News from CIC: Farewell Mike Bielawa, Workshops, Recent Deals, and more

Congrats and Farewell to Mike Bielawa

CIC staff were joined by clients and friends on January 27 to celebrate Mike Bielawa's retirement. Mike served as Senior Vice President and managed CIC's lending programs. Since the mid-1980's, Mike led CIC's efforts to provide more than $1.2 billion to buy and rehab affordable housing throughout the Chicago area. Many lenders came and went during this period and more than a few went out of business trying to serve this market. In good times and in bad, however, CIC kept lending in all Chicago communities, preserving affordable housing and providing fair returns to CIC investors. After 31 years of service to CIC, we wish Mike all the best.

Jack Crane took over in 2016 as Senior Vice President and Director of Lending for CIC.

Community Business Academy Graduation

CIC and Sunshine Enterprises partnered to offer a Community Business Academy targeted at property developers and managers ready to grow and strengthen their businesses. The CBA is intended to take new investors beyond the basics of property management and help them lay the foundation for long-term business development.

The first CBA cohort graduated on January 19. All twelve participants completed the 12-week program and will receive a $2,000 credit towards their first loan with CIC. The next CBA course for property developers will be offered in Fall 2017. Wells Fargo's Diverse Community Capital program provided financial support for development and operation of this three-year program.

Northwest Landlord Workshop

Owners and managers of multifamily rental property in the Northwest suburbs are invited to a workshop co-sponsored by the Metropolitan Mayors Caucus, CIC, and Chicagoland Apartment Association (CAA). The workshop is Wednesday, February 22nd from 9:00am-11:00am at the Oakton Community College (1600 East Golf Road, Des Plaines - Rooms 1608 and 1610).

Topics at the event will include r esources to promote energy efficiency, affordability, and bottom line improvements to property operation, and o ngoing opportunities to collaborate and pursue joint solutions to questions and concerns about rental housing in suburban communities. This event is free of charge. Learn more and RSVP through Eventbrite.com .

Updated Rules and Regulations in Chicago

Interest rates on security deposits under rental agreements, which are set by the City of Chicago each year, will remain at 0.01% for 2017. (This has been the rate since 2015.) For more information about security deposit requirements in Chicago, visit cityofchicago.org .

As of January 1, the City of Chicago has updated requirements for

recycling in multifamily residential properties. A new ordinance requires source-separated, single stream recycling in multifamily properties, meaning that separate recycling and trash containers must be provided. Many properties already comply with this requirement. Read the City's press release for more details.

Overwhelmed by the finer points of property management? Sign up for CIC's Property Management Training program! Whether you are just starting out or need a refresher course, PMT is a great resource. Check out our upcoming workshop schedule and sign up today.

Recent Deals

Woodlawn Preservation Association received a $452,000 loan from CIC to refinance a three-story brick 6-flat in Woodlawn. WPA finished a high-quality rehab on the property in 2014, and has a growing portfolio of properties in Woodlawn.

A first-time CIC client received a $1.15 million loan under CIC's 1-4 Unit Rental Redevelopment Loan Program. The loan financed 17 properties with 21 units in Hazel Crest and neighboring south suburban communities.

Chicago Metropolitan Housing Development Corporation (CMHDC) received a $2,835,000 loan from CIC to acquire three properties with a total of 18 units in Albany Park. This will be part of CMHDC's program to preserve affordable housing in a community with increasing rents.

As Chicago's leading multifamily rehab lender, CIC offers comprehensive and flexible financing options to fit your project needs:

Purchase/rehab in the same loan
Cash out/Refi loans to expand your portfolio
Quick acquisition loans
1-4 unit rental redevelopment loans (for investors)
Competitive rates & terms

That's just the beginning. Get personalized attention, specialized knowledge from experts in the field, and no-cost training and networking opportunities to make sure you reach your goals.

312.258.0070 | [email protected] | www.cicchicago.com

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