Community Investment Corp. (CIC) announced it has raised $200 million to finance the acquisition and rehabilitation of affordable rental housing in the Chicago area. The funding will help preserve 7,500 affordable apartments that will house approximately 18,000 people.
The funds were raised from 37 area banks, including Associated Bank, BMO Harris Bank, Citi Community Capital, Fifth Third Bank, First Midwest Bank, MB Financial Bank, The Northern Trust Co., PNC Bank, The Private Bank, and Wintrust Financial Corp.
“CIC’s new fund is an impressive illustration of our investor banks’ commitment to Chicago neighborhoods,” said Jack Markowski, CIC president, in a statement. “The banks’ ongoing support will help CIC build on a 30-year track record that has preserved more than 55,000 affordable apartments throughout metro Chicago.”
The new loan pool will provide reliable access to capital for CIC’s Multifamily Loan Program, which is the foundation of CIC’s activities. Begun in 1984, the program provides credit to underserved communities, and primarily targets privately owned rental housing that constitutes the vast majority of affordable rental housing in Chicago and across the country. CIC’s Multifamily Loan Program has provided more than $1.2 billion to acquire, rehab, and preserve 55,000 units of affordable housing for more than 130,000 metro Chicago residents since 1984.
The latest funds will help finance projects over the next five years.
CIC is a certified Community Development Financial Institution.