Cook County

Cook County Land Bank Authority Chair Bridget Gainer announced $10 million in financing to help revitalize neighborhoods hit hard by foreclosure.

Under the deal, Chicago-based The PrivateBank will provide capital for the Land Bank to acquire and renovate abandoned properties, Gainer explained Thursday. A home’s acquisition and rehabilitation costs will then be combined into a mortgage for a qualified homebuyer who intends to make the property their primary residence.

The Cook County Board Finance Committee approved the sale of a bond on Wednesday that will fund capital improvement projects in 2014 and 2015.

The committee entered into an agreement with PNC Bank for the issuance of a $125 million bond. The county will pay a “very, very low” rate of 0.05 percent in interest under the deal, according to county CFO Ivan Samstein.