Wintrust is among the 40 local banks supporting Community Investment Corporation (CIC) and its $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 commitment to CIC represents a major effort to counter the historic disinvestment in many Chicago communities,” said CIC Chicago President Jack Markowski. “It will preserve our affordable housing stock, invest in communities that are most in need, and build and strengthen the local businesses that own and operate the buildings.”
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 rehabilitate and preserve 63,000 units of affordable housing throughout the Chicago area. Its market-based model supports critically needed affordable housing, and it has proven to be effective for more than 35 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 Chicago Mayor Lori Lightfoot. “This will ultimately allow us to reinvigorate and preserve the residential infrastructure in these communities for years to come.”
The news conference where the announcement was made was fittingly held at a CIC-financed courtyard building in South Shore. CIC has financed more than $60 million to preserve 1,800 units in this community over the past 10 years.
As Chicago’s Bank®, we’re proud to support local organizations like CIC that work to unite and strengthen the Chicagoland area.