CHICAGO—The PrivateBank has agreed to provide the Cook County Land Bank with $10 million in financing that will help purchase and rehab vacant homes. Bank officials also agree to provide funds to administer the program, and will work with the CCLBA and other nonprofit organizations to identify prospective buyers and provide home buyer counseling. Pre-qualified contractors, many of them from the communities with the highest number of vacant properties, will provide the rehab services. The CCLBA owns the eligible properties.
PrivateBank will provide construction financing, and borrowers may also apply for a SMART Affordable Mortgage from PrivateBank for the home purchase. SMART mortgages offer low down-payments, does not require private mortgage insurance and has attractive rates.
"As the economic recovery has been slow to reach some of the areas with the most need and many of our neighborhoods continue to recover, the PrivateBank is proud to make this $10 million, multi-year commitment to support efforts that will create sustainable housing in our communities," says Larry D. Richman, president and chief executive officer.
"By providing responsible financing options, educational opportunities and community support, we have made an important commitment that will help improve the pace of the recovery with a particular emphasis on affordable housing and small business development. Vibrant neighborhoods contribute to economic sustainability through job growth and education. And strong neighborhoods make for a stronger Cook County for all of us."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
