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.