Community Investment Corporation (CIC) is the region’s leading lender for affordable rental housing. We build vibrant communities, strengthen local businesses, and provide well maintained homes for families by serving as a one-stop resource for local owner-operators and property managers of affordable rental housing.
Mission
A leading force in affordable housing and neighborhood revitalization.
Community Investment Corporation (CIC) is Chicago’s leading source of financing for the acquisition, rehabilitation, and preservation of affordable rental housing in Chicago neighborhoods and suburban communities.
We fuel the success of local entrepreneurs by providing competitive and flexible loan products, unmatched customer service, and complementary programs and trainings to help our borrowers grow and strengthen their businesses.
As a nonprofit corporation, CIC’s mission is to be a leading force in affordable housing and neighborhood revitalization through innovative financing, programs, and policy leadership. Download our FY 2022 Fact Sheet
CIC is a certified Community Development Financial Institution (CDFI), a member of the Federal Home Loan Bank of Chicago, and an approved FHA Multifamily lender.
What We Do
Flexible financing, property management workshops, direct action on troubled buildings, and innovative policies.
Flexible financing
Flexible financing to buy, rehab, and refinance affordable rental housing
Workshops
Workshops to support property owners and managers
Direct Action
Direct action to preserve troubled buildings
Innovation
Policy and program innovation to drive intentional, coordinated strategies that preserve affordable rental housing in Cook County
The CIC Difference
Seventy-five percent of low cost rental housing in the United States is unsubsidized and privately owned by local hands-on entrepreneurs.
CIC specializes in working with these entrepreneurs and lending to buy, rehab, and preserve this important source of housing, known as naturally occurring affordable housing – or NOAH.
But we are more than just Chicago’s multifamily rehab lender. Together with our private, nonprofit, government and philanthropic partners, we provide a wide range of programs and policy leadership to build strong communities while helping borrowers grow and strengthen their businesses.
When you work with CIC, you experience a holistic, human-centered, and innovative approach to lending for affordable rental housing.
History
Our foundation
CIC was formed on a simple premise: that by working together, banks and nonprofits can leverage their resources to create strong communities with safe and secure homes by investing in the region’s affordable rental housing.
CIC was established in 1974, three years before the Community Reinvestment Act was passed, as a loan consortium and vehicle through which banks could provide needed rehab financing in the Chicago neighborhoods that needed it most. Ten years later, CIC established its first Note Purchase Agreement (NPA), a unique concept that has guided CIC’s investments and partnerships ever since.
Over the past 35 years, CIC has adapted its lending products and developed complementary programs and services to meet the ever-changing needs of the Chicago region’s neighborhoods and affordable rental housing stock.
Today, CIC provides financing and resources to hundreds of small, local business owners each year who create safe, high quality, affordable housing and who are committed to the communities where they work.
Staff
Meet CIC’s dedicated staff.
Stacie Young
President & CEO
Stacie Young is President and CEO of Community Investment Corporation (CIC), a non-profit CDFI lender which provides financing for the acquisition, rehabilitation, and preservation of affordable rental housing in Chicago area neighborhoods, financing $1.5 billion to preserve 63,000 affordable units since 1984.
Prior to her role as CEO, Young was Director of The Preservation Compact, a policy collaborative housed at CIC that drives preservation strategies for unsubsidized, or Naturally Occurring Affordable Housing stock, as well as government assisted stock. Accomplishments include creating a $34 million mezzanine debt fund for high cost markets; convening an intergovernmental group to preserve 6,200 subsidized units; driving building code relief for multifamily rental rehab; creating a $48 million loan pool for 1-4 unit buildings, and a $5 million CDFI partnership to preserve 1-4 unit buildings.
Young also served as Assistant to the Mayor for Affordability in the City of Chicago’s Office of the Mayor, and at Diversity Inc., a fair housing coalition in the south suburbs of Chicago. She currently serves on the boards of BPI and Housing Choice Partners.
She completed her undergraduate degree at Northwestern University, and received her master’s degree from the Harris School at the University of Chicago.
Andre Collins
Vice President, Acquisitions & Dispositions Strategy
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Anita Cobbs
Loan Servicing Representative
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Anne Cole
Director of Communications & External Affairs
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Anthony Hawthorne
Senior Loan Officer
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Armando Reyes
Data Specialist
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Cassidy Kraimer
Program Officer, The Preservation Compact
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Cathy Gerlach
Senior Program Officer
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Chaston Montgomery
Senior Loan Officer
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Darris Shaw
Construction Risk Manager
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Dedric Richardson
Manager, Acquisitions & Disposition Strategy
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Douglas Stepnicka
Program Officer
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Elizabeth Castaneda
TBI Acquisition and Condo Program Manager
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Board of Directors and Loan Committees
CIC is guided and governed by industry leaders and experts representing the Chicago region’s banking, housing, and community development fields.
- David Dykstra (Chair)
Wintrust Financial Corporation - Frank Pettaway (Vice Chair)
Northern Trust - Karen Case
CIBC - Collete English Dixon
Roosevelt University - Mitchell Feiger
Fifth Third Bank (retired) - Scott Ferris
BMO Harris Bank - Timothy Hadro
Byline Bank (retired) - John Hein
Fifth Third Bank - R. Patricia Kelly
Huntington Bank - Robert S. Marjan
The Marjan Group - Angie M. Marks
University of Chicago - Jeff Newcom
First Midwest Bank - Andy Salk
First Eagle Bank - Thurman (Tony) Smith
PNC Bank - Daniel G. Watts
Forest Park National Bank & Trust Co. - Stacie Young, President & CEO, CIC
- Tom Hinterberger
- Rondella Hunt
J. P. Morgan - Robert Marjan
The Marjan Group - Angie M. Marks
University of Chicago - Frank Pettaway
Northern Trust - Thurman (Tony) Smith
PNC Bank - Stacie Young, President & CEO, CIC
- Brian Bianchi
Northern Trust - Chas Hall (Chair)
Leaders Bank - Rogelio Lopez
PNC Bank - Courtney Olson, First Bank of Highland Park
- David Patchin
Fifth Third Bank - Teresa Rubio
Associated Bank - James Turner
CIBC - James West
BMO Harris Bank - Esther Sorrell
Chicago Department of Housing**
** non-voting member
- Carl Jenkins (Chair)
BMO Harris Bank - Lindsay Durr
Northern Trust - Bryan Esenberg
City of Chicago - Tony Hernandez
CIBC - Susan Thomas, Fifth Third Bank
- Lynn Backofen
First Savings Bank of Hegewisch - Brian Bianchi
Northern Trust - Loretta Minor
BMO Harris Bank
Invest in CIC
“CIC’s financial instruments create a win-win for bank investors and Chicago communities”
Carl Jenkins, Managing Director, BMO Harris Bank