On February 16, 2012 the John D. and Catherine T. MacArthur Foundation named Community Investment Corporation as a recipient of the MacArthur Award for Creative and Effective Institutions. The award recognizes CIC’s work in preserving affordable multifamily housing through lending and provides CIC with a grant of $2 million.
The MacArthur Award honors and supports CIC’s efforts to creatively address the shortage of affordable housing in the Chicago area by providing mortgage capital to acquire and rehab apartment buildings, especially in economically distressed neighborhoods. There is more information on the CIC page on the MacArthur website here.
“The award will allow CIC to add to and intensively target our affordable housing preservation efforts in areas which really need increased attention,” said CIC President Jack Markowski.
The award is not only recognition for past leadership and success but also an investment in CIC’s future. They will use this generous infusion of support to expand their ability to identify troubled buildings and to preserve them as affordable housing by financing their acquisition and rehab.
CIC is one of 15 organizations from six countries to be recognized this year with the MacArthur Award for Creative and Effective Institutions. The MacArthur Foundation does not seek or accept nominations for these awards. To qualify, organizations must demonstrate exceptional creativity and effectiveness; have reached a critical or strategic point in their development; show strong leadership and stable financial management; have previously received MacArthur support; and engage in work central to one of MacArthur’s core programs.
Here is a video about CIC’s award: