Community Investment Corp. has raised $200 million from about three-dozen banks to acquire and rehabilitate thousands of affordable rental-housing units in the Chicago area.
CIC's new fund will preserve 7,500 privately owned, rental apartments for about 18,000 people. Acquisition and rehab of the properties will take place over the next five years.
The fund raised money from 37 banks in the Chicago area. The lead investors were Northern Trust, BMO Harris Bank, PNC Bank, Fifth Third Bank, Wintrust Financial, PrivateBank and Trust, Associated Bank, Citi Community Capital, MB Financial Bank and First Midwest Bank.
CIC's Multifamily Loan Program has put $1.2 billion to work on 55,000 units of affordable housing for more than 130,000 metro Chicago residents since 1984.