Chase Donates $145,000 to Expand NHS's Historic Chicago Greystone Initiative

Business Wire, Oct 4, 2007

CHICAGO -- Building on the success of Neighborhood Housing Services of Chicago's Historic Chicago Greystone Initiative([R]), JPMorgan Chase today announced the donation of $145,000 to help more North Lawndale homeowners afford to rehab and preserve their 100-year-old Greystones.

"Chase is proud to make this brick-and-mortar commitment to make visible improvements to Lawndale, a neighborhood known for its Greystones," said William Daley, Chairman of the Midwest Region for JPMorgan Chase. "When one homeowner improves their home, the folks up and down the block notice and think about doing the same."

Daley announced Chase's support in front of an ornate Greystone in the 4100 block of West 21st Street. Diane Hueston told the crowd that her mom - Virma Hueston, a North Lawndale resident for more than 40 years - plans to apply for one of 20 Chase-sponsored grants to improve the facade of her Greystone in the K-Town area - known for its "K" streets including Karlov, Keeler and Kildare.

Launched in June 2006, NHS's Historic Chicago Greystone Initiative[R] is being piloted in North Lawndale to provide financial and technical assistance to help homeowners preserve, restore and modernize their historic Greystones. With Chase's generous support, NHS will be able to provide 20 $5,000 grants to Greystone owners in K-Town, an area in North Lawndale with one of the highest concentrations of these historic buildings in Chicago. Chase also has made an $80,000 grant to assist homeowners in danger of foreclosure through NHS's Home Ownership Preservation Initiative. Since 2003, HOPI has saved more than 1,500 homes from foreclosure and enabled 5,500 families to receive foreclosure counseling.

"Chase's generosity will make it easier for homeowners to rehab and preserve their Greystones," said Bruce Gottschall, executive director of NHS in Chicago. "Chase is a long-standing partner of NHS and we thank them for helping us build pride in place."

Over the next year, the facades of more than 70 Greystones will be renovated using a combination of affordable lending, city TIF grants for income-eligible homeowners, and targeted incentives, such as Chase's K-Town Greystone Grant, said Charles Leeks, Neighborhood Director of the NHS North Lawndale office.

"This is creating a buzz in North Lawndale," he said. "The preservation work made possible by Chase, the City and Department of Housing, and other partners is strengthening our historic community as well as our glorious Greystones.

"Their investment ensures the Greystone will be here now and for future generations to cherish," he added.

The Mayor's Office, the City, and the Department of Housing have embraced the Greystone Initiative from the beginning. "The Department of Housing is glad to support this initiative because it will help preserve these beautiful, historic buildings and bring improvements to the North Lawndale community. Preservation of Chicago's housing stock is an important part of keeping neighborhoods affordable," said Ellen Sahli, Acting Commissioner, Chicago Department of Housing. "This new support from Chase will allow NHS of Chicago and the City to expand its reach and assist even more homeowners."

For more information on the Historic Chicago Greystone Initiative[R], call the NHS North Lawndale Office at (773) 522-4637.

Neighborhood Housing Services of Chicago is a nonprofit housing, counseling, and lending organization which has loaned and leveraged investment of more than $1.1 billion in Chicago's neighborhoods. Our mission is to create opportunities for people to live in affordable homes, improve their lives, and strengthen their neighborhoods. Since 1975, NHS of Chicago has served 168,883 families, loaned more than $419 million, created 3,128 new homebuyers, educated 25,472 individuals, and financed, built or rehabbed 26,923 homes. For more information, visit www.nhschicago.org.

Chase is Chicago's most convenient bank, with 350 branches and 1,400 ATMs in the Chicago area. Parent company JPMorgan Chase is one of the world's leading banks, with $1.5 trillion in assets. More information about Chase is available at www.chase.com.