Mayor Richard M. Daley today celebrated the opening of Cottage View Terrace, a new low-income senior development at 4801 S. Cottage Grove Ave. in the Grand Boulevard neighborhood on the South Side. During the ceremony the Mayor highlighted the City's commitment to African American homeowners and tenants.

"For many years, this lot has been a vacant eyesore, and today we cut the ribbon for 97 beautiful apartments for senior citizens," said Mayor Daley. "Many seniors grew up and raised their families in this community. These units will provide seniors with a safe, secure, and affordable place to call home," said Mayor Daley.

Today's ribbon-cutting celebrates the completion of a newly constructed seven-story building with 85 one-bedroom and 12 two-bedroom units for low-income seniors. Cottage View Terrace received nearly $2.4 million in funding from the Department of Housing (DOH). Total development cost is $12.9 million.

Chicago has shown a strong commitment to support the growing needs of its senior population. Since, 1990 the city has provided financing for the construction of nearly 4,000 units of housing for seniors.

For Chicago, a city of neighborhoods, investment has been the centerpiece of citywide revitalization since 1989.

"Over half of the new homeowners created during this administration live in African American neighborhoods, as do 75 percent of the homeowners who participate in our home repair programs," said Daley.

In addition to investing over $362 million in the creation and preservation of affordable rental units in the African American community, including senior, SRO and family housing, the Mayor highlighted the City's 12-year affordable housing record under which Chicago has:

Helped more than 8,000 working families buy homes with programs like City Mortgage, New Homes for Chicago and the Historic Bungalow Initiative ¿ over 50 percent of these families have been African American; and,

Helped more than 25,000 families repair or improve their homes by making them more energy efficient ¿ over 75 percent of these families have been African American.

"It's wonderful to join together today to also pay tribute to the history and heritage of African Americans and to recognize the many contributions and achievements they have made," said Mayor Daley. "Every year, Chicago reflects on and celebrates the many contributions that Chicagoans of different ethnic and racial backgrounds have made to our City."

This year's theme for African American History Month is "Celebrating African American Heritage: A Commitment to Family, Community and Opportunity."

With the Mayor's $1.4 billion affordable housing plan, DOH has worked to identify concerns in African-American community and to work with other organizations to find solutions that work.

For example, Fannie Mae today unveiled eZ Access, a new pilot program that extends the opportunity for affordable homeownership to historically underserved communities. This pilot brings new technology to underserved areas and allows lenders to say 'Yes, you're approved!' to more home buyers who have historically had credit problems or lacked funds for down payment and closing costs.

"As part of the Mayor's affordable Housing Plan, we are taking additional steps to help our lenders reach more homeowners through the standardization and product innovation. eZ Access will help to approve more borrowers of varied circumstances through technology and other efficiencies that lower costs and expand the reach of consumer-friendly financing," said Terry Young, Fannie Mae's Chicago Partnership Office Director.

"In keeping with this year's theme, it is fitting that multi-million dollar initiatives, including public and private developments, with the support of government, business and the not-for-profit sector have worked to provide affordable housing opportunities for working African American families in their communities," added Daley.

"Our's is a city of neighborhoods and multiple cultures. Our diversity is one of our strengths, and the African American community is a vital part of all the things that make Chicago great.

"Everyone can see how healthy, vibrant neighborhoods and mixed income, ethnically diverse communities are an important part of Chicago's future," he said.