Community Investment Corporation

CIC HISTORICAL TIMELINE

1974

Chicago’s major financial institutions create CIC, a separate, self-sustaining nonprofit mortgage lender, in order to pool their risk and effectively target bank capital to underserved neighborhoods in the City of Chicago.

1974-1984

CIC specializes in rehab lending for one- to four-unit apartment buildings. By the early 1980’s, CIC’s single-family programs make $15 million in loans on 989 units.

1984

CIC shifts to multifamily rehab lending. Its loan program begins with $17.5 million and 14 investors.

1991

To respond to market needs, CIC expands its multifamily rehab lending to the entire six-county metropolitan Chicago area.

1993

CIC's loan fund grows to $500 million and 58 investors. (The number of investors from this point forward would appear to shrink, but actually is only indicative of mergers and consolidations in the banking industry producing fewer, but larger, financial institutions.)

1998

CIC investors authorize a $100 million Flex Fund loan program to give CIC the flexibility to make loans it otherwise could not make.

Committed to helping hands-on property owners succeed, CIC institutes the Property Management Training Program, a workshop series that provides landlords with the knowledge to better market, manage and maintain residential property.

1999-2002

CIC receives $5 million in city, state and federal grant funds to create new loan products and subsidy programs for multifamily apartment buildings in targeted areas of Chicago.

CIC receives additional grant funds from Illinois Housing Development Authority to provide matching rehab grants for apartment buildings in the six-county metropolitan Chicago area. President John Pritscher receives the 2001 Friend of the Neighborhoods award at the annual Chicago Neighborhood Development Awards event.

2003-2004

CIC continues to receive funding support from the federal Community Development Finance Institution agency (nearly $2 million for CIC's third CDFI grant) and from IHDA and the City.

CIC establishes Community Initiatives Inc., to administer the "Troubled Buildings Initiative," a joint CIC/City of Chicago program targeting the worst buildings in a neighborhood with tools to convey the buildings to new owners who will rehab them with CIC financing. As of the beginning of 2007 [staff pictured here with Mayor Daley], TBI had processed over 300 buildings with 5,600 units, with rehab either completed or in progress for another 170 buildings with 2,957 units.

2005-2006

In January, 2006, 104 Lawndale Restoration buildings with 1,104 units were conveyed from HUD to the City to CIC, which were in turn transferred in 23 separate parcels to as many developers to return them to functioning status. In 2006, CIC began making fixed-rate loans for experienced customers to augment the existing adjustable-rate program, and made lines of credit available to qualifying borrowers. It also partnered with the University of Chicago on a 90% loan program focused in the areas around the University. Increasingly, and especially since 2003, CIC has sought to play an intermediary role with old and new players (such as the University) in affordable housing to catalyze its preservation and development.

2007

As of early 2007, more than 4500 property owners and would-be owners have attended the Property Management Training Program, which won the Institute of Real Estate Management 2005 Education Award. In 2007 CIC began to address the new and growing problem of condo fraud. In October, 2007, CIC President John Pritscher was named to the Affordable Housing Hall of Fame by Affordable Housing Finance magazine. Sadly, thirteen days before the award was to be presented, John passed away on October 13, 2007.

On November 1, a new era began with the appointment of former Chicago Commissioner of Housing John G. "Jack" Markowski as CIC's new president and CEO.

2008

We're still making history. Here's why:

OUR MISSION

To be the leading force in neighborhood revitalization through innovative financial programs.

OUR IMPACT

CIC’s investors have grown to 45 banks as well as Fannie Mae and Peoples Energy, for a total of 47. These investors have pledged $560 million through 2010 for CIC’s revolving loan pool.

CIC has made

1,352 multifamily loans
totaling $777 million [with total project costs exceeding $1 billion]
to rehab 39,000 rental units providing affordable housing
for more than 110,000 Chicago-area residents.