Matching individuals with vacant homes, working capital for rehabs and affordable mortgages
Chicago, IL-(ENEWSPF)- The PrivateBank and the Cook County Land Bank (CCLBA) announced July 24 the creation of a new partnership to help eligible participants realize the dream of homeownership by investing in rehabbing vacant homes in Cook County.
The PrivateBank will provide up to $10 million in financing to support the purchase and rehab of homes owned by the CCLBA. Buyers will be selected by local housing nonprofits that will identify and prepare home buyers. The PrivateBank and the CCLBA will work with a pre-qualified pool of contractors to ensure the homes are move-in ready.
“Creating stability in our communities is an important part of The PrivateBank’s mission,” said Larry D. Richman, President and Chief Executive Officer, The PrivateBank. “Partnering with the CCLBA to improve access to quality, affordable housing is a critical step in strengthening our neighborhoods.”
“This innovative new program directly addresses the difficulty that many prospective homeowners face when trying to find financing for homes in distressed communities that require extensive rehab because they are vacant and abandoned. By removing challenges faced by communities when tackling neighborhood abandonment and vacancy we can help revitalize our neighborhoods” Toni Preckwinkle, Cook County Board President.
“This partnership is a great example of public and private sectors coming together to make a difference at the neighborhood level. This program will not only fuel economic growth and neighborhood revitalization by connecting future homeowners with vacant homes and affordable mortgages but will get more homes back on the tax rolls,” said Bridget Gainer, Cook County Commissioner and Chairman of the Cook County Land Bank.
“Reinvesting in neighborhoods that were devastated by the foreclosure crisis not only helps get individual families back on track but serves to shore up the community at large,” said Lisa Madigan, Illinois Attorney General. “This funding will go a long way toward moving these hardest hit communities forward on the path to recovery.”
The PrivateBank/CCLBA partnership will require all homeowners complete housing counseling prior to closing. The CCLBA will continue to partner with the National Community Stabilization Trust, Fannie Mae, Freddie Mac, banks, and other public and private entities to acquire homes for the program.