4.16.2512.18.25

FOR IMMEDIATE RELEASE
April 16, 2025

MEDIA CONTACT
Mary Kate Franz
Rise Strategy Group
312.919.4620
E: marykate@risestrategygroup.com

COMMUNITY INVESTMENT CORPORATION ANNOUNCES $322 MILLION LOAN POOL TO FUND AFFORDABLE HOUSING
Chicago’s Banking Community Rallies to Support Local Investment, Strengthening Affordable Rental Housing Development

CHICAGO – Community Investment Corporation (CIC), a Chicago nonprofit lender dedicated to financing the acquisition, rehabilitation, and preservation of affordable rental housing, has announced a nearly $322 million commitment from 37 investor banks to CIC’s loan pool. This funding should support the acquisition and rehabilitation of thousands of units of affordable rental housing over the next five years. As a hands-on lender, CIC provides essential financing to local housing providers, helping them purchase and renovate small and mid-sized multifamily buildings. The loan pool will enable CIC to provide financing to small, local entrepreneurs and landlords, who often face challenges in obtaining funding from traditional banking institutions.

This commitment is part of a broader effort by Chicago’s financial community to drive economic opportunity and strengthen local neighborhoods. A diverse coalition of financial institutions–including both legacy and recent investors–has come together to support small businesses and community development. Many banks that serve Chicago actively participate in CIC’s 2025 Note Purchase Agreement (NPA), collectively representing 79% of the Chicago region’s market share. Five investing institutions are legacy investors, having participated–many through bank acquisitions–in the very first 1984 NPA. These legacy investors include BMO, Fifth Third, JPMorgan Chase, Northern Trust, and Providence. Small and local community banks represent the largest share of investors, with 22 banks in total, while large national banks provide more than half of the committed capital.

“Small and mid-sized banks account for more than half of the total loan pool–their role is indispensable. Alongside the contributions of large financial institutions, they help create a more inclusive and resilient financial ecosystem,” said Stacie Young, President and CEO of Community Investment Corporation. “We are deeply grateful to our investors for making this work possible and for supporting the small business owners who are revitalizing Chicago’s neighborhoods.”

Since 1984, the loan pool has enabled CIC to safeguard affordable rental housing by providing over $1.8 billion in financing, helping preserve more than 69,000 affordable rental units and housing 166,000 people. Additionally, 11,000 units have been modified for energy efficiency to enhance sustainability and affordability. Last year, 94.8% of the units financed by CIC were affordable to households earning at or below 60% of area median income.

“This commitment is a vital step toward safeguarding affordable housing by directing resources to the areas that need them most and strengthening the local businesses that sustain and manage rental properties. Private lending is crucial to create sufficient affordable housing. That’s why the role of CIC is so important—they lend where others may not and assist borrowers that are often overlooked,” said David Dykstra, Community Investment Corporation Board Chair.

The complete list of all CIC investors in the $322 million commitment is available here.

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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