By Matt Bailey
The housing stock around Chicago’s Pilsen neighborhood is about to receive a $13.5 million boost.
Earlier in the year, suburban Melrose Park received a $4.5 million award through the Neighborhood Stabilization Program with the purpose of, “purchasing foreclosed homes and make them affordable,” according to Alex Morales, the resource development project manager for The Resurrection Project.
The larger allotment to the New City community area (which includes the Back of the Yards neighborhood that borders Pilsen) and subsequent rehabilitation will benefit those individuals and families earning 50 percent, or less of the Area Median Income.
The Resurrection Project has been involved in the affordable housing business for more than a decade, and Morales said it has earned the trust of Pilsen residents through its support.
“We have turned $30,000 [their initial funding grant] into $100 million in community reinvestment,” he said.