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CIC Secures $330M of Commitments for Affordable on South, West Sides
The Community Investment Corporation (CIC) has secured 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.
“Securing these funds and the projects they enrich will ultimately build on our ongoing neighborhood improvement initiatives such as INVEST South/West,” said Mayor Lori Lightfoot.
CIC Chicago president Jack Markowski said the $330-million commitment would “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.”
The roster of investors includes 31 banks that are renewing their support for CIC as well as nine lenders making investments for the first time.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
