Feb. 04--A dozen groups in the Chicago area, a combination of small for-profit firms and community-based nonprofits, will receive funding from The PrivateBank to help with their purchase of distressed homes through the Cook County Land Bank for rehab and resale.
Under the program, the groups can apply for construction financing to fix up homes acquired from the land bank. The PrivateBank has committed up to $10 million in financing to the effort.
The approved developers are: Alpine Capital Group; Breaking Ground; CSG Property Solutions; Genesis Housing Development; Greater Auburn Gresham Housing Development; Latin United Community Housing Association; Miro Development; NHS Redevelopment; Northwest Housing Partnership of Cook County; The Resurrection Project; South Suburban Land Bank and Development Authority; and Ultimate Real Estate Group.
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