First Eagle Bank and PCDAC

People's Community Development Association of Chicago, Inc (PCDAC) is a nonprofit community development and housing developer, supporting low-income families through job training, youth programs, rehabilitating and new construction of affordable housing on the West Side of Chicago. The organization is led by Rev Michael Eaddy, a well-respected community leader and organizer. With his steady leadership, PCDAC is turning vacant lots into affordable housing, transforming a distant dream into a reality.

In 2015, the organization broke ground and successfully completed a 36-unit affordable multi-family residential development dubbed Harvest Homes Apartments. First Eagle Bank is proud to have played a small, yet significant role to date by providing predevelopment financing and grant money to assist PCDAC with funding the initial planning phase of this low-income housing tax credit (LIHTC) project.

Five years later in 2021, the organization was ready to proceed with Phase II and started the initial planning of Harvest Homes Apartments II which will entail 43 rental units. First Eagle was able to expand its relationship with the organization and provide seed money needed to secure the lots and start its predevelopment process. The development will include a series of masonry 6-flat buildings with offices and a community room. The site, which is located next to Phase I, is situated near public transportation, schools, and the Garfield Park Conservatory will provide necessary affordable housing availability to the local residents and community.