[Congressional Record Volume 141, Number 110 (Monday, July 10, 1995)]
[Extensions of Remarks]
[Page E1399]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


 PRAISING VOICE OF THE PEOPLE IN UPTOWN, INC. AND THE UPTOWN NATIONAL 
                            BANK OF CHICAGO

                                 ______


                          HON. SIDNEY R. YATES

                              of illinois

                    in the house of representatives

                         Monday, July 10, 1995
  Mr. YATES. Mr. Speaker, at a time when the Federal Government is 
giving tax breaks to those who need it the least and shrinking away 
from its obligations to help those who need it the most, I am proud to 
rise and take this opportunity to acknowledge the valuable 
contributions of two outstanding organizations in my district: Voice of 
the People in Uptown, Inc. and the Uptown National Bank of Chicago.
  In general, the housing market in the uptown area of my district is 
characterized by a low level of homeownership, combined with a growing 
level of suffering among the poor and middle classes. The need for 
affordable housing is reaching heights not seen since the Great 
Depression.
  Earlier this summer, these two marvelous groups from the uptown 
region in Chicago's 48th ward were nationally recognized by the Social 
Compact in its 1995 Outstanding Community Investment Awards program for 
their partnership in helping lower-income minority and immigrant 
families in Chicago realize the American dream of homeownership.
  Since its founding in 1968, Voice of the People has dedicated its 
energies to preserving uptown's ethnic and economic diversity by 
providing quality, affordable housing for lower-income people through 
new construction, rehabilitation of existing properties, and management 
of affordable rental housing.
  Although Voice of the People has always had the highest and most 
honorable of goals, in reality without a strong financial partner very 
little could be accomplished. The Uptown National Bank took on the role 
of the stalwart guarantor by providing $2.1 million in construction 
financing, ensuring the viability of the project. Throughout the whole 
development process, the bank absorbed many expenses to keep the final 
sale price at its lowest possible level. Ultimately, 28 families in 
Chicago's uptown area have realized their American dream of 
homeownership.
  I applaud the collaborative efforts of Voice of the People and Uptown 
National Bank and wish them continued success in future endeavors. 
Since the completion of the project, the overall market value for the 
immediate neighborhood has increased and greater stability, safety, and 
commitment in the uptown community has resulted.
  I am hopeful the success these two organizations have achieved can 
become a template for the Federal Government when we finally get back 
to helping those who truly need our help.


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