The Resurrection Project (TRP) announces the acquisition of Hotel Lugo, the only Single Room Occupancy (SRO) operating in Pilsen, granting affordable housing to underserved community members, some in severe risk of homelessness. As new developments emerge in Pilsen, residents are concerned about the rising cost of housing. This may eventually force local residents out of their homes because they are unable to afford the high rents. This 54-unit, three-story property is TRP’s first project under the City of Chicago’s Single-Room Occupancy Preservation Ordinance. The City Ordinance supports the preservation efforts of SRO properties through investment and various financing mechanisms that creates and preserves affordability for low and moderate income households. “While SROs are in decline, TRP is working to preserve these valuable community assets instead of allowing them to be turned into high priced development projects.” said Raul Raymundo, TRP’s CEO. “Today, Casa del Sol residents do not have to worry about being forced out due to higher rents. Instead, they will continue to have access to affordable housing.”
Casa del Sol residents come from all walks of life and include veterans, people with disabilities and mental illnesses, homeless, and even low-income students. The SRO is a valuable resource to people who have fallen on hard times. One example is, Monica Mosqueda, was renting an apartment in Pilsen but could not afford the rising cost of rents. Today, Monica is a resident of Casa del Sol. “SROs give working class people a dignified and affordable place to live,” noted Monica. “If a developer had purchased the building, I don’t know if I could find housing that I could afford in the Pilsen community.” Casa del Sol will also be working with the San Jose Obrero Mission who is transitioning services from their Little Village location to Pilsen. The San Jose Obrero Mission is working with the City of Chicago and The Department of Family and Support Services (DFSS) to continue to provide housing within the SRO to homeless women who are being moved from the Little Village site. Preservation of SROs is critical because there are few SRO buildings available city-wide. TRP continues its commitment to affordable housing and helping individuals who have fallen on hard times by providing them with opportunities to improve the quality of their lives. Financing for the acquisition of Casa del Sol was provided by Community Investment Corporation, the Chicago area’s leading lender for the acquisition and rehab of affordable rental housing. Since 1984, CIC has provided $1.2 billion to finance 55,000 rental units, including many of Chicago’s SRO properties. For more information about The Resurrection Project, please visit www.resurrectionproject.org.
