CIC Receives 2012 MacArthur Award for Creative and Effective Institutions

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:

Buy a new apartment building–or refinance and rehab one you currently own–with CIC’s combined permanent and construction financing in one process.

Do it easier, do it better:

Depending upon availability and eligibility, we also offer special programs including matching grants, interest rate subsidies and other financing tools that allow you to do more rehab.

Receive all the expertise you need:

Our staff will provide expert financing advice as well as construction, closing and servicing assistance. We’ll even help you refine rehab scope and costs.

Start quickly:

The typical time frame from application to approval is LESS THAN TWO MONTHS!

And…

• Expedited acquisition loans for experienced developers

• Flexibility to finance more than 80% LTV with extensive rehab

• NO PREPAYMENT PENALTY

• No legal fees at closing

• No payments during construction

• A line of credit for experienced developers

• Forward commitment take-out loans for buildings with an estimated completion date

• A tailored, can-do approach to every loan.

• Click here for information on how to apply

• Click here for current rates(home page)

Let us show you what we can do for you.
CALL TODAY at (312) 258-0070, and ask for a loan officer.

We also offer Property Management Training to help owners and managers better market, manage, maintain and improve affordable rental property.

  Click here for current rates (home page)

  Click here for information on our loan programs

  Directions to CIC

Success Stories of CIC-financed Projects

City of Life

A Helping Hand

Coming Home Again

Taking On A Challenge

Believing In Your Neighborhood

CIC Borrower Success Stories

Carl McElroy

Wanda and Martin Grant

Dennis Jenkins

Duane Ehresman

Eve Beverly and Nedra DeSavieu

John Luce

Jeffrey Coleman and William Ballard

Ford Heights Cooperative, Inc.

You, too, can learn from this award-winning program. If you currently own and manage property — or are just thinking about it, click below…

Learn Multifamily Property Management From CIC

The Copper Realty management team: Owner Mark Fenzel (center) is flanked by his staff (from left to right) of Claudiu Oros, Qiana Bishop, Hector Botello, and Salvador Sanchez Uribe in front of 6153 S. King Drive.

CIC does multifamily acquisition/rehab deals that others can’t.

And we are capitalized with a $400 million loan pool guaranteed by 34 banks, so we have money to lend.

 We can strengthen your bottom line 12 ways:

• Construction and long-term loan in one process
• Expedited acquisition loans for experienced developers
• No payments during construction
• 20-year term, 25-year amortization
• Strong customer service, including expert construction advice
• For experienced developers, a line of credit
• Flexibility to finance more than 80% LTV with extensive rehab
• No prepayment penalty
• We close and service our own loans
• No legal fees at closing
• “Take-out” loans for buildings with an estimated completion date
• A tailored, can-do approach to every loan.

Click here for information on how to apply

Let us show you what we can do for you.
CALL TODAY at (312) 258-0070, and ask for a loan officer.

• Own a multifamily rental building of 5+ units in Cook, DuPage, Kane, Kendall, Lake, McHenry or Will County or the city of Rockford; and

• Are willing to allow program staff to review the energy bills for the building…

Then you are eligible for ENERGY SAVERS.

Energy is one of the least predictable operating costs in multi-family buildings. We can help! Since the program began, 13,000 apartment units have been audited and 4,500 units retrofitted. Of the units retrofitted, 1,400 units involving 55 loans or grants totaling $4 million have been processed through CIC. For a typical 24-unit building the annual savings can add up to $10,000 per year. You too can make an investment which can pay dividends in the future through the saving of energy through insulation, new lighting, efficient boilers, windows, thermostats, and more. Some owners have saved as much as 40% on their energy bills through this program. Here is how it works:

1. Request a FREE, no-obligation energy audit, which is performed by experienced professionals from the Center for Neighborhood Technology who specialize in “green” development. Since the program began in 2008, they have audited over 12,000 multifamily units.
2. If you decide you would like to go ahead and initiate energy improvements, CIC offers low-interest loans (click here for current rate) to cover the costs, and these loans can be combined into an acquisition or refinance of your building. The process is not difficult. Contact CIC Senior Loan Officer James Lackland at (312) 870-9925 or at james.lackland@cicchicago.com. There is no obligation for the call, and the sooner you call, the sooner you’ll begin saving money!

CLICK HERE FOR AN EXAMPLE OF A REAL ENERGY SAVERS DEAL

WHERE ENERGY SAVERS COMES FROM

Originally funded in 2008 with $3.25 million from CIC, the John D. and Catherine T. MacArthur Foundation and the Grand Victoria Foundation, Energy Savers provides low-cost fixed-rate subordinate financing through CIC to fund energy retrofits when needed. In 2011 loan capital in CIC’s Energy Savers Fund increased to $7.5 million through 2014 under an agreement with the MacArthur Foundation, Chicago Department of Environment, Chicago Metropolitan Agency for Planning, and PNC Bank.

Photo: Marc PoKempner