A state housing foundation announced approval of $1 million in low-interest loans for the rehabilitation of low-income multi-family housing in Chicago.
Officials responsible for the loan say the move is the first of its kind, and establishes a valuable link between housing agencies in Illinois and other states as well, with the Local Initiatives Support Corporation of Chicago
(LISC).
”We are excited by the fact that we are the first HFA (housing finance agency) to establish this link with LISC,” said James Kiley, the director of the Illinois Housing Development Authority (IHDA). ”This type of partnership is what makes community revitalization in our cities possible,” Killey added.
The LISC is a non-profit lending and granting organization supported by the Ford foundation. It will take the $1 million from the IHDA and distribute loans at 7 or 8 percent to various community groups interested in housing rehabilitation.
