Community Investment Corporation (CIC) is a Chicago, Ill.-based nonprofit that finances the acquisition, preservation, and rehabilitation of multifamily rental housing in the greater Chicago area. CIC financing provides badly-needed investment in credit-starved communities and ensures affordable housing for Chicago’s workforce.
Since 1984, CIC has made 2,000 loans for $1.2 billion to rehab more than 55,000 units of affordable rental housing. It has leveraged millions of additional dollars for housing preservation in the city and suburbs of Chicago. Virtually all CIC-financed
housing is affordable to low-income families. Approximately 10% of its lending is in suburban areas.
In 2014, CIC secured more than $28 million in resources to provide term debt to investor-owners of 1-4 unit buildings. These resources are targeted at communities that have suffered from high foreclosure rates and minimal homebuying activity. In the first year of this program, CIC made 12 loans totaling $5.5 million.
Chicago:
Acquisition and Rehab
Chicago:
Acquisition and Rehab
Chicago:
Acquisition and Rehab
Chicago:
Acquisition and Rehab
A 31-unit building in Chicago. A CIC- financed developer redeemed the property from foreclosure. Now the apartment complex provides quality housing that is affordable to persons with very low income.
A 56-unit apartment complex in Aurora. This development includes studio, one- and two-bedroom units that are exclusively for adults 55 years and older. It is supported by the LIHTC Project for Seniors.
A 56-unit apartment complex in Aurora. This development includes studio, one- and two-bedroom units that are exclusively for adults 55 years and older. It is supported by the the LIHTC Project for Seniors.
A 36-unit development in Chicago. It is available for households with low- and- moderate income. This building has a new roof and gutters, new porches, revitalized kitchens and bathrooms, new drywall and new plumbing and electrical systems.
A 12-unit community in Chicago. The apartments are affordable for individuals with low- and moderate- income. The three- and four-bedroom units are newly renovated and the building has become a central part of the community.
