Real Returns - CIC's Investor Newsletter

$3.1 Million Grant, Woodlawn BBQ, and more!

October 2016

Real Returns: CIC's Investor Newsletter

Capital Magnet Fund Awards $3.1 Million to CIC

CIC was awarded a $3.1 million grant by The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The grant was made as part of the fiscal year 2016 round of the Capital Magnet Fund, which awarded a total of $91.5 million in grants nationally to support affordable housing and economic development for low-income families and communities.

The $3.1 million will leverage an additional $22 million in private capital for a new Opportunity Investment Fund, which will finance affordable housing units in areas of opportunity in Chicago and the surrounding suburbs. CIC is seeking investors for the Opportunity Investment Fund, which is expected to launch in March of 2017.

"We want to provide access to affordable housing in areas with strong schools, vibrant economies, and a high quality of life," said CIC president Jack Markowski. "For the past 30 years, CIC has been primarily focused on financing safe, good quality affordable housing in Chicago's low and moderate income communities. This grant will help us develop a vehicle to finance affordable rental housing in higher income areas as well."

To learn more about the Capital Magnet Fund awards, visit cdfifund.gov.

CIC in the Community: Woodlawn MMBBQ

On October 8, CIC co-sponsored the MMBBQ: Party at the Gas Station on the site of the newly cleaned and painted gas station at 61st and St Lawrence, within the Woodlawn Micro Market Recovery Program (MMRP) target area. A sunny fall day provided an opportunity for over 300 Woodlawn neighbors and community partners to enjoy delicious BBQ. While the adults discussed neighborhood issues and a possible future for the gas station site, children enjoyed a bounce castle, face painting, and for some, a first-ever horse and carriage ride.

The event was made possible with the support of the Chicago Department of Planning & Development, Chase Foundation, Neighborhood Housing Services, Chicago Community Loan Fund, and Preservation of Affordable Housing (POAH). Thanks to the 20th Ward Alderman's Office of William Cochran, the 1Woodlawn Northwest Quadrant, and the 6100 St Lawrence and 6100 Rhodes Block Clubs for helping to organize the event. Event activities were generously provided with help from Sunshine Enterprises, A&D Property Services, artist Chris Devins, Rock Your Body Art, DJ Kevin Burns, and Noble Horse. The BBQ was provided and served up by Sweet Baby Ray himself, Dave Raymond of Sweet Baby Ray's.

Farewell to Angela Maurello

On September 29, CIC staff, clients, and friends gathered to celebrate Vice President Angela Maurello as she prepared for retirement. Angela worked for CIC for more than 21 years and was instrumental in the formation of neighborhood building owners' organizations throughout Chicago, including the Greater Austin Development Association, the Rogers Park Builders Group, the South Side Community Investors Association, and the Neighborhood Building Owners Alliance. CIC's Board of Directors passed a resolution honoring Angela, which was presented to her at her retirement celebration. Angela will be missed by CIC's staff, board, and clients.

About CIC

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 .