August 27, 2010

Mayor Daley Appoints James Reynolds To CHA Housing Authority Board, Intends To Name Him Next CHA Chairman

City Council Must Approve Appointment First
Mayor's Press Office    312.744.3334

Mayor Richard M. Daley today appointed James Reynolds, Jr., as a member of the board of the Chicago Housing Authority and said that if the City Council approves the appointment, he will name Reynolds CHA board chair.

Reynolds, 56, is the co-founder, chairman and Chief Executive Officer of Loop Capital Markets, a global investment firm based in Chicago.

“One of my highest priorities as Mayor has been to lead the transformation of our old, isolated public housing into vital communities where residents of mixed incomes live together in neighborhoods with good schools, jobs, shopping and housing,” Daley said in a City Hall news conference.

In 1999, the Chicago Housing Authority launched the Plan for Transformation, which committed to demolish the unfit housing in the system and replace it with 25,000 new or rehabilitated units.

Since then , the City has have invested more than $3 billion in public and private resources in the effort and are now more than 70 per cent of the way toward reaching that goal, Daley said.

“I believe we have established a model for other cities seeking to create large-scale change in public housing and in entire neighborhoods, but there is much more to do,” the Mayor said.

“Today, to keep that progress going, I am announcing the appointment of James Reynolds as a member of the CHA Board of Commissioners. If the City Council approves the appointment, I will then name Jim CHA board chairman,” he said.

Reynolds grew up in the Englewood neighborhood and is a graduate of Oliver Wendell Holmes Elementary and Chicago Vocational High School.

In addition to his role at Loop Capital markets, Reynolds has long been active in community affairs.

He is a board member of the Chicago Alliance to End Homelessness, Chicago United, Chicago Symphony Orchestra, The Lyric Opera of Chicago, The University of Chicago Hospitals and The University of Chicago Laboratory Schools.
In addition, he serves as Chairman of the board for the Chicago Urban League, as a member of the Advisory Board of the Levy Institute/Kellogg School of Management at Northwestern University and a member of the CFA Institute.

“Jim Reynolds understands the challenges we face to complete the Plan for Transformation and he possesses the leadership qualities to take us to our goal,” Daley said.

Daley said the success of the Plan for Transformation has involved countless partners from all levels of government, the private sector, the not-for-profit sector, philanthropy, community groups and -- most importantly -- Chicago Housing Authority residents.

He thanked outgoing CHA Chair Marty Nesbitt for four years of strong leadership.

“My strong belief is that partners working together can help re-build and re-vitalize a neighborhood -- store by store and block by block -- so that the lives of all Chicagoans are improved.” The mayor said.

“Jim Reynolds embodies the spirit of collaboration that has made the Plan for Transformation work, and it’s why he is the right person for this job,” he said.

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