CHICAGO (CBS) — The head of the Chicago Housing Authority is doing something you don’t normally hear a public official doing – giving money back.

As WBBM Newsradio 780 reports, CHA chairman James Reynolds is supposed to collect $75,000 a year for his job. But Reynolds, 56, is also the chief executive officer of Chicago-based global investment firm Loop Capital Markets.

LISTEN: Newsradio 780’s Bernie Tafoya reports

Reynolds, 56, says he doesn’t need any more cars, suits or shoes, so he’s giving the money back to the CHA to create a scholarship fund for residents.

Reynolds is also kicking in $25,000 of his own money to start the scholarship fund off with $100,000.

He said Tuesday he’d like to “make a difference in one kid’s life.”

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS Radio and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)

Watch & Listen LIVE