Chicago, IL, December 20, 2016 – Community Investment Corporation (CIC) announced today that in 2016 it provided $53 million in loans and grants to acquire, rehab, and preserve 2,140 units of affordable rental housing in the Chicago metro area, its highest volume of activity since 2010. These units were in 29 Chicago communities and five suburbs, and nearly all were affordable to households at or below 80% of area median income.
A non-profit organization and certified Community Development Financial Institution, CIC has provided more than $1.2 billion to acquire, rehab and preserve 58,000 units of affordable housing for more than 145,000 metro Chicago residents since its founding in 1984.
“CIC’s strong lending activity in 2016 reflects the improving real estate markets in Chicago neighborhoods that have struggled since the recession,” said CIC President Jack Markowski. “In most communities, occupancies are strong, building conditions have improved, and real estate values have stabilized.”
- Of the total FY 2016 lending activity, CIC’s Multifamily Loan Program approved 66 loans for $43.3 million for 1,967 units of affordable rental housing.
- CIC continued lending under the 1-4 Unit Rental Redevelopment Loan Program in FY 2016, approving $7 million in 16 loans for 110 rental units. This program provides financing for the redevelopment of groups of vacant or distressed 1-4 unit apartment buildings.
- In FY 2016, CIC financed $1.4 million in energy saving retrofits for 256 units of affordable housing. CIC’s innovative Energy Savers Loan Program has been a nation-wide leader in providing energy retrofits for multifamily properties since 2008.
In addition to its financing activities, CIC engages in other activities to bolster affordable housing and neighborhood revitalization in the Chicago area. In 2016, these activities included buying and selling troubled properties, housing court receiverships, and working with government agencies and neighborhood groups to preserve affordable units in neighborhoods where a strong housing market prices out low- and moderate-income residents. In total, CIC played a role in preserving 8,311 units of affordable rental housing.
“The core of CIC’s work is its lending, but our community development programs, direct real estate interventions, and public policy leadership allow us to have a greater impact in the communities where we work,” said Markowski.
In 2016, CIC affirmed its commitment to its community development and policy work with an updated mission statement: CIC’s mission is to be a leading force in affordable housing and neighborhood revitalization through innovative financing, programs, and policy leadership.