September 26, 2016
FOR IMMEDIATE RELEASE
MEDIA CONTACTS:
Diana Pando, 312.880.1140
[email protected]
Maria Jimenez, 312.880.1882
[email protected] 

AFFORDABLE HOUSING PRESERVED IN MELROSE PARK

The Resurrection Project and The Habitat Company Create a Unique Partnership

CHICAGO, IL, September 22, 2016 – The Resurrection Project (TRP) and The Habitat Company (Habitat) announce the preservation of 142 units of affordable rental housing in Melrose Park.
The official ribbon cutting ceremony will take place Thursday, September 29th at 12:30 pm at Casa Heritage, 10315 Palmer Ave, in Melrose Park, IL. Cook County Board President, Toni Preckwinkle is scheduled to attend, along with other civic and community leaders.
Casa Heritage underwent a year-long rehabilitation of the 142 unit, seven two-story building complex containing a mixture of studio and one-bedroom units. The property will continue as an affordable rental property and many of the long-time residents have returned to newly renovated apartments.
“If Casa Heritage did not exist senior citizens like me would struggle to pay high rent and utilities,” said Willa Mae Johnson, resident at Casa Heritage. “I’m thankful for the new renovations because they represent new beginnings for the residents at Casa Heritage.”
“The need for affordable housing in Cook County is great, and support for projects like this has been a priority for my administration,” said Cook County President Toni Preckwinkle. “I am pleased that Casa Heritage is ready for occupancy and will provide a much-needed affordable housing option for this area.”
The joint venture between The Resurrection Project (TRP) and The Habitat Company (Habitat) represents a unique partnership between two highly regarded Chicago development organizations.  For TRP, Casa Heritage represents a deepening of its commitment to the preservation of affordable housing for working class families. It also strengthens the relationships and ties that it continues to form in Melrose Park and Proviso Township area.
Since 2008, TRP has partnered with Mt. Carmel Church to provide financial literacy and empowerment education, homebuyer education, and foreclosure prevention counseling services in Melrose Park.
“Our goal has and will always be the creation of healthy communities where residents play an active role in the neighborhood revitalization,“said Raul Raymundo, CEO of The Resurrection Project. “Casa Heritage represents our commitment to building on the assets of the community while preserving affordable housing in Melrose Park.”
For Habitat, which led the design and financing of the project, Casa Heritage, demonstrates the continued commitment to the preservation and expansion of its affordable housing portfolio.
According to Habitat President, Matt Fiascone, “Bringing together both for-profit and non-profit developers to facilitate a complex public/private partnership is the sort of difficult but necessary development program that has built Habitat’s 45-year legacy. Innovative structures that maximize available resources, as we did with Casa Heritage, improve the lives of community residents, and provide quality affordable housing to hard-working Cook County families.”
As a result of the TRP acquisition, Casa Heritage residents will have access to a full range of services including financial capability workshops. TRP’s workshops will help residents develop budgets and learn more about other housing options. TRP will also be a liaison between the residents and other community organizations to provide them with much needed resources.

In the past, TRP has also been the developer of the Proviso Township Mental Health Commission and completed eight Neighborhood Stabilization Program homes. Melrose Park families participating in TRP’s Financial Wellness program were able to purchase these homes.

Casa Heritage previously owned by Habitat, was acquired by TRP at a sale price more than $800,000 below market value. The discounted sale of the former Heritage House property allowed the project to qualify for additional resources through the Illinois Affordable Housing Tax Credit. Together, through the bargain sale and tax credits, approximately $1 million in additional capital was generated, all of it necessary to allow the redevelopment to move forward.
This joint venture between TRP and THC, a $17 million preservation deal, would not have been possible without the investment (Tax Exempt Bonds, 4% Low Income Housing Tax Credits, and HOME funds) from the Illinois Housing Development Authority (IHDA). Additional financing included LIHTC, Bonds and Trust Fund loan, U.S. Department of Housing Urban Development, Bellwether, City Real Estate Agents, Cook County Home Loan, and Citibank.
About The Habitat Company
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 25,000 units under management across six states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. 
About The Resurrection Project
The Resurrection Project is a multifaceted organization that seamlessly blends community development, community organizing, human service delivery, and advocacy to build healthier and engaged communities. Since its founding in 1990 with an initial seed capital of $30,000, TRP has leveraged more than $431 million in community reinvestment through homes for ownership, rental housing, small businesses and community facilities. To date TRP has developed 733 units of affordable housing, and created over 264,000 square feet of community commercial space, creating vibrant, healthier and involved communities. For more information about The Resurrection Project, please visit www.resurrectionproject.org.

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