Mackenzie Scott donates $15M for affordable housing on Chicago's South, West Sides

CHICAGO (WLS) -- Jay and LaJune Yancy check out the new kitchen in a South Shore apartment building they are in the process of rehabbing.

ABC7 Chicago is now streaming 24/7. Click here to watch

It is the fourth building in the area the couple have bought and converted into quality affordable housing.

"I literally grew up in this neighborhood, the school across the street. I went there in kindergarten," LaJune Yancy with LJ Promise Realty said. "My mother still lives in South Shore, so we have us a genuine investment in this community."

When big banks refused to give the Yancy's loans to invest in their own community, they turned to the Community Investment Corporation, known as CIC.

The organization is a non-profit lender and finances to local owner operated to rehab building.

The buildings are on the South and West Sides of Chicago.

Usually, they are older and smaller buildings like a courtyard building the Yancy's own.

The units are rented for rates affordable to low- and middle-income residents.

Philanthropist MacKenzie Scott is so impressed she awarded CIC $15 million.

"I was shocked. I was thrilled. I started to cry a little and had to compose myself. It is an incredible honor," Stacie Young, the CEO of Community Investment Corporation said.

Young said they also received an $8 million gift from Scott in 2020.

The money will be used to continue their mission of financing rehab projects to small developers, like the Yancy's who are from the neighborhood.

"They like seeing people who look like them in the community, putting the investment back in the community, and really cared about the community," Yancy said.

Mackenzie Scott's gift comes with no strings attached. Unlike a grant, CIC did not need to apply and the non-profit has the freedom to spend the money as it seems fit.