CCWBE Report

80%

Staffing was the major barrier to progress in professional development, as the organization expected to have completed an engagement of HR Recruitment professionals and hired a Managing Director for the Voice Owner’s Network (VON) Program. Funding delays, paired with delays from our lender on approving affordable housing covenants on the first three “pilot properties” designated for inclusion in the Dovie Thurman Affordable Housing Trust, had a cascading effect setting back progress on objectives. Even with these challenges, progress was made on important planning matters by Dovie Trust leaders, Voice fiscal agency staff and board members, TA/Legal Service Providers; and specifically on advancing acquisition plans for the San Miguel Apartments (71 units) and other Heartland Alliance properties, which prospectively can be included in the next round of projects added to the Trust – like the “Leland Hotel” referenced below.

90%

Advancing property tax initiatives took center stage in June, with meetings with the Chief of Staff of State Senator Mike Simmons, the leading host-sponsor with Voice for the upcoming Property Tax Session on July 24th on “Social Cost Appeals”. At this session, we plan to bring together owners of affordable housing and their supporters around the common problem of high taxes and restricted cash flows that put affordable housing at risk. Tax savings are a lynch pin of member benefits of the Dovie Thurman Affordable Housing Trust and is central to rationale for preferential status for financing, grant funding, subsidies and technical assistance of service-enriched, permanently affordable housing. In follow-up phone consultations and communications with the Senator and other host-sponsors, including the alderwoman and state representative, the schedule, site and agenda for the session was confirmed (with Truman College), and planning on agenda/strategy started with the lead presenters for the session. This included Voice legal counsel Craig Donnewald, Esq. (from Finkel Martwick & Colson), Pedro Morales of Voice of the People (Finance & Compliance Manager), and the Commissioner of the Cook County Board of Review, Samantha Steele, with Ryan McIntyre and James Werner in support of her. Samantha Steele’s team authored a study on the subject of social cost impacts, especially as it affects valuations in gentrifying communities. Voice will be providing input and feedback on content that will be presented in summary at the July session. We consider this a substantial accomplishment that a public official would conduct research, based on Voice’s concept of social costs informing property valuations and appeals, with special attention to township/community areas, their owners and residents, who are stressed by gentrification and displacement.

80%

The new Managing Director, which we could not hire as planned due to funding delays/cancellations, was expected to supplement other staff efforts in organizational systems development. The Managing Director was expected to begin orientation and professional development, and to put finishing touches on marketing materials, branding, outreach and education plans targeting future potential members and supporters from Uptown/North Lakefront region, and subsequently, South/West sides. During the month, Voice requested TA support for the development of those marketing plans with CCLF COLT Federation and UIC CUED, with a decision still pending, but not with optimistic outlook, as Phase 1 TA providers may no longer be available for such assistance, and the Implementation Phase III has been canceled for CLT start-up funding.

No

No

0

0

8

2

As detailed in recent CWEB reports, current fiscal year funding is the greatest limitation on internal capacity. This is far behind, relative to budget and increasing via work plan for community wealth building. Longer term financial planning for staff support is further complicated, because of cancellation of potential eligibility for Implementation Phase III CWEB funding for CLT start-ups, except as it pertains to DOH-funded acquisition and development projects.

Significant time was devoted to communicating with potential community development financial institution partners about general and special grant support needed, including financial empowerment programming for tenants, consistent with objectives of Dovie Thurman Affordable Housing Trust, and with potential extension of credit, based on government fees or grants receivable. Conversations were advanced with traditional funders, including PNC Bank, and alternative funders, like the Jewish Council on Urban Affairs Community Ventures Program (CVP) – a program with a history of providing working capital and pre-development lending on a very favorable basis. Voice advanced proposals to PNC Bank to strengthen ties with them, requesting both event and program support, and laying the groundwork for a future line of credit option, which could be useful in administration of government grants. The organization specifically requested support of the JCUA CVP program to the tune of a little over $98,000 for maximum bridge funding of CWEB funding, and consistent with their planned/growing support of community land trusts like the Dovie Thurman Affordable Housing Trust. Finally, in June, we sought to address our staffing capacity issue (referenced above) temporarily with the addition of an Americorps VISTA team member, who would be dedicated full-time to the Voice Owner’s Network (VON) program, including the biggest project thereof, the Dovie Thurman Affordable Housing Trust.