News

Mayor Lightfoot and CIC Announce $330 Million Commitment for Affordable Rental Housing

9.4.2012.15.20

Community Investment Corporation (CIC), Mayor Lori E. Lightfoot, and Department of Housing Commissioner Marisa Novara have announced a $330 million commitment from 40 investor banks to finance the acquisition and rehabilitation of 7,000 units of affordable rental housing over the next five years.

In a news conference at a CIC-financed building in Chicago’s South Shore neighborhood, CIC President Jack Markowski emphasized that this commitment will counter historic disinvestment in many Chicago communities by preserving the affordable housing stock, investing in communities that are most in need, and building and strengthening the local business who own and operate rental buildings.

“Especially during these incredibly uncertain times, residents on our city’s South and West side need access to safe and affordable housing to stay afloat,” said Mayor Lightfoot. “This major commitment from CIC and its investor banks will ensure that all of our communities will have the resources they need to rehab and preserve their residential infrastructure. It will bolster local businesses and economies, and complement our ongoing INVEST South/West initiatives.”

This commitment is made possible by CIC’s 40 bank partners. Representatives from CIC’s eight largest investor institutions joined CIC and the City of Chicago at yesterday’s event, including The Northern Trust, Fifth Third Bank, BMO Harris, PNC, CIBC, Wintrust, First Midwest, and TCF. The complete list of all CIC investors in the $330 million commitment is available here.

Watch News Conference: https://www.pscp.tv/w/1OwGWLEgDQkJQ

CIC is a nonprofit lender and certified Community Development Financial Institution (CDFI). CIC makes loans to small, local owner-operators of rental housing who own the bulk of affordable rental housing in Chicago.