Since 1984, CIC has provided more than $1.2 billion to acquire, rehab and preserve 55,000 units of affordable housing for more than 130,000 metro Chicago residents. A recipient of the MacArthur Award for Creative and Effective Institutions, CIC programs also include Energy Savers, the Troubled Buildings Initiative, The Preservation Compact and Property Management Training. For more information, visit  cicchicago.com .

On June 29, Mayor Rahm Emanuel joined U.S. Rep. Bobby Rush to announce the launch of the Greater Chatham Initiative, a  collaborative effort to strengthen the communities of Chatham, Auburn Gresham, Greater Grand Crossing, and Avalon Park through economic development, housing, public safety, and other services.

CIC is a partner in the initiative, and has committed $10 million of targeted investment through its lending and programs.  CIC has a long history of investment in Chatham, and selected Chatham as a target neighborhood for redevelopment through lending nearly five years ago.  CIC has provided more than $16 million in loans for over 600 units of housing in that time, and looks forward to partnering with the Greater Chatham Initiative to further revitalization efforts in the community. 

More than 200 developers, investors, lenders, brokers, and housing practitioners gathered at University of Chicago's Logan Center for the Arts on June 20 for CIC's Neighborhood Forum.

The program, titled "Get Out of the Loop: What's Happening in Chicago's Neighborhoods," featured a panel discussion about market conditions and trends, as well as remarks from Commissioner David Reifman of Chicago's Department of Planning and Development and Deputy Commissioner John Scott of the Department of Buildings.

Commissioner Reifman addressed the City's new density bonus and Neighborhood Opportunity Fund, while Scott provided an overview of process improvements that have already taken place at the Department of Buildings, and hinted at additional improvements in the works to address permitting times and rehab standards.

An expert panel moderated by University of Chicago's Will Towns discussed real estate trends in the neighborhoods. A presentation by Jim Kutill of Appraisal Research Counselors showed a positive outlook for Chicago's rental market, and broker Jack Cassin of Apartment Investment Advisers agreed that prices are stabilizing and cash purchases are becoming less common than in recent years. Panelists Van Vincent of VLV Development and Steve Joung of Pangea acknowledged the challenges faced by investors in Chicago's low and moderate income communities, but emphasized the many strategies that help ensure the success of their investments.

CIC looks forward to making the Forum an annual event to bring together Chicagoland's rental housing community. 

 

Stay tuned for future editions of Real Returns, CIC's Investor Newsletter. We want to hear from you! Don't hesitate to reach out with questions or feedback.