Credit: Pexels

CHICAGO — A $330 million loan program aims to bring more affordable apartments to the South and West sides.

The Community Investment Corporation and Mayor Lori Lightfoot will announce the initiative Thursday afternoon. The program will see Chicago-area banks lend up to $330 million to landlords, who are expected to use the money to buy and rehab about 7,000 affordable rental units, most of them on the South and West sides.

“This new investment will not only create and preserve affordable rental opportunities but also increase access to credit for entrepreneurs and small business owners who are committed to neighborhood development on the South and West sides,” according to the Mayor’s Office.

Forty banks are participating in the lending initiative, and it will last for five years. The money is expected to help pay for affordable units in up to 400 buildings, according to the Mayor’s Office.

More information about the Community Investment Corporation is available online.

Subscribe to Block Club Chicago. Every dime we make funds reporting from Chicago’s neighborhoods.

Already subscribe? Click here to support Block Club with a tax-deductible donation. Twitter @BauerJournalism