Lightfoot, Pritzker announce partnership with Fifth Third Bank for opportunity zones on South, West sides

CHICAGO (WLS) -- Mayor Lori Lightfoot and Governor JB Pritzker announced a partnership with Fifth Third Bank to direct an estimated $20 million in new investments for opportunity zones in the South and West sides.

"All Fifth Third funding will be prioritized toward vital community revitalization efforts including affordable housing; workforce housing and other priorities for multifamily development; and certain non-residential or mixed-use real estate and other projects that contribute to local job and business growth," the mayor's office said in a release.

Fifth Third Bank is joining the mayor's INVEST South/West initiative. For more information, visit www.chicago.gov/city/en/depts/dcd/provdrs/invest_sw.html.

During the event, Governor Pritzker announced a new initiative to invest 12-million dollars to support investment in opportunity zones across Illinois.

"Supporting equitable economic growth is one of the central goals of our historic $45 billion capital plan," said Gov. JB Pritzker. "By investing $12 million in Rebuild Illinois funds in Opportunity Zone projects, we can take advantage of this federal tax incentive to stretch our capital dollars further while creating jobs and opportunity in communities that have suffered from a lack of investment for decades."