Community Investment Corporation (CIC) was awarded a $3.1 million grant by The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The grant, announced last week, was made as part of the fiscal year 2016 round of the Capital Magnet Fund, which awarded a total of $91.5 million in grants nationally to support affordable housing and economic development for low-income families and communities.
Of the 32 organizations receiving Capital Magnet Fund grants nationwide, CIC is the only organization headquartered in Chicago that will use the funds exclusively in the Chicagoland area. The $3.1 million will leverage an additional $22 million in private capital for CIC’s Opportunity Investment Fund, which will finance affordable housing units in areas of opportunity in Chicago and the surrounding suburbs. The Opportunity Investment Fund is expected to launch in March of 2017.
“We want to provide access to affordable housing in areas with strong schools, vibrant economies, and a high quality of life,” said CIC president Jack Markowski. “For the past 30 years, CIC has been primarily focused on financing safe, good quality affordable housing in Chicago’s low and moderate income communities. This grant will help us develop a vehicle to finance affordable rental housing in higher income areas as well.”
For more on the CDFI Fund’s new CMF grants, visit: www.cdfifund.gov.
Download the press release here.