Lakeside Bank Plays Key Role In Development Of New Affordable Housing Development In North Lawndale
Lakeside Bank is proud to provide the construction financing in a new affordable housing development, Gideon Homes, located in North Lawndale, one of the poorest and most challenged communities in the City. Gideon Homes features nine owner-occupied, rehabbed 2-flats and condominiums. The model unit is located at 3242 West Douglas Boulevard, Chicago, IL.
Along historic Douglas Boulevard, a ribbon-cutting at the new Gideon Homes on August 8, 2007 marked the first grand opening of newly-rehabbed properties in North Lawndale. The event took place on the site of former Lawndale Restoration properties that became known for their disrepair, mismanagement, years of neglect and, according to the City of Chicago, more than 1,800 code violations.
After City inspectors cited 1,800 code violations at the Lawndale Restoration properties in 2004, HUD foreclosed on a $51 million loan on those properties. HUD offered the Restoration buildings to the City, which then asked the Community Investment Corporation to take title on the buildings until they were transferred to developers, including Lawndale Community Development Corporation (LCDC), who developed Gideon Homes. LCDC is one of many organizations and individuals to rehab properties that were formerly part of Lawndale Restoration; overall, more than 1,000 units in North Lawndale will be rehabilitated by over 20 different developers.
LCDC is hardly a newcomer to housing development. The organization has long been a major player in creating and realizing a plan to move this community forward. LCDC has focused on housing improvement, economic empowerment, technology education and community advocacy since 1987; in the last 12 years alone, LCDC has been responsible for more than $32 million in affordable housing and commercial development in North Lawndale.
The Gideon Homes project was made possible by a collaboration between a number of key public, private and not-for-profit entities; including LCDC, HUD, the City of Chicago’s Department of Housing, the Community Investment Corporation, Lakeside Bank and Congressman Danny Davis (D-7th).
“Lakeside Bank reinvests over 100% of our deposits back into the communities we serve. We are thrilled to be part of a project that is revitalizing a community and transforming lives,” said David Pinkerton, Executive Vice President, Lakeside Bank.
The grand opening and ribbon-cutting at Gideon Homes demonstrated the commitment of elected officials, key public agencies and LCDC to providing affordable housing in North Lawndale. The event brought together a range of key players who voiced their support for the new development, many of whom were instrumental in making this project happen.
“Gideon Homes is an important example that shows us how we can make affordable housing a reality in North Lawndale and other communities,” said Congressman Davis, who worked with HUD to ensure the development of this property and emphasized that community involvement must play an important role. “We absolutely must have housing in our communities that is affordable for the people who live in those communities. We can see by this project how many people have rallied around the idea that if we work together, there can be strong support for affordable housing.”
Lakeside Bank has six branches to service the needs of the community: Near North (55 West Wacker), Board of Trade (141 West Jackson), South Loop (2141 South Indiana), Chinatown (2200 South Archer), Near West (1055 W. Roosevelt), and Lakeview/Lincoln Park (2800 N. Ashland). Visit www.lakesidebank.com for more information.
Lawndale Christian Development Corporation was established in 1987 to bring holistic revitalization to the lives and environments of North Lawndale residents through economic empowerment, housing improvements, educational enrichments and community advocacy. In 2003, LCDC was selected to serve as the lead agency in Lawndale for the Local Initiatives Support Corporation’s (LISC) New Communities Program (NCP). LCDC is organizing local residents around the development and implementation of a five-year “Quality of Life Plan,” the goal of which is to create comprehensive, sustainable change in North Lawndale. For more information, visit www.lcdc.net.