Negocios Now

How a $30,000 investment is resurrecting Chicago neighborhoods By Ulises Silva W hen six area parishes and concerned residents of the troubled Pilsen neighbor- hood pooled their resources in 1990 to address Pilsen's challenges, they couldn't have imagined the impact of their decisions over the next 25 years. That from their $30,000 seed fund, millions would be invested in Pilsen, Back of the Yards, and Melrose Park, and millions more preserved in Little Village through the historic rescue of a savings and loan institution. Even more, that the decisions made in 1990 would result in a model that may resurrect neighborhoods across the country for decades to come. Such is the story of The Resurrec- tion Project (TRP), an organization whose innovation has correlated with the unique, evolving needs of Chicago's Southwest side. Its Com- munity Resurrection Model (CRM) has helped TRP leverage its initial $30,000 seed fund into more than $346 million in community invest- ment. The CRM takes an integrated, 3-pillar approach to creating healthy communities. Community Owner- ship activates neighborhood leaders, parent mentors, and other agents of But TRP has always sought to imagine better things for its commu- nities. Better homes. Better financial health. Better community programs. This drive to always imagine more to address the community's needs is why TRP evolved into a power- ful social enterprise that seamlessly blends community development, community organizing, and advo- cacy with human service delivery. Community Ownership, for exam- ple, now includes early education initiatives, parent-mentor programs, immigration services, and other pro- grams aimed at empowering children, parents, and immigrant families. In 2012, La Casa Student Housing and Resource Center was developed to offer underserved college students the resources and support to complete a four-year degree while living at an affordable, supportive academic envi- ronment. Community Wealth Building now offers a home purchase program, free foreclosure prevention counsel- ing, and small business services. Par- ticipants aren't just building savings; they're building wealth and investing in their communities by becoming homeowners and entrepreneurs. In 2013, this pillar was instrumental in the historic rescue of Second Fed- eral Savings & Loan, whose liquida- tion could have resulted in more than 1,000 foreclosures. TRP orchestrated a rescue by engaging Self-Help Federal Credit Union, Wintrust Financial, and the MacArthur Foundation to resur- rect the bank as Second Federal Credit Union, the largest community devel- opment credit union in Illinois. Stewardship of Community Assets change; Community Wealth Build- ing empowers people with financial knowledge to build wealth and start businesses; Stewardship of Commu- nity Assets allows TRP to develop affordable homes and community assets, the foundation for healthy, sustainable communities. The model started modestly enough. In 1990, Community Owner- ship worked alongside parish allies and partner organizations to civi- cally engage residents and clean up Pilsen—literally and figuratively. Orga- nized residents demanded that the city begin regular garbage pickups and shut down seedy bars and dangerous gang hangouts. TRP's Stewardship of Community Assets pillar began by rehabilitating small apartment buildings. Five years later, TRP and more than 1,000 com- munity leaders challenged then-May- or Richard Daley to invest $2 million into Pilsen to create new homes. That investment helped TRP leverage the funds to create 500 new and affordable single- and multi-family homes. TRP's Community Wealth Building pillar began by offering free financial literacy workshops led by volunteers. These helped community residents understand how to budget, improve their credit, and build up savings. has now developed more than 600 units of quality, affordable hous- ing, including its newest building, Casa Querétaro, a 45-unit apartment building that will open in Decem- ber and offer area families premium apartments at affordable rates. Even now, TRP is imagining more. Its Vision 2020 strategic plan is aim- ing to do more in the next five years than it's achieved in the previous 25. By 2020, TRP expects to have empowered more than 60,000 indi- viduals and leveraged more than $460 million in community invest- ment. TRP's past achievements and future vision have converged seam- lessly during its 25th year of oper- ation, giving the organization a renewed sense of purpose and dedi- cation as it embarks on its ambitious five-year plan for growth. It's fitting, then, that TRP will celebrate its 25th anniversary with the Imagine More Gala on October 22, 2015. The event will be held at the historic Palmer House Hilton. You can purchase tick- ets to the event by visiting www. resurrectionproject.org. TRP's vision will be celebrated at the gala, but the work toward Vision 2020 has already begun in earnest. Casa Querétaro, expanded immi- gration services, and a forthcoming CDFI are just a few of TRP's new initiatives for 2016. And over the course of the next five years—and beyond—TRP is challenging not just itself but its partners, its supporters, and its par- ticipants to imagine more. Not just for Chicago's neighborhoods, but for neighborhoods across the country. Foto Courtesy By 2020, TRP expects to have empowered more than 60,000 individuals and leveraged more than $460 million in community investment. www.negociosnow.com Octubre 2015 21 NegociosNow NegociosNow

• Cover