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CHICAGO-Community Investment Corp., a nonprofit multifamily lender specializing in loans to rehabbers of affordable rental properties, will continue its lead role in the city's Troubled Buildings Initiative. Community Investment Corp.'s three-year agreement ends in July, but the city is renewing the deal for another three years and $6 million, under an ordinance sent to the city council.

Working with the city's Department of Housing, Community Investment Corp. has handled receivership of multifamily buildings, as well as working with current owners and potential buyers. The Troubled Building Initiative resulted in 1,049 units rehabilitated last year in 64 properties, according to Community Investment Corp. It also played a major role in the city's transferring 1,105 units in 104 North Lawndale buildings from the US Department of Housing and Urban Development to 23 private developers after HUD foreclosed on a $51-million loan.

In a separate program, Community Investment Corp. is teaming with the University of Chicago in a program that could see 180 units rehabbed in Woodlawn, Washington Park, South Shore, Kenwood-Oakland, Douglas and Grand Boulevard. The university is putting up $1 million, which could be leveraged into a $10-million loan pool as Community Investment Corp. is lending at 90% of acquisition and rehab costs.