Head of CHA donates salary to scholarship fund

The chairman of the Chicago Housing Authority is donating his salary to a commendable cause.

James Reynolds normally earns $75,000 per year as the head of the CHA. But instead of collecting his stipend, the 56 year old announced yesterday that he is donating all of the money to Windows of Opportunity, a not-for-profit affiliate of the CHA. The money will be used to begin a scholarship fund for residents of public housing.

Additionally, Reynolds is also adding another $25,000 of his own money to the fund, bringing the total to $100,000.

The fund will be used for tuition as well as supplementary costs like books, transportation, and even study abroad programs. Ultimately, Reynolds hopes the money can help residents become less dependent on public housing and more self-reliant.

Reynold was selected as the chairman of the CHA last August by Mayor Richard Daley. He is also the founder and CEO of Chicago-based investment banking firm Loop Capital Markets and serves on multiple civic boards throughout Chicago.

Reynolds said that he took on his role at the CHA “not even knowing there was a stipend attached.” He explained that he doesn’t need the money and would rather try to “make a difference in one kid’s life.”

“I think the key to our young people leaving public housing for good is education,” Reynolds added.