Village Bank & Trust recently invested in the Community Investment Corporation's 1-4 Unit Rental Redevelopment program.
This new innovative program is among the first in the United States to finance the redevelopment of smaller buildings for affordable rental housing.
The 1-4 Unit Rental Redevelopment Program will finance approximately 200 buildings and 400 apartments over three years, helping bolster areas still reeling from the recession.
"Headlines might be touting a rental comeback, but many neighborhoods still struggle with distressed buildings and a significant need for affordable rental housing," said Jack Markowski, CEO, Community Investment Corporation. "By financing clusters of distressed 1-4 unit buildings, our new program will help improve these neighborhoods and provide more affordable rental housing."
CIC's 1-4 Unit Redevelopment Program emerged after The Preservation Compact, a policy collaborative housed out of CIC in 2011 to keep rental housing affordable and in good condition. The Preservation Compact explored strategies to redevelop Cook County's struggling 1-4 unit rental housing stock. Analysis showed that no lender or program provided financing to redevelop groups of 1-4 unit buildings. The lack of credit impeded responsible investors from achieving scale in areas rife with vacant 1-4 unit buildings.
The 1-4 Unit Rental Redevelopment Loan Program fills that gap in the marketplace, transforms vacant and distressed 1-4 unit buildings from eyesores into affordable rental housing, and encourages private investment in neighborhoods that need it the most. The program is unique in financing groups of 1-4 unit buildings and focuses activity in strategic, targeted neighborhoods such as the Cook, McHenry, Lake, DuPage, Will or Kane counties.
Village Bank & Trust's investment in the 1-4 Unit Rental Redevelopment Program is one of many valuable partnerships they've acquired over the years. The capital they generously provided for the program will help to improve distressed neighborhoods and create additional investments among others. This huge investment further strengthens their true community bank persona and they are highly dedicated to partnering with positive organizations to make the world a better place to live.
About Village Bank & Trust
Village Bank & Trust, a Wintrust Community Bank, has eight locations in the following cities; Arlington Heights, Des Plaines, Mt. Prospect, Park Ridge, and Prospect Heights. Village Bank & Trust provides customized financial solutions for residents and businesses in the area. Member FDIC and Equal Housing Lender. For more information visit the bank's website at www.bankatvillage.com, "Like" us on Facebook www.facebook.com/BankAtVillage or follow us on Twitter @BankAtVillage.
About The Community Investment Corporation
Community Investment Corporation (CIC) is Chicago's leading multifamily lender. Since its founding in 1984, CIC has provided more than $1.1 billion to acquire, rehab and preserve almost 51,000 units of affordable housing for more than 125,000 metro Chicago residents. A recipient of the MacArthur Award for Creative and Effective Institutions, CIC programs also include Energy Savers, the Troubled Buildings Initiative, the Preservation Compact, and Property Management Training. For more information, see www.cicchicago.com.