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Roberto Requejo Program Officer The Chicago Community Trust

Roberto Requejo Program Officer The Chicago Community Trust. Our unhealthy “old normal”. A bubble of historical proportions. Source: The Economist (2011). Our unhealthy “old normal”. Growing all over the place. $7 billion per year lost due to traffic congestion costs.

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Roberto Requejo Program Officer The Chicago Community Trust

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  1. Roberto RequejoProgram OfficerThe Chicago Community Trust

  2. Our unhealthy “old normal” A bubble of historical proportions Source: The Economist (2011)

  3. Our unhealthy “old normal” Growing all over the place $7 billion per year lost due to traffic congestion costs Source: CMAP and Metropolitan Planning Council (2007)

  4. Our unhealthy “old normal” A huge mismatch between supply and demand Source: Homes for a Changing Region (2006)

  5. Our unhealthy “old normal” Fewer and fewer rental options for working families Source: The Preservation Compact (2007)

  6. The situation today An unprecedented foreclosures crisis % of Properties with Foreclosure 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 Source: Woodstock Institute (2011)

  7. The situation today More than half of Chicago’s residents burdened by housing 1 in 4 homeowners “under water” Source: Chicago Rehab Network (2011)

  8. The situation today Growing number of homeless children (CPS) Source: Chicago Coalition for the Homeless (2011)

  9. 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

  10. The Trust’s response www.regionalhopi.org

  11. The Trust’s response Borrower outreach and counseling 13,000 homes visited in person 1,000+ families attending

  12. Return on Investment $500 to $3,000 Cost of counseling a homeowner to avoid foreclosure: up to $34,000 Cost of one foreclosure to municipal agencies: $220,000 Cost to nearby homeowners: $300,000 Grants to coordinate suburban housing collaboratives: $20,000,000 Federal, State and County dollars leveraged so far: $27,000 Cost of homeless services as part of supportive housing: $42,075 Cost of homeless services outside of supportive housing:

  13. Building the “new normal” Nonprofits leading the way

  14. Geoff SmithSenior Vice PresidentWoodstock Institute

  15. Mortgage Lending:Subprime Mortgages Concentrated in Communities of Color Higher Cost Mortgage Lending, 2006 Loans by Defunct Subprime Mortgage Lenders, 2006 Source: FFEIC - Home Mortgage Disclosure Act data WOODSTOCK INSTITUTE | JUNE 2011

  16. Belmont Cragin Foreclosure Filings - 2006 Source: Record Information Services WOODSTOCK INSTITUTE | JUNE 2011

  17. Belmont Cragin Foreclosure Filings – 2006 +2007 Source: Record Information Services WOODSTOCK INSTITUTE | JUNE 2011

  18. Belmont Cragin Foreclosure Filings – 2006+2007+2008 Source: Record Information Services WOODSTOCK INSTITUTE | JUNE 2011

  19. Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009 Source: Record Information Services WOODSTOCK INSTITUTE | JUNE 2011

  20. Belmont Cragin Foreclosure Filings – 2006+2007+2008+2009+2010 Source: Record Information Services WOODSTOCK INSTITUTE | JUNE 2011

  21. Ofelia NavarroExecutive DirectorSpanish Coalition for Housing

  22. Foreclosure Counseling Casesat Spanish Coalition for Housing 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.

  23. 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

  24. Cindy HollerPresidentMercy Housing Lakefront

  25. Mission Non-Profit Partners, Foundations, and Individuals For-Profit Businesses Government “Bringing the best of each to bear on community solutions” 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. 5

  26. 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 Services Manages $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.

  27. Joanna TrotterCommunity Development DirectorMetropolitan Planning Council

  28. Catalysts for Change: • Private sector engagement; • Municipal coordination and leadership; • Policy incentives at every governmental level

  29. Engaging employers in housing, transportation, and environmental initiatives

  30. 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

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