ADVISORY/Unique Corporate/Non-Profit Partnership Saves Chicago Bungalow for Low-Income Family.News Editors ADVISORY ... for Wednesday (Aug. 21) --(BUSINESS WIRE) Greater Southwest Development Corp and PMI See Private Mortgage Insurance. Mortgage Insurance Co. Create Revolving Fund revolving fund n. A fund established for a certain purpose, such as making loans, with the stipulation that repayments to the fund may be used anew for the same purpose. Noun 1. to Rehab Houses for Chicagoans Greater Southwest Development Corp in partnership with PMI Mortgage Insurance Co., and Citibank will unveil their unique collaborative effort to purchase and rehab homes for first time, low-income homebuyers. The first house to be acquired and rehabilitated for sale is at 6426 South Fairfield, an historical Chicago bungalow, situated on the first national "Green Bungalow Model Block. PMI Mortgage Insurance Co., one of the nation's largest mortgage insurers, has established a revolving fund in the amount of $150,000 for use by Greater Southwest Development Corporation (GSDC GSDC German Shepherd Dog Club GSDC Global Service Delivery Center GSDC Georgia Seed Development Commission GSDC Global Subsurface Data Center GSDC Graphic Sign Design Company (Dublin, Ireland) ), a non-profit community development agency that fosters residential, commercial and industrial revitalization in southwest Chicago. PMI has partnered with non-profit housing Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Non-profit housing uses private funding and government subsidies to support a rent-geared-to-income program for low-income tenants. organizations to establish similar affordable housing initiatives in Oakland, Calif., East Los Angeles East Los Angeles, uninc. city (1990 pop. 126,379), Los Angeles co., S Calif., a residential suburb of Los Angeles, in an industrial area. It has a large Mexican-American population. There is a performing arts center and a cultural center. A junior college is there. , Houston, and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . GSDC purchased the Chicago bungalow from Citibank interest free. GSDC is now using PMI funds to rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. the property. Once the property is sold, the revenues will be reinvested in either purchasing or rehabilitating another decaying house, which again, will be sold to a low/moderate-income first time homebuyer.
Event: A community-wide celebration recognizing the
acquisition, rescue and restoration of the notable Chicago
Bungalow at 6426 South Fairfield in Chicago Lawn.
Where: 6426 South Fairfield in Chicago Lawn.
When: Wednesday, August 21, 2002. Tours of four, model block
bungalows will begin at 3:15pm, followed by an appreciation
program at 4:00 pm.
Who: PMI Mortgage Insurance CO. CEO Roger Haughton, Citibank
and Greater Southwest Development Corporation are introducing
PMI's Gateway cities initiative partnership.
Contact: PMI: Josh Wozman, 415/495-1991, joshw@shinoff.com
GSDC: Donna Stites, 773/436-1000 ext. 118,
dsstites@hotmail.com
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