"I wanted to have the creative control to take a run-down building and turn it into something beautiful for neighborhood residents. CIC provided me with affordable, flexible financing so I could do that."

Do more rehab without delays or added costs with CIC’s flexible financing and subsidy programs:

Rehab multifamily properties located in targeted areas.

A $2 million grant from the federal government (CDFI Fund) allows CIC to target additional geographic areas. CIC provides up to $5,000 per unit in matching grants to rehab buildings in the Empowerment Zone, Enterprise Communities, Austin, Chicago Lawn, Gage Park, Auburn Gresham and in areas near or impacting these targeted areas.

Rehab Single Room Occupancy (SRO) Buildings.

With funds from the City of Chicago, CIC provides matching grants of up to $5,000 per unit, for a maximum of $100,000 per building for repairs and renovations of buildings owned by licensed SRO operators. Grant funds must be matched, either through personal funds or loan proceeds.

Take advantage of the CIC Flex Fund Program...

• When appraised value limits how much you can borrow: The Flex Fund can help by making loans based on cash flow, rather than appraised value, since rehab costs often exceed the value of a property.

• When borrower equity is limited: The Flex Fund allows smaller, hands-on developers to undertake substantial rehab without the usually required 20% equity contribution.

• When quick acquisition is necessary: The Flex Fund can make quick acquisition loans for experienced developers without a formal appraisal or detailed construction plans, so the opportunity to purchase a building isn’t lost.

Click here for maps of CIC's targeted areas.