Far South Community Development Corporation (Far South CDC) is embarking on a bold “Bringing Communities Back Initiative” (BCBI) to repurpose nearly 1 million square feet of blighted community areas into thriving community anchors that will spur economic growth and repopulate communities on Chicago’s far south side that have experienced decades of chronic disinvestment.
This initiative will focus on three goals:
If awarded the $10 million from Pritzker Traubert Foundation, BCBI’s projects will invest $138.6 million through five projects that will result in 176-units of rental housing; 119-units of single-family homes; 45,000 square feet of new retail storefronts along south Halsted Street, including 10,000 square-feet of grocery; $107 million in construction contracts; and increase population density by 1,400+ new residents.
Through strategic and government partnerships, Far South CDC has already received $15 million from the State of Illinois and is a recipient of the City of Chicago’s $1.4 billion affordable housing initiative for Phase I of Morgan Park Commons. Built-into the project budgets are $1.5 million in Community Service Grants to assist small business operations and home improvements, a down payment fund for renters within BCBI projects, a grant toward the renovation of 2-miles along Major Taylor Trail, and the development of a Welcome Center and Art Gallery, and a grant to Lavizzo Elementary School for technology and infrastructure improvements. Far South CDC will contribute an additional $1 million from profits gained from developer fees and management activities.
Far South Community Development Corp
DL3 Realty L.P.
POAH Inc.
Lamar Johnson Collaborative
Roseland Medical District
Kinexx Modular Construction
Teska Associates
Lavizzo Elementary School
Jelani Realty Advisors LLC
Project Contact Information & Media:
Abraham Lacy, President/CEO
Far South Community Development Corp
Florence Hardy, Chief Development & Innovation Officer
Far South Community Development Corp
Katanya Raby, Director of Planning
Far South Community Development Corp
William Bouman, Project Prog. Coordinator
Far South Community Development Corp
Patricia Ballay, Executive Administrator
Far South Community Development Corp
80-Units of Rental Housing | 10,000 SF of Retail | 3-Acres Park Area
East Morgan Park, Chicago
Estimated Completion: 2024
60-Units of Mixed-Use Housing | 20,000 SF of Retail | JR & MTT Connection
Washington Heights & Roseland, Chicago
Estimated Completion: 2026
36-Units of Mixed-Use Housing | 15,000 SF of Retail | Public Art Display
Washington Heights, Chicago
Estimated Completion: 2025
100-Units of Single-Family Homes | 170,000 SF | Affordable Modular Housing
Roseland, Chicago
Estimated Completion: 2025
19-Units of Single-Family Home Renovations | 25,130 SF | Affordable Housing
Varies on Chicago's Far South Side
Estimated Completion: Ongoing
20,000 SF Welcome Center & Art Gallery | 2 Miles of MTT Bike Trail | Public Art Display East Morgan Park, Chicago
Estimated Completion: 2024
Far South CDC will set up a Down Payment Fund for renters that live in Morgan Park Commons, 107 Jackie Robinson Terrace, and The “101” Residences to be utilized toward the down payment toward either:
1) the purchase of a single-family home within the Washington Heights, Roseland, West Pullman, and East Morgan Park neighborhoods in Chicago; or 2) opening of a small business (e.g. e-commerce, retail storefront, etc.)
Through the proposed $138.6 million in real estate development, BCBI will generate over $100+ million in construction and construction-related opportunities for BIPOC-led (Black and Indigenous People of Color) companies.
The BCBI project will provide homeownership opportunities through the renovation and new construction of 119-affordable-single-family homes within the far south side neighborhoods of Roseland, West Pullman, Washington Heights, East Morgan Park, Chatham, South Chicago, and Auburn-Gresham.
BCBI will contribute $1.5 million that is built into the development budgets and an additional $1 million contribution from developer fees gained by Far South Community Development Corporation that will be reinvested towards Community Service Grants totaling $2.5 million. These grants will be used to improve existing conditions and create opportunities for residents and businesses in the BCBI target community focus areas:
Lavizzo Elementary School
In support of building 100-modular single-family homes surrounding the Lavizzo Elementary School, Far South Community Development Corporation will contribute a $500,000 grant to Lavizzo Elementary School for building improvements or technology infrastructure. Additionally, families that are enrolled in Lavizzo Elementary School will have priority in obtaining a new single-family home.
Altgeld Gardens
Far South Community Development Corporation's BCBI will contribute a $500,000 grant to residents living in Altgeld Gardens for housing, food insecurity, and health and wellness activities.
Home Renovation Grants
To support and provide critical home renovations for residents, BCBI's projects will contribute a $500,000 grant toward home renovations in Washington Heights, Roseland, West Pullman, East Morgan Park, and Riverdale. The average grant size would be up to $25,000 for permanent home repairs.
Small Business Grants
Through the development activities, Far South Community Development Corporation will contribute a $500,000 grant toward existing small businesses along the South Halsted Business Corridor. The average grant size would be up to $10,000 per business for operations, equipment and supplies, and building improvements. These grants can be paired with existing area grants such as the Facade Enhancement Grants, Small Business Improvement Funds, and Neighborhood Opportunity Fund.
Welcome Center & Art Gallery and Renovation of Major Taylor Bike Trail
The wealth shared via Far South Community Development Corporation through the revenue generated from the collection of residential and commercial rents, developer’s contributions and the net profits from the sale of single-family homes will contribute to $529K in funds toward the Center Hub and 2-mile MTT renovation from 107th Street to 122nd Street. Project Amenities will include an Art Gallery for local artists, Divvy Bike Station & Café, Weekend Farmer’s Market, 2 Miles of Major Taylor Bike Trail Renovation, Mini Health & Fitness Gym, and Training Classrooms.
Far South Community Development Corporation
837 West 115th Street, Chicago, Illinois 60643
Copyright © 2021 Far South Community Development Corporation -
All Rights Reserved.
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