The Leaders Bank is among the 40 area banks financially supporting the Community Investment Corporation $330 million investment pool to finance the acquisition and rehabilitation of 7,000 units of affordable rental housing in the Chicago region over the next five years.
“This $330 million commitment to CIC represents a major effort to counter the historic disinvestment in many Chicago communities,” said CIC Chicago President Jack Markowski at a news conference that included Chicago Mayor Lori Lightfoot, Chicago Housing Commissioner Marisa Novara and representatives from the participating banks. “It will 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 news conference was held at a CIC-financed courtyard building in South Shore, a community in which CIC has financed over $60 million to preserve 1,800 units over the past 10 years.
"This major commitment from CIC and its investor banks will ensure that our communities that suffer from housing insecurity will have the resources they need,” said Mayor Lightfoot. “This will ultimately allow us to reinvigorate and preserve the residential infrastructure in these communities for years to come.”
CIC is the leading lender for affordable multifamily housing in Chicago’s low and moderate income communities. Since 1984, CIC has provided $1.5 billion to rehab and preserve 63,000 units of affordable housing throughout the Chicago area.
An active supporter of CIC for many years, The Leaders Bank remains on the roster of CIC’s 40 investors including 31 banks that are renewing their support as well as 9 banks making investments for the first time.
“The Leaders Bank is proud to be partnering with CIC on this important initiative which allows us to support critically needed affordable housing through a very efficient market-based model that has proven very effective for more than 35 years,” said Charles Hall, Executive VP at The Leaders Bank and Chairman of the CIC Multifamily Loan Committee.