The JPMorgan Chase Foundation awarded a $5 million grant to a coalition of three Preservation Compact partners, Community Investment Corporation (CIC), Chicago Community Loan Fund (CCLF), and Neighborhood Lending Services, Inc., an affiliate of Neighborhood Housing Services of Chicago (NHS).
The three CDFIs will coordinate acquisition and lending activities in low and moderate income communities throughout the Chicago area to:
Redevelopment activities under the grant will directly complement existing work of the three organizations. The core of NHS’ work is providing education and financing for homeowners, CCLF is providing acquisition and rehab financing for 1-4 unit properties under their Neighborhood Investor Lending Program, and CIC is preparing to launch term financing for investor-owned 1-4 unit rental properties. Coordinating existing and grant-funded activities will help expand the impact of all three organizations. Read more about their plans in the press release. Congratulations to our partners!