CommunityVenturesProgram

The Jewish Council on Urban Affairs’ Community Ventures Program (CVP) is dedicated to fortifying and reinvigorating Chicago neighborhoods, by providing zero-interest loans that fund housing and economic development projects across the city. CVP provides loans to pay predevelopment costs, leverage other financing, and get projects off the

CVP strengthensChicago’s neighborhoods.

ground. These crucial investments help create and preserve affordable housing units and living-wage jobs. CVP funds projects in all parts of Chicago, specifically targeting neighborhoods and projects that serve disinvested communities and their residents. Since its inception, the program has provided more than $5.4 million in zero-interest loans,

leading to the creation or preservation of 4,100 affordable housing units and creation of 1,000 short- and long-term jobs. CVP’s Advisory Committee, comprised of lawyers, developers, bankers and community development experts, works to identify projects and make sure loans are awarded to economically viable projects that align with JCUA’s overall mission.

In 1991, visionary JCUA board members Herb Heyman and Howard Landau joined with family, friends and colleagues to assemble seed money for affordable housing in Chicago’s underserved communities. This marked the birth of JCUA’s Community

A history of commitment.Ventures Program. Since then, CVP has leveraged hundreds of millions of dollars of public and private funding for preconstruction and permanent financing. Over the years, JCUA has expanded its investments beyond housing to include job creation and community-based economic development projects. In 2010, JCUA established the Community Ventures LLC to streamline fundraising and funding within the program. By pooling resources, CVP offers a participation vehicle for individuals, foundations, and other entities that see affordable housing and expanded opportunities as central components of a more just city.

1Jarvis and Farwell Senior Housing (Rogers Park)

2Mayfair Commons

(Albany Park)

3Zapata Apartments

(Logan Square)

4Lincoln Park Community

Services (Old Town)

5Humboldt Park Residence

(Humboldt Park)

6Gracie’s Cafe

(Near West Side)

7The Hatchery

(East Garfield Park)

8Warren Apartments

(Near West Side)

9Casa Del Sol

(Pilsen)

10Roosevelt Road VeteransHousing Project (North

Lawndale)

11NSP Scattered Site Homes

(North Lawndale)

12Latinos Progresando

(Marshall Square)

13Rosenwald Courts

(Bronzeville)

14Woodlawn Park

(Woodlawn)

15Ogden Apartments(West Englewood)

16Gotham Greens Extension

(Pullman)

CVP strengthensChicago’s neighborhoods.

1

2

34

5

67 8

9

1011 12

13

14

15

16

CVP Projects2008-2019

Rosenwald Courts

Humboldt Park Residence

In 2019, JCUA awarded Latin United Community Housing Association (LUCHA) a loan for predevelopment costs for the rehabilitation of Humboldt Park Residence (HPR), an existing single-room occupancy (SRO) development on Chicago’s West Side. The Humboldt Park neighborhood is one of many areas in Chicago

In 2012, JCUA provided a predevelopment loan to renovate Rosenwald Courts in the Bronzeville neighborhood, which includes 239 units of senior and affordable housing with two acres of courtyard green space. This apartment complex is named for the man who built it, Julius Rosenwald, who was president of Sears, Roebuck and Company and a renowned philanthropist. Rosenwald was a Jewish community leader and developed the property to provide high-quality affordable housing for the African-American community. By supporting Rosenwald Courts,

JCUA and CVP leveraged the funds for the redevelopment and carried on Rosenwald’s legacy of supporting an improved quality of life for neighborhood

challenged by gentrification and displacement of lower-income residents. The rehab of this facility (for which JCUA provided a predevelopment loan when it was built in 1995) will provide 65 studio units with private baths for very low income residents — those earning less than $17,760 annually.

residents. The completion of this rehabilitation has spurred other multi-family developments that provide affordable housing in Bronzeville.

Lincoln Park Interim Supportive Housing

Gotham GreensHumboldt Park Residence

In 2018, JCUA provided Lincoln Park Community Services (LPCS) a predevelopment loan to build 48 units of interim supportive housing for men and women.

