Chicago City Mayor's Office issued the following announcement on Sept. 3.
Mayor Lori E. Lightfoot and Department of Housing (DOH) Commissioner Marisa Novara joined the Community Investment Corporation (CIC) to announce a $330 million lending commitment from 40 banks for the acquisition and rehabilitation of 7,000 units of affordable rental housing on Chicago’s South and West Sides. This commitment by CIC and its investor banks is expected to finance affordable rental units in up to 400 buildings over the next five years. CIC will align their commitment with the Mayor’s INVEST South/West initiative to attract further private and philanthropic investment for equitable development and increased opportunities in neighborhoods that have experienced disinvestment for decades.
"As we continue to weather the storm of COVID-19, it's our responsibility to make sure that our residents, especially those on our South and West Sides, have a place to call home and find shelter," said Mayor Lightfoot. "Partnerships with and investments from organizations like CIC and its investor banks are just what we need to ensure our communities have access to the safe, affordable housing they need now more than ever. Securing these funds and the projects they enrich will ultimately build on our ongoing neighborhood improvement initiatives such as INVEST South/West, protect the residential infrastructure of our communities, and restore the vibrancy of our economy at the local level."
The announcement was made at a CIC-financed courtyard building in the City’s South Shore neighborhood, a community where CIC has financed over $60 million to preserve 1,800 units over the past 10 years. The building is owned and operated by Anthony Oliver, who also owns 150 affordable rental units on Chicago’s South and West Sides, and represents the type of CIC borrower – local business people – who provides the vast majority of affordable housing in Chicago and throughout the country.
“This $330 million commitment to CIC represents a major effort to counter the historic disinvestment in many Chicago communities,” said CIC Chicago President Jack Markowski. “It will preserve our affordable housing stock, invest in communities that are most in need, and build and strengthen the local businesses who own and operate the buildings.”
Since 1984, CIC has provided $1.5 billion to rehab and preserve 63,000 units of affordable housing throughout Chicago. This new investment will not only create and preserve affordable rental opportunities but also increase access to credit for entrepreneurs and small business owners who are committed to neighborhood development on the South and West Sides.
“CIC has a deep knowledge of our neighborhoods and consistently supports the City’s small, community-based developers who are essential in creating and preserving affordable rental housing that our city desperately needs,” said DOH Commissioner Marisa Novara. “The majority of CIC’s borrowers are women and people of color, so when they invest in local entrepreneurs, not only do they produce affordable housing, they also build wealth for populations long denied that opportunity.”
Original source can be found here.
Alerts Sign-up