At a reception at the Civic Opera House June 4 featuring appearances by Chicago Mayor Rahm Emanuel and Cook County Board President Toni Preckwinkle, CIC announced the renewal of its lending pool for $200 million through the year 2020. The pool will fund rehabilitation of 7,500 affordable rental units – enough to house 18,000 people – primarily in low- and moderate- income areas of the six-county Chicago area where credit is scarce.
“In the stronger areas of the city, in the strong markets, there’s a vibrant lending environment. But there’s a much slower gradual recovery that still faces many challenges in the low- and moderate-income areas of the city,” said CIC President and CEO Jack Markowski. “Nevertheless, our history proves that lending in these communities has been and will continue to be good business.”
The $200 million revolving loan fund provides lending capital supplied by 37 institutional investors, including PNC Bank, Fifth Third Bank and BMO Harris Bank. Loans from the new funding agreement will be designated for borrowers acquiring and rehabilitating affordable multifamily rental housing in Cook, DuPage, Kane, Lake, McHenry and Will Counties.
Read the whole article Banks Lend $200 Million to CIC through 2020.