Located in the Old Town neighborhood, the project is part of a 68-unit campus that includes 20 studio apartments of permanent supportive housing and

represents a 130 percent increase in the number of housing units provided by LPCS. For over 30 years, LPCS has served Chicago’s homeless community by empowering individuals facing homelessness and poverty to secure stable housing and make sustainable life changes. As LPCS’s first development, this was an ambitious project and JCUA was eager to be a strong partner. This facility is located in one of Chicago’s most affluent neighborhoods, and serves as a reminder that the problem of homelessness is pervasive and must be addressed in every community.

In 2018, JCUA awarded Chicago Neighborhood Initiatives (CNI) a loan for predevelopment costs and site preparation for the construction of a 100,000 sq. ft. greenhouse facility on a long-vacant property in Pullman. This project is an important piece of the revitalization story in Pullman, which is bringing jobs, economic development and affordable housing to a neighborhood that is experiencing one of the highest

unemployment rates in the city. The greenhouse facility is operated by Gotham Greens, a leading regional producer of pesticide-free vegetables and herbs. This renewable electricity-powered facility is providing 60 living-wage permanent jobs for far South Side residents, and is serving as an anchor to attract other commercial opportunities that are bringing even more jobs to the neighborhood.

TESTIMONIALS

“JCUA’s CVP support for Lincoln Park Community Services went above and

beyond the much needed financial loan for this project. It has provided the hope

and the belief that a community can respond to homelessness.”

Dan Hula,Former LPCS Executive Director

“In 2009, CVP stepped in with a $100,000 predevelopment loan to support architectural plans for the

Preservation of Affordable Housing’s (POAH) Woodlawn Park project. JCUA

was a pleasure to work with, and I commend their flexibility and vision in providing zero-interest early money for ambitious projects like ours. Our plans ultimately become a national model for

community investment.”

Bill Eager Senior Vice President,

Real Estate Development, Midwest Region for POAH

“JCUA has demonstrated an enduring commitment to affordable housing for Chicago’s low income residents. By

providing seed funding for the creation of Humboldt Park Residence in 1997

and supporting its much-needed renovations in 2019, they have shown that they are deeply invested in this

work for the long haul.”

Lissette Castañeda, Interim Executive Director, LUCHA

From JCUA’s inception in the 1960s, we’ve maintained an enduring commitment to affordable and equitable housing across Chicago. Our founder Rabbi Robert Marx marched with Dr. Martin Luther King, Jr. in Marquette Park to denounce the racism and unjust real estate practices that routinely excluded African-Americans from residing in certain neighborhoods — making Chicago one of the most segregated cities in the country.

The Community Ventures Program (CVP) was launched in 1991 with an investment that created 86 units of single-room occupancy (SRO) housing for residents experiencing homelessness in the Uptown neighborhood. Since then, the Community Ventures Program has been a significant component of JCUA’s work. CVP addresses part of our longstanding mission — to combat poverty by working with communities experiencing disinvestment throughout Chicago. CVP does this by funding affordable housing, creating living wage jobs and spurring economic development. Chicago has been and remains a city of neighborhoods, and CVP exists to support their growth and viability.

We invite you to invest in the CVP loan fund. As Chicago is threatened by growing gentrification, rising rents, and the ongoing challenge of unemployment in lower-income neighborhoods, we can play an important role in ensuring Chicago is affordable for all its residents.

Warmly,Judy Levey, JCUA Executive DirectorSeptember 2019

CVP Advisory Committee

Zachary Braun* Senior Vice-President, First Eagle Bank

Ralph Brown President, Technical Assistance Corporation

Steve Keen Consultant, Executive Service Corp of Chicago

Lori KohnSenior Vice President, Head of Special Assets and Portfolio Management, Byline Bank

David LevinsonConsultant, Recycling Industry

Nadia Underhill Vice President of Housing and Real Estate, Thresholds

*Committee Chair

For more information, contact:

Jewish Council on Urban Affairscontact@jcua.org312-663-0960jcua.org/community-development