CHICAGO, ILLINOIS, November 20, 2017 — The Resurrection Project recently received a $65,000 grant from Associated Bank in support of our Financial Wellness services. The funds will generate positive long-term outcomes for the community by encouraging investment, and increasing property values and short-term benefits for families by reducing foreclosure and promoting financial independence.
The communities TRP serves have a strong need for these advances. The area median income (AMI) in these communities is $33,800, which is 50% of the City of Chicago’s AMI for a family of four. Additionally, 49% of all renters in the Chicago metropolitan are cost-burdened, meaning they spend more than 30% of their income on rent and utilities. Chicago’s foreclosure rate is also the 10th highest of all metro areas in the country.
The grant will fund a wide range of TRP’s services that work to address these issues. Financial Wellness empowers families to reduce their debt and build credit through both financial literacy classes and one-on-one counseling. It also creates programs like Lending Circles, a social loan program that offers clients a zero-interest, zero cost, and secure loan that establishes credit history through monthly installment payments. In total, 14 circles with 153 participants have been created, saving participants a total of $36,807 in interest and fees.
TRP also offers courses and counseling tailored specifically for homebuyers and owners through Full Circle Homes (FCH). With services ranging from education to in-house realty to lending and finally to post-purchase support, FCH makes affordable and sustainable homeownership achievable for everyone.
This initiative is part of our Vision 2020 Strategic Plan which is directly supported from the many donors and supporters that contribute to our Imagine More Campaign. We would especially like to thank Associated Bank’s contribution for furthering its already strong legacy of community commitment.