Illinois Attorney General Lisa Madigan announced Tuesday $1.9 million—most of which comes from the state’s portion of a federal settlement with banks over mortgage fraud—will go to rehab historic homes in Chicago’s Pullman neighborhood. Some $1.5 million of the money comes from a 2014 settlement with mortgage lenders including JPMorgan Chase, Wells Fargo, Citi, Bank of America and Ally over fraudulent behavior they are alleged to have encouraged during the lead-up to the 2008 financial crisis. Most of the money will go toward renovating homes in the Far South Side neighborhood, which was created as a company town for Pullman’s once-ubiquitous traincars. The city will kick in an additional $400,000 to help finance the purchase of rehabbed homes as part of an “affordable historic home revitalization initiative,” according to Mayor Rahm Emanuel’s office. That effort is part of a larger state program to battle blight in communities with lots of vacant and abandoned properties. Pullman has seen new development in recent years, including a contentious Walmart in 2010, and ongoing work from the Historic Pullman Foundation to preserve the neighborhood’s architectural heritage. Local preservationists are even hoping to win National Park status for the neighborhood—the National Park Service said late last year that the district “appears likely to meet the national significance and suitability criteria” for further study.
Posts tagged with "historic pullman foundation":
Senators Dick Durbin and Mark Kirk, and Congresswoman Robin Kelly today announced their intention to introduce legislation that would make the Pullman Historic District Chicago’s first national park. Since last year, a movement to designate the South Side Pullman neighborhood a national park has gained momentum. Its historic building stock—full of Romanesque and Victorian Queen Anne style buildings by architect Solon Spencer Beman and landscape architect Nathan F. Barrett — was lauded by the National Trust for Historic Preservation. The National Trust's president, Stephanie Meeks, cheered today’s announcement in a press release:
While the Trust has long supported these preservation efforts at Pullman, we are announcing today that we have named it our newest National Treasure. National Treasures are a portfolio of highly-significant historic places throughout the country where the National Trust makes a long-term commitment to finding a preservation solution. Working with the National Parks Conservation Association and many other partners, the Trust is pledging to stay involved until Pullman receives the recognition it so richly deserves.George Pullman train-car empire birthed the planned industrial town that bears his name during the 1880s. After Pullman died in 1897, the city of Chicago annexed the town. It averted demolition a few times during the 20th century, eventually gaining National, State and City landmark status in 1972. National Park status could bestow additional protections and make it easier for preservation groups in the area to get funding and assistance, in addition to a boost in tourism.