R. Seelaus & Co., LLC. and the City of Chicago Join Forces to Deploy Capital into Impact Mortgages in Low-to-Moderate Income Neighborhoods Across the City
CHATHAM, N.J. and CHICAGO, Feb. 7, 2023 /PRNewswire/ -- The City of Chicago and R. Seelaus & Co., LLC. have partnered to deploy City of Chicago investment capital into mortgages to minority families in low-to-moderate income neighborhoods across the city of Chicago. By putting their capital to work, The City of Chicago is supporting specific loan programs that benefit low-to-moderate income communities, creating a win-win for families and lenders alike.
The deployment of capital began in late January into loan programs that were underwritten to the guidelines of the Government Backed Enterprises (GSEs), Freddie Mac and Fannie Mae. By working together, they are hoping to create a more equitable and sustainable path to access home ownership and at the same time, hoping to increase lending to an underserved demographic. These investments create a more lucrative environment for originators to do more lending into these communities.
"Having investors target specific geographies and underrepresented groups with their capital will have a profound and lasting impact on the families and neighborhoods of Chicago that need it most," says Annie Seelaus, CEO of R. Seelaus &Co., LLC. "We are proud to be a part of this endeavor. It's a great example of aligning missions and resources to build wealth today for a greater tomorrow."
"Access to homeownership for lower-income households is vital to lifting our marginalized neighborhoods. I believe this initiative will get desperately needed mortgage capital into the hands of our residents and families who have historically been locked out of the American Dream of owning their own home." Said Chicago City Treasurer, Melissa Conyears-Ervin. "Owning a home provides a sense of pride and belonging that can help build stronger and more connected communities."
About the City Treasurer's Office
The City Treasurer's Office is the custodian and manager of all cash and investments for the City of Chicago, the four City employee pension funds, and the Chicago Teacher's Pension Fund. Additionally, the Treasurer's Office manages a number of programs that promote financial education and small business growth in Chicago's neighborhoods. The Treasurer is one of three city-wide elected officials in the City of Chicago, with the Mayor and the Clerk being the others. In May 2019, Melissa Conyears-Ervin made history when she was sworn in as City Treasurer for the City of Chicago, the first African-American woman ever to hold the position without prior appointment. As City Treasurer, she is committed to using a positive, results oriented approach with city departments. She works to restore the public's trust in government–good government–that works for the people and applies an equity lens to all of the office's programs and outreach.
About R. Seelaus & Co., Inc.
R. Seelaus & Co., Inc. was founded in 1984 by Richard Seelaus, originally as a municipal bond broker-dealer. The firm has since become a certified women's business enterprise ("WBE") and has grown into a full-service financial firm that is mission driven in its commitment to creating more opportunities for women in the financial services. R. Seelaus & Co., Inc. and its subsidiaries offer investment advisory, asset management, capital markets, brokerage, fixed income and equity trading, institutional sales, leveraged finance and insurance services. The R. Seelaus & Co., LLC subsidiary is a broker dealer registered with the SEC and member of FINRA, and the subsidiary Seelaus Asset Management, LLC, is an SEC Registered Investment Advisor ("RIA"). With various fixed income trading desks and more than seventy professionals, both entities serve individuals, families, public and private companies, non-profit organizations, and institutional investors. The firm has offices in New Jersey, Connecticut, Florida, Illinois, North Carolina and Massachusetts. For more information about R. Seelaus & Co., and its subsidiaries visit www.rseelaus.com