At a virtual meeting of its investor institutions on December 16, 2020, Community Investment Corporation (CIC) announced that it delivered $42 million in loans and grants to acquire, rehab, and preserve over 950 units of affordable rental housing in FY 2020. Virtually all units financed were affordable to households at or below 80% area median income, and 70% were affordable to households earning 50% area median income.
These achievements are made possible by the support of CIC’s investors, government partners, and philanthropic funders.
Meeting speakers included CIC Board Chair David Dykstra, CIC President Jack Markowski, Multifamily Loan Committee Chair Chas Hall, and 1-4 Loan Committee Chair Tiffany Taylor.
In his remarks, CIC President Jack Markowski explained that CIC’s 2020 investments were made within a challenging and unprecedented economic context resulting from the coronavirus pandemic. “The pandemic and resulting business closures and increases in unemployment disproportionately affected the unsubsidized rental housing tenants and buildings owners in low- to moderate-income communities,” he said. “CIC has responded with needed investments, resources, and outreach to help these small building owners and their tenants through this extremely challenging time.”
Investor Meeting Materials Available for Download
Other highlights from CIC’s 2020 Performance and Credit Review Report include:
- CIC financed affordable apartments in 24 communities throughout the Chicago region but with a significant concentration on Chicago’s south and west sides.
- Virtually all units financed were affordable to households at or below 80% area median income, and 70% were affordable to households earning 50% area median income.
- CIC offered low- and no-cost education and workshops on topics related to managing properties during the pandemic to nearly 2,000 people.
- The Preservation Compact rapidly convened stakeholders to respond to the pandemic, created a resource hub for building owners and tenants, and conducted outreach to owners and tenants on available government assistance. The Compact also worked with government agencies to preserve affordability in four buildings with 427 rental units.
- CIC engaged in a number of community development activities, including code enforcement, receiverships, and buying and selling distressed properties. In 2020, CIC acquired 141 properties with 89 units and transferred them to new owners for rehab and re-use.
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