our region’s community foundation. 0. roberto requejo program officer the chicago community trust
TRANSCRIPT
Our Region’s Community Foundation. 1
Our Region’s Community Foundation.
Roberto Requejo
Program OfficerThe Chicago Community Trust
Our Region’s Community Foundation.
Our unhealthy “old normal”
A bubble of historical proportions
Source: The Economist (2011)
Our Region’s Community Foundation.
Our unhealthy “old normal”
Growing all over the place
Source: CMAP and Metropolitan Planning Council (2007)
$7 billion per year lost due to traffic congestion costs
Our Region’s Community Foundation.
Our unhealthy “old normal”
A huge mismatch between supply and demand
Source: Homes for a Changing Region (2006)
Our Region’s Community Foundation.
Our unhealthy “old normal”
Fewer and fewer rental options for working families
Source: The Preservation Compact (2007)
Our Region’s Community Foundation.
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
Our Region’s Community Foundation.
The situation today
More than half of Chicago’s residents burdened by housing
Source: Chicago Rehab Network (2011)
1 in 4 homeowners “under water”
Our Region’s Community Foundation.
The situation today
Growing number of homeless children (CPS)
Source: Chicago Coalition for the Homeless (2011)
Our Region’s Community Foundation.
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
Our Region’s Community Foundation.
The Trust’s response
www.regionalhopi.org
Our Region’s Community Foundation.
The Trust’s response
Borrower outreach and counseling
13,000 homes visited in person
1,000+ families attending
Our Region’s Community Foundation.
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
Our Region’s Community Foundation.
Building the “new normal”
Nonprofits leading the way
Our Region’s Community Foundation.
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
WOODSTOCK INSTITUTE | JUNE 2011
Source: Record Information Services
Belmont Cragin Foreclosure Filings - 2006
WOODSTOCK INSTITUTE | JUNE 2011
Belmont Cragin Foreclosure Filings – 2006 +2007
Source: Record Information Services
WOODSTOCK INSTITUTE | JUNE 2011
Belmont Cragin Foreclosure Filings – 2006+2007+2008
Source: Record Information Services
WOODSTOCK INSTITUTE | JUNE 2011
Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009
Source: Record Information Services
WOODSTOCK INSTITUTE | JUNE 2011
Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009+2010
Source: Record Information Services
Our Region’s Community Foundation.
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
Our Region’s Community Foundation.
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.
Our Region’s Community Foundation.
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
Our Region’s Community Foundation. 31
Our Region’s Community Foundation.
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
Our Region’s Community Foundation. 33