2015 • 3 years • Housing
A Chicago-area community lender, the Community Investment Corporation works closely with local municipalities and building owners to preserve multifamily rental properties. The organization hosts The Preservation Compact, which is a Foundation-supported effort to raise awareness about the value of rental housing and to create a climate and mechanisms through which public, private, and non-profit sectors work together to stem the loss of affordable rental housing units in Cook County. The grant provides the resources to ensure that the Preservation Compact is led by a respected organization in the housing industry; that its activities are welllcoordinated and supported by adequate staff; and that it will continue to exert growing influence in local and regional housing policy discussions as a national example of preservation leadership.
2013 • 15 years, 11 months • Community & Economic Development
Community Investment Corporation is a non-profit community development financial institution dedicated to improving Chicago communities through investment in affordable housing and support for owners and operators of multi-family rental properties. It will use this program-related investment to create a new loan product to provide long-term financing for very small rental buildings in low- and moderate-income Chicago and Cook County communities: a new $22-million fund that is expected to provide second mortgages for buildings comprising approximately 700 rental units over the next three years, filling a persistent market gap and strengthening a crucial segment of Chicago’s affordable housing stock.
2012 • 3 years • Housing
The Community Investment Corporation, a Chicagoland community lender, works with local municipalities to address troubled multifamily properties and mentors property owners seeking to supply affordable rental housing. It is the managing partner of The Preservation Compact - which raises awareness about affordable rental housing’s value and creates a climate in which public, private, and non-profit sectors work together to stem affordable rental housing loss in Cook County. The Corporation will use this grant to help the Compact continue to exert growing influence in local and regional housing policy discussions and maintain its position as a national example of preservation leadership.
2011 • 4 years • MacArthur Award for Creative & Effective Institutions
This grant to the Community Investment Corporation will allow CIC to create a loan loss reserve at its affiliate organization, Community Initiatives, Inc., so that it will be able to expand its current activities in the City of Chicago’s Troubled Buildings Initiative and leverage additional capital. This additional borrowing capacity will allow CIC to expand its reach and undertake additional acquisitions of troubled multifamily properties and innovate around the issue of foreclosures.
2011 • 9 years, 11 months • Community & Economic Development
Program-related investment to support and increase the lending capacity of the Energy Savers Loan fund, in furtherance of the Preservation Compact (for 10 years).
2011 • 1 year • Housing
In support of The Preservation Compact: A Rental Housing Strategy for Cook County (over four years).
2010 • 9 years, 10 months • Community & Economic Development
To support construction financing through a program related investment for the redevelopment of foreclosed homes as part of City of Chicago's Neighborhood Stabilization Program.
2008 • 1 year • Housing
To preserve and improve more than 1,000 existing affordable rental homes in low-income areas of Chicago.
2007 • 13 years, 2 months • Community & Economic Development
Program-Related Investment in support of a new "energy savers" loan fund for the Preservation Compact of Cook County.
2006 • 10 years, 3 months • Community & Economic Development
Program-Related Investment to establish a new fund dedicated to preserving and improving distressed rental properties serving low-income Chicago residents.