The Department of Housing (DOH) Commissioner Marisa Novara joined the Community Investment Corporation (CIC) to announce 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. CIC will align their commitment with the Mayor’s INVEST South/West initiative to attract further private and philanthropic investment for equitable development and increased opportunities in neighborhoods that have experienced disinvestment for decades.

The announcement was made at a CIC-financed courtyard building in the City’s South Shore neighborhood, a community where CIC has financed over $60 million to preserve 1,800 units over the past 10 years. The building is owned and operated by Anthony Oliver, who also owns 150 affordable rental units on Chicago’s South and West Sides, and represents the type of CIC borrower – local business people – who provides the vast majority of affordable housing in Chicago and throughout the country.  For more information about CIC and its affordable housing programs, visit www.cicchicago.com.  For more information about the RFPs and to submit a proposal visit, Chicago.gov/investsw.