Community Investment Corporation Announces $15 Million Gift from Philanthropist MacKenzie Scott

Community Investment Corporation Announces $15 Million Gift from Philanthropist MacKenzie Scott

The donation is the largest individual gift received in the organization's 50-year history.

CHICAGO – Community Investment Corporation (CIC), a Chicago non-profit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, today announced a $15 million unrestricted gift from renowned philanthropist MacKenzie Scott. This transformational gift marks the largest individual gift ever received in CIC’s 50-year history, helping advance its mission to support community development efforts in underinvested neighborhoods across Chicagoland, with a focus on affordable housing and economic equity.

"We are deeply honored and profoundly grateful for this second generous gift from MacKenzie Scott," said Stacie Young, President and CEO of Community Investment Corporation. "This funding allows us to expand our efforts in providing crucial support for affordable housing and community development that not only strengthens neighborhoods but also fosters generational wealth for the small developers leading this work. Thanks to Ms. Scott's transformational gift, we're able to offer funding to address housing challenges faced by communities lacking access to capital throughout Chicago.”

In 2020, Scott awarded her first gift to CIC of $8 million, which was the largest individual gift in the organization's history until now. Half of this initial gift enabled CIC to launch the Community Equity Partner (CEP) pilot program, aimed at bridging the equity gap for small to mid-sized developers who often lack access to equity capital. Large real estate investors can readily access equity capital, which allows them to use less money out of pocket for transactions. Yet few funds exist for smaller developers focusing on small buildings. Additionally, the small, local diverse responsible owner-operators that CIC serves often do not have the wealthy networks that some other developers typically have. CIC’s innovative pilot uniquely addressed this access to equity capital challenge, and Ms. Scott’s 2020 gift allowed CIC to develop and launch this ordinarily high-risk product.

To date, CIC has committed funding for eight transactions through its CEP Fund, providing $3.8 million in equity financing to improve and preserve 136 units across buildings ranging from two to 42 units. The goal of this pilot is to demonstrate that more equity funds should serve small to mid-sized local developers who invest in smaller buildings.

"CIC has been a valuable key to my success as a local real estate investor, providing me with the capital to compete against larger, out-of-state investors who often overlook the needs of our community," said Local Investor Dr. Leon Stenneth. "Thanks to this program I've been able to acquire the largest building in my portfolio to date at 42 units, empowering me to scale the portfolio, work with Institutional Equity Partners and learn more about Asset Management."

CIC has a long history of partnering with developers, property owners, and community organizations to address the housing challenges faced by under-resourced neighborhoods. With this new $15 million gift, CIC is positioned to make an even greater impact by continuing to invest in housing preservation, expanding its reach, and fostering vibrant, sustainable communities.

"Housing is essential to a healthy, stable life, and maintaining and revitalizing Chicago area affordable housing buildings is a core mission of CIC. MacKenzie Scott’s decision to support CIC with another large gift reinforces the importance of CIC’s mission and the work we've been doing," said David Dykstra, Community Investment Corporation Board Chair. “This gift will strengthen our ability to lend to local developers who provide the housing that communities rely on. By investing in affordable housing, we’re supporting the long-term vitality and resilience of neighborhoods across Chicagoland.”

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