February 5, 2016
For Immediate Release
Media Contact: Diana Pando, 312-880-1140 /email@example.com
The Resurrection Project (TRP) is proud to announce the completion of Casa Querétaro, a brand new, state-of-the-art apartment building in Pilsen. Casa Querétaro, which has 45 units of quality, affordable housing, was created to help working families stay in the neighborhood while enjoying the amenities, safety, and comfort of a modern home.
TRP, community stakeholders, and elected officials will celebrate this community achievement on Tuesday, February 9th at 2:30 p.m. at Casa Querétaro, located at 2012 West 17th Street, Chicago, IL 60608.
“The Resurrection Project continues its commitment to balanced development by creating affordable and dignified housing for working families,” said Raul Raymundo, TRP’s CEO. “The new construction comes at a time when people are struggling to find housing within their budgets and TRP is proud to be able to offer quality, safe housing people can afford.”
While Casa Querétaro is a beautiful building and community asset it wasn’t always this way. Prior to the construction TRP and area residents organized to tear down the abandoned silos that used to be on the vacant lot where Casa Querétaro now stands. The silos were a magnet for vandalism and criminal activity, and the site itself was often used to burn tires, creating a health hazard for area families and children.
“We are delighted to partner with TRP, said Eugene Jones, Acting CEO of the Chicago Housing Authority. What we’re doing here today is the future, ensuring that Chicagoans can find the affordable housing they need in the neighborhoods they call home.”
“Citibank is proud to collaborate in partnerships like Casa Querétaro because together we can strengthen local communities and support the expansion of affordable housing opportunities for families in Chicago,” said George Wright, Citi Community Development – Global Consumer Group . Citibank provided $8.5 million as bond financing that was used during the construction of Casa Querétaro.
“TRP has a proven track record of transforming at-risk communities into communities of promise by providing safe, affordable housing,” said Mike Jacobs, Senior Vice President of Acquisitions/Originations of the National Equity Fund. “National Equity Fund provided $5.3 million in equity from 4% Low Income Housing Tax Credits proceeds to finance this project.”
Alderman Daniel “Danny” Solis of the 25th Ward also commented on the importance of projects like Casa Querétaro to transform the community. “Our partnership with TRP is helping to provide affordable housing solutions to families,” said Alderman Solis. “To-date TRP is the leading developer in the neighborhood that has provided over 370 units of quality housing in Pilsen to ensure families can afford a dignified place to live.”
Casa Querétaro represents a $15 million investment in Chicago’s Pilsen community that has created jobs and economic opportunity. In the summer, TRP will host a community celebration for families to come and learn more about this new community asset.
The project is possible thanks to significant investment from the following financing partners: City of Chicago’s Department of Planning and Development, Citi Community Capital, Chicago Housing Authority and The National Equity Fund. The architects are DesignBridge Ltd., the general construction company was DENCO Construction, Inc.
The completion of Casa Querétaro is just the beginning of TRP’s Vision 2020, a five-year strategic plan that will allow TRP to do more in five years than in the last 25.
After 25 years and an initial seed capital of $30,000 from area parishes, The Resurrection Project (TRP) is a powerful and effective social enterprise that seamlessly blends community development, community organizing, and advocacy with human services delivery to create vibrant, healthier and involved communities. Our efforts have resulted in leveraging $346 million in community investment.