common priorities, and build broad-based support and prepare the application. This work has been done in collaboration with the city and Fannie Mae officials to identify immediate needs and agree on programs and initiatives that will be targeted for support. “This designation will provide unprecedented resources to our community and represents a once in a lifetime opportunity for community leaders to encourage homeownership and to both preserve and increase the affordable housing stock in our neighborhood,” said Congressman Luis Gutierrez. Gutierrez, Ocasio and community leaders detailed the short-term and long-term goals of the initiative today. Among the specifics detailed today that are expected to be key components of the American Dream Community initiative are: New Housing Initiatives. Fannie Mae will support new innovative initiatives by providing technical assistance to local community partners as they seek to create programs such as Employer-Assisted Housing, a Faith-based Initiative, and a Community Land Trust. Single-family mortgage products and experiments. Fannie Mae will actively encourage its lender partners to become deeply involved in the Greater Humboldt Park community and to offer flexible and innovative financing in the community Pre-Development funding. Fannie Mae will seek opportunities to finance predevelopment costs on affordable housing projects through debt financing. Low-income housing tax credits and public finance bond purchases. Fannie Mae will seek opportunities to purchase tax credits from both for-profit and nonprofit developers. It will also seek opportunities to purchase single-family and multifamily tax-exempt bonds for affordable housing developments. Homeownership counseling. Through the American Dream Community initiative, financial counseling and education will be offered by local community partners to community residents through pre-purchase, post-purchase and delinquency counseling. Build New Partnerships. Fannie Mae will assist the Humboldt Park Housing Committee in creating new strategic partnerships with Fannie Mae approved lender partners, corporations and other entities in order to leverage and enhance further the community-wide partnership. A wide range of additional components for the initiative will be evaluated by Fannie Mae and local community partners through the designation, including possible Tax Increment Financing District leveraging, community branding to encourage homeownership in Humboldt Park and regional lending programs. “Because of community cooperation and perseverance, the Humboldt Park area will now be at the forefront nationally of creative, effective homeownership and affordable housing efforts. The American Dream Community will allow us to keep our community growing, thriving and diverse,” said Congressman Luis Gutierrez. Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. Fannie Mae has pledged through its American Dream Commitment to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com American Dream Commitment is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.
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The Greater Humboldt Park 
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