New $330 Million Progam Aims To Add 7,000 Affordable Apartments

CHICAGO — Mayor Lori Lightfoot on Thursday announced a $330 million lending program aimed at adding 7,000 affordable apartments on the city's South and West sides.

The partnership with Community Investment Corporation and 40 banks are set to lend landlords money to purchase and rehab up to 400 buildings.

"As we continue to weather the storm of COVID-19, it's our responsibility to make sure that our residents, especially those on our South and West Sides, have a place to call home and find shelter," Lightfoot said in a statement.

"Partnerships with and investments from organizations like CIC and its investor banks are just what we need to ensure our communities have access to the safe, affordable housing they need now more than ever. Securing these funds and the projects they enrich will ultimately build on our ongoing neighborhood improvement initiatives such as INVEST South/West, protect the residential infrastructure of our communities, and restore the vibrancy of our economy at the local level."

The lending initiative is part of the city's INVEST South/West program which aims to rejuvenate 10 business districts in financially struggling, mostly minority neighborhoods.