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PROPOSED RESOLUTION
CELEBRATING THE GREATER SOUTHWEST DEVELOPMENT CORPORATION (GSDC) ON ITS 50TH ANNIVERSARY
WHEREAS, the Greater Southwest Development Corporation (GSDC) was formed in 1974 as a result of organizing efforts to hold banks accountable for the growing disinvestment in the Chicago Lawn neighborhood; and
WHEREAS, James F. Capraro was the founder of GSDC and as a result of his leadership, GSDC implemented over half a billion in neighborhood development projects; and
WHEREAS, in 1979, GSDC sponsored the 63rd Holiday Parade, which promoted the local business district along 63rd Street, the purpose was to draw attention to the West Lawn retail shops as well as shops within Chicago Lawn; and
WHEREAS, in 1983, the 63rd Street Growth Commission was born, bringing businesses together to enhance attractiveness and strengthen the small and moderate-size business districts in the area; and
WHEREAS, GSDC works to prevent disinvestment and reverse decline by positioning neighborhoods to compete for investment and maintain a mixed-income economy; and
WHEREAS, GSDC's programs and services are designed to support a healthy community; providing a wide variety of residential, commercial, and industrial assistance; and
WHEREAS, in response to Chicago Lawn's demand for senior housing, GSDC was able to assemble vacant and blighted lots to develop housing for low-income seniors; and
WHEREAS, the buildings bring 170 units of independent senior housing, and 86 senior supportive living units and are anchors in the community; and
WHEREAS, over 30 million dollars has been invested into Chicago Lawn as a result of those buildings, representing a healthy solution to revitalize 63rd Street by eliminating the blighted buildings where now seniors can live; and
WHEREAS, since 1992, GSDC has acquired entire blocks in Chicago Lawn and through Senior Low Income Housing Tax Credits, Chicago Revenue Bonds, Federal Home Loan Bank's Affordable Housing Program, and financing...
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