FOR IMMEDIATE RELEASE
December 11, 2025
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Mary Kate Franz
Rise Strategy Group
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CIC, WINTRUST & STEANS FAMILY FOUNDATION LAUNCH NEW FINANCING TOOL TO STRENGTHEN AFFORDABLE HOUSING IN NORTH LAWNDALE
New program will help preserve and improve rental housing by encouraging investment in the community
CHICAGO — Community Investment Corporation (CIC), a Chicago non-profit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, today announced a new program to support affordable rental housing in the North Lawndale community. Made possible by funding from the Steans Family Foundation and Wintrust Financial Corporation, the program offers low-cost construction financing and mezzanine debt—a financing option that can help developers leverage more funds to make projects more financially feasible.
This approach is especially critical in markets like North Lawndale, where the need for investment is so critical. With financial support totaling $4 million from Wintrust and $1.6 million from the Steans Family Foundation, these flexible, competitively priced tools will allow borrowers to make more substantial building improvements.
“This new offering enables CIC to invest more deeply in the North Lawndale community by providing tangible solutions to preserve and improve affordable rental housing,” said Stacie Young, President and CEO of Community Investment Corporation. “We’re grateful to our partners, Wintrust and the Steans Family Foundation, for helping make this possible and for supporting local developers committed to strengthening the neighborhood.”
With both financing tools—designed to be used together or independently—the goal is to preserve and improve housing conditions while catalyzing investment in North Lawndale. The program offers construction loans fixed at 5.5% for up to 24 months, as well as mezzanine debt with interest-only payments. Eligible projects will be multifamily rental buildings with six or more units, though new construction of one-to-four-unit properties may be considered on a case-by-case basis.
Sheyla Padilla, Head of Operations at GMO Properties LLC, said, “This type of financing isn’t common—it’s going to be a game changer for North Lawndale, a historically underinvested community. It will allow us to invest less upfront and scale to complete larger, more meaningful projects, all while keeping affordability and community priorities at the center.”
Steans Family Foundation primarily supports the mezzanine debt. “As part of CIC’s targeted work in North Lawndale, we’re proud to support this innovative mezzanine debt option that helps make more projects financially feasible,” said Patricia Ford, Executive Director at the Steans Family Foundation. “With our longstanding commitment to place-based work in North Lawndale, we’re excited to back a solution that supports local developers, preserves affordability and strengthens the neighborhood’s housing stock.”
A low-interest loan from Wintrust enables the low-cost construction financing. “This partnership allows us to go beyond traditional lending by supporting creative, community-based financing solutions that make a real difference” said David Dykstra, CIC Board Chair and Vice Chairman & Chief Operating Officer of Wintrust. “We’re proud to work with CIC and the Steans Family Foundation to help ensure North Lawndale residents have access to safe, affordable homes—and that local developers have the tools they need to invest in the neighborhood’s future.”
CIC is offering flexible, competitive financing for rental multifamily developments through its standard loan program, with the option of mezzanine debt to support project feasibility and affordability. The mezzanine debt is interest-only, and the combined first mortgage and mezzanine financing can support up to 90% loan-to-value (LTV) or 90% loan-to-cost (LTC), with a minimum debt coverage ratio (DCR) of 1.15x. Standard CIC interest rates apply to both the permanent and mezzanine debt.
For more information, visit https://www.cicchicago.com/loans/.
About Community Investment Corporation (CIC):
CIC is a 50 year-old not-for-profit Community Development Financial Institution (CDFI) organization dedicated to the preservation and creation of affordable housing in the Chicago area. Since its founding, CIC has provided innovative financial solutions to local owner-operators to strengthen neighborhoods and provide safe, affordable housing options for thousands of residents.
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