Cole Taylor Bank has announced that it has renewed its commitment in a program that will provide funds to rehabilitate affordable housing in the Chicago area. The revolving loan fund pools capital supplied by more than 30 institutional investors. Chicago-based Community Investment Corporation (CIC) will use the pool to fund the rehabilitation of 10,000 affordable rental units over the next five years. Founded by local Chicago banks, CIC has used this financing model since 1984 to support the rehabilitation of enough affordable housing units to accommodate 100,000 people.
Cole Taylor was one of the original investors in the CIC loan pool and has been actively involved both as an investor and as a member of both the CIC board of directors and loan committee.
"We are proud of our long-term relationship with CIC," said Mark A. Hoppe, president and chief executive officer of Cole Taylor Bank, and a member of the CIC board. "Their nationally-recognized program continues to provide vital support for affordable housing even in this challenging market. CIC has a proven track record of success in acquiring and rehabilitating affordable housing, which strengthens our neighborhoods and puts people to work."
"We appreciate Cole Taylor's ongoing commitment to CIC and its mission," said CIC President Jack Markowski. "Despite the difficult economy, CIC continues to finance affordable multifamily housing and set records for loan originations in the last two years. Thanks to organizations like Cole Taylor, we can continue to support the people and communities of greater Chicago."
For more information, visit www.coletaylor.com.
