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New Fund Incentivizes Affordability in Target Areas
The City Council has approved a $30-million fund that will incentivize multifamily investors in targeted areas, to make at least 20% of the units affordable for the next 15 years. The Opportunity Investment Fund program, which will provide low-cost loans, will be administered by the nonprofit Community Investment Corporation (CIC).
“By providing developers with low cost equity, the Opportunity Investment Fund will quickly and efficiently create affordable units in strong markets,” said CIC president John G. Markowski.
The program will preserve an estimated 300 affordable units in the target areas, which could be leased to tenants making up to 50% of the area median income.
Funding on the program will be provided by the City’s Affordable Housing Opportunity Fund, MB Financial Bank, and other public and private sources. The program’s structure was developed with the cooperation of CIBC Bank USA, BMO Harris Bank, Byline Bank and TCF Bank.
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