RESURRECTION PROJECT RECEIVES $7.2 MILLION TO BUILD HOMES
JP Morgan Chase has awarded $7.2 million to The Resurrection Project to build 150 affordable housing units. Photo courtesy of JP Morgan Chase
BY TIA CAROL JONES
Chicago is one of seven winning cities in the JP Morgan Chase AdvancingCities Challenge. Resurrection Project, a collaborative of seven community organizations, will receive $7.2 million to boost long-term homeownership by building 150 affordable modular homes as well as provide financial products and coaching on the South and West sides.
Charlie Corrigan, head of Midwest Philanthropy at JP Morgan Chase, said the financial institution has been looking at ways to invest and support communities through lending, grants,
expertise and consulting.
Resurrection Project was just one of the applicants in the national competition, which Corrigan described as
“extremely competitive.”
“We were thrilled to see all the partners that came together, all non-profits that came together under Resurrection Project’s leadership for this grant proposal,” he said. “It’s very much in
the same spirit of some of the business commitments that did come out recently from Chase around making sure that we are doing better to lend to Black and Latinx households.”
The grant is part of JP Morgan Chase’s $500 million, five-year initiative to provide inclusive growth and create greater economic opportunity in communities and cities. It also builds on the financial institution’s recent $30 billion commitment toward advancing racial equity.
Corrigan said while the grant is different in structure from the initiative, it is consistent in JP Morgan Chase looking for ways to support Black and Latinx households.
Corrigan said what set Resurrection Project apart from the rest, was its vision to address the challenge of homebuilding and homeownership in Chicago. He said he also was impressed
by the collaboration between Resurrection Project’s partners, which include Back of the Yards Neighborhood Council, Peace and Education Coalition of the Back of the Yards Neighborhood, Precious Blood Ministry of Reconciliation, Capital Good Fund, Lawndale Christian Development Corporation and Southwest Organizing Project. “Great organizations working across multiple neighborhoods and with great track records - these are groups that get things done,” he said.
Corrigan said it was also the innovation of wanting to provide modular housing. He said no one has tried this approach to build affordable, but high-quality homes. And, no one has made sure the prospective home buyer has the education, coaching and products they need to sustain and maintain ownership.
Raul Raymundo, CEO of the Resurrection Project, said the organization has proven that creating wealth through homeownership can happen, if done right. “We believe there’s no shortage of working families, particularly low-income, working families who want to become homeowners. And, there’s no shortage of vacant land to build on that. What is needed is making
sure families are prepared, educated to be ready buyers to obtain, maintain and sustain a home, the right way and overtime, build wealth,” he said.
Raymundo said what was also missing and needed was a product. Raymundo said the seven organizations have been working in partnership throughout the years, having relationships
with their leaders.
Raymundo noted that Resurrection Project has already built one model and is looking to build two more models in 2021, one in Back of the Yards and one in North Lawndale. He said the organization is also looking to engage residents in those communities by creating financial literacy, counseling education
and preparation for them to be sustainable homeowners. It will also create a revolving loan fund to build these homes and identify other opportunities to identify other housing stock in these communities. “Helping families to buy, not just these new homes being built, but the existing market homes that are there,” he said.
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