The chairman of the Chicago Housing Authority says he will use a $100,000 stipend he receives from the agency to create a college scholarship fund for public housing residents.
CHICAGO (AP) — The chairman of the Chicago Housing Authority says he will use a $100,000 stipend he receives from the agency to create a college scholarship fund for public housing residents.
James Reynolds says he is creating the scholarship because he doesn’t need more shoes, suits or cars. He added Tuesday he’d rather make a difference in one kid’s life."
The 56-year-old Reynolds said he didn’t know when he was appointed to the post in September by Mayor Richard Daley that he would receive a stipend. His predecessor, Marty Nesbitt, was paid $75,000 annually.
Reynolds is the co-founder, chairman and CEO of Chicago-based global investment firm Loop Capital Markets.
Reynolds said in addition to the stipend, he will also kick in $25,000 of his own money to create the scholarship.
Copyright 2011 The Associated Press.
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