Since 1974, CIC has raised funds from investors and loaned them to buyers and rehabilitators of multi-family housing in low- and middle-income communities, totaling $1.6 billion for 64,000 units.
At Preservation Compact, Markowski says, Young identified gaps in the market and developed responses, such as a program for one- to four-unit buildings that aren’t classified as multi-family, and helped build momentum. for additional property tax relief for affordable housing. investors.
Before the pandemic hit, 40 banks agreed to provide $330 million to finance the acquisition and rehabilitation of 7,000 affordable rental units through 2025, up from $265 million committed in 2015.
Young has something else for her as she steps into her new role mid-month: how to apply an $8 million pledge from MacKenzie Scott, part of the $4.15 billion philanthropic legacy announced by the ex-wife of Amazon founder Jeff Bezos in December.
Young says her interest in housing was spurred by her upbringing in a multiracial area that re-segregated.
“I wanted to figure that out,” she says. She went to work with the South Suburb group after attending Northwestern University and caddying as an Evans Scholar (but never learning to golf). Joining the Chicago Department of Housing in 1999 after earning a master’s degree in public policy from the University of Chicago, she became deputy mayor on affordability in 2003.
Markowski, who is retiring at 70, says CIC’s mission isn’t as stellar as efforts like Mayor Lori Lightfoot’s Invest South/West initiative, but maintains it’s just as vital.
“We’re in the residential areas around that,” he says. “He’s not going to give you the flagship projects, but he’s investing in the housing infrastructure that surrounds and supports the commercial districts.”