Chicago, IL, December 15, 2017 – Community Investment Corporation (CIC) announced today that in 2017 it provided a record $70 million in loans and grants to help acquire, rehab and preserve over 1,900 affordable multifamily housing and commercial units. These units were located in 32 neighborhoods and municipalities throughout the Chicago region, primarily concentrated in Chicago’s South and West sides. Nearly all units were affordable to households with incomes less than $40,000.
“Strong multifamily lending activity in these Chicago communities demonstrates ongoing neighborhood recovery and the continuing demand for high-quality affordable housing,” said CIC President Jack Markowski. “Affordable housing is the backbone of our communities. CIC financing allows small, local developers to meet the need for affordable housing and strengthen our neighborhoods.”
In 2017, CIC provided loans to acquire and rehab multifamily housing and to finance clusters of 1-4 unit buildings. CIC also financed retrofits that cut energy utility consumption by 25-30%.
In addition to its lending activities, CIC engaged in community development efforts to improve overall neighborhood conditions and achieve greater impact.
- CIC acquired and transferred 136 distressed properties with 332 units, clearing the way for new owners to rehab and preserve affordable units. Since 2003, CIC has acquired over 551 buildings with over 5,000 units for sale to responsible, local property developers and owners of affordable housing.
- In partnership with the City of Chicago, CIC recovered 49 buildings with over 1,250 units under the Troubled Buildings Initiative, a program that uses code enforcement to improve physical conditions and prevent abandonment and demolition.
- The Preservation Compact, CIC’s cross-sector policy initiative that promotes rental preservation, mobilized efforts to combat unexpected increases in Class 9 property tax assessments. Left unaddressed, these increases would result in dramatically higher property tax bills for affordable multifamily properties.
Through its lending products and complementary programs, CIC directly affected over 7,800 units of affordable housing in the Chicago area in 2017. “Our neighborhoods are getting stronger,” Markowski said. “As we look ahead to 2018, CIC will continue to implement our community development programs and provide a consistent source of capital that fuels neighborhood redevelopment and preservation of affordable housing.”