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.
