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CIC 2017 Impact Report: A Region 7,800 Units Stronger
Twenty four units of subsidized housing brought out of disrepair for Washington Park residents.
A first-time homebuyer in Woodlawn, with plans to invest further in his new neighborhood.
A $1.6 million loan to purchase, rehab, and make energy improvements to a 53-unit mixed used development in Austin.
Keep reading to learn more about the ways CIC is revitalizing Chicago communities.
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A first-time homebuyer purchased this brick two-flat through the Renew Woodlawn program in 2017. CII (CIC's affiliate) acquired the previously distressed property and transferred it to a rehabber before sale to the new homeowner. Photo by Gordon Walek.
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Innovative Financing
- CIC provided $70 million in loans and grants - an all-time high - to acquire, rehab and preserve 1,886 units of affordable housing and 37 commercial units.
- Nearly all of the housing units financed were affordable to households earning less than $40,000, or 80% of the area median income.
- Continuing to experience strong demand in the single-family rental market, CIC approved $8.5 million for 140 units under the 1-4 Unit Rental Redevelopment Loan Program, a 33% increase from last year.
- $1.6 million in energy retrofit financing was provided to improve the health and safety of buildings, and to cut energy consumption by 25-30%.
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Using CIC financing, this 53-unit mixed-use building was purchased by an experienced developer in 2017. The $1.6 million loan includes substantial rehab work and energy efficiency upgrades. Renovation of this large property in the Austin community, which is ongoing, will stabilize the block and transform the building from a liability to an anchor property.
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Community Development
- In partnership with the City of Chicago, CIC recovered 49 buildings with over 1,250 units under the Troubled Buildings Initiative, a program that uses code enforcement and receiverships to improve physical conditions and prevent abandonment and demolition.
- CIC acquired and transferred 136 distressed properties with 332 units, clearing the way for new owners to rehab and preserve affordable units.
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This 24-unit rental building in Washington Park entered the Troubled Buildings Initiative program in 2014, allowing CII (CIC's affiliate) to improve the building's security and address imminently dangerous conditions. The property was purchased and renovated by a CIC borrower in 2017. The property is now stable and occupied with a Section 8 contract in place, preserving long-term affordability.
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Leadership
- The Preservation Compact, CIC's cross-sector policy initiative that promotes preservation of affordable rental housing, worked directly with public agencies to preserve affordability in 4 publicly assisted properties with 714 units. The Compact also mobilized efforts to combat unexpected increases in Class 9 property tax assessments.
- The Preservation Compact worked with the City of Chicago to reduce rehab costs under the City's electrical and plumbing codes.
- The Preservation Compact laid the groundwork for a new Opportunity Investment Fund, to invest in affordable rental housing in strong markets.
- Through Property Management Training, over 1,200 current or prospective managers and owners received invaluable education needed to run successful businesses while providing safe, healthy, well-maintained apartments to low and moderate income renters.
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Supported by Wells Fargo's Diverse Community Capital Program, CIC partnered with Sunshine Enterprises to initiate the Community Business Academy. This ten-week course in small business development was particularly focused on property owners and managers seeking to grow their business. The first academy cohort, pictured above, graduated in 2017.
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Thank you to all of our clients, partners, and investors for your commitment to CIC and to Chicago communities.
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Community Investment Corporation (CIC) is Chicago's multifamily rehab lender. Since 1984, CIC has provided more than $1.3 billion to acquire, rehab and preserve over 59,000 units of affordable housing for more than 147,000 metro Chicago residents. CIC is a certified Community Development Financial Institution (CDFI) and a Member of the Federal Home Loan Bank of Chicago.
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let's build together
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