COMMUNITY INVESTMENT CORPORATION CELEBRATES 50 YEARS OF IMPACT

COMMUNITY INVESTMENT CORPORATION CELEBRATES 50 YEARS OF IMPACT

Premier lender for affordable rental housing looks back at fifty years of revitalizing Chicago neighborhoods.

Chicago, IL – Community Investment Corporation (CIC), a Chicago non-profit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, celebrates fifty years of supporting neighborhood rental housing throughout the Chicago region. Since its founding in 1974, CIC has deployed a total of $1.8 billion in funds to local owner-operators, resulting in the creation and preservation of more than 69,000 affordable rental units across six Illinois counties, primarily in Chicago’s South and West Sides.

"As we celebrate this significant milestone, we are deeply grateful to our partners who help us finance and support the local entrepreneurs who rehabilitate, own and operate so much of our affordable rental housing. Revitalizing our unsubsidized, naturally occurring affordable rental housing–which comprises 70% of the affordable rentals here and across the country–hinges on the success of hundreds of small businesses who are dedicated to their communities,” said Stacie Young, President and CEO of Community Investment Corporation. “Housing is the cornerstone of vibrant communities, affecting everything from health and economic mobility to racial equity. This year provides a unique opportunity to reflect on our impact and look ahead to the next chapter.”

In 1984, CIC established its first $17 million multifamily loan pool in partnership with fourteen banks, paving the way for targeted investments in Chicago’s multifamily rental housing, with a special focus on underserved neighborhoods. Since then, the loan pool has grown to $330 million, supported by over 40 financial institutions, underscoring a collective commitment to neighborhood revitalization and the preservation of affordable housing. Notably, approximately 85% of loans have been directed to majority African American census tracts, with most of these loans concentrated in areas where the average median income is $42,290–about 55% of area median income–underscoring the impactful role CIC has played in fostering community development.

Beyond lending, CIC has made a lasting impact by empowering property managers with the tools they need to succeed. Through its Property Management Training program, CIC has supported over 29,000 owners and managers of multifamily rental properties, helping them maintain well-run buildings that also perform well financially.


In 2003, CIC created an affiliate, Community Initiatives, Inc. (CII), to partner with the City of Chicago on the Troubled Buildings Initiative, leveraging code enforcement to improve the physical conditions and management of distressed multifamily buildings in Chicago, preventing their abandonment and demolition. To date, 17,060 distressed units have been recovered through this initiative. CII has also acquired 1,270 distressed properties with 6,194 units in 1-4 unit buildings and multifamily (5+ units), which were then sold to responsible owners to ensure long-term stability for both residents and neighbors.


In 2008, CIC introduced the Energy Savers program, which helps building owners reduce operating costs by implementing energy-efficient upgrades. Since its inception, Energy Savers has improved over 11,380 units with energy saving retrofits, further enhancing the sustainability and affordability of Chicago’s multifamily housing stock.


“CIC has tackled the urgent need for affordable rental housing in Chicago by uniting lenders, nonprofits, and banks to support quality housing, particularly in underserved South and West Side neighborhoods,” said David Dykstra, Community Investment Corporation Board Chair. “By also offering resources and programs for local entrepreneurs, CIC empowers communities and amplifies our community investment efforts. Celebrating 50 years, I'm excited for the future as CIC continues to uplift underserved areas and strengthen its impact.”

CIC will celebrate this significant 50-year milestone with a Gala celebration on Thursday, December 5, from 5-9 pm at The Geraghty. This year’s theme, Building on a Legacy, honors CIC’s rich history while recognizing the important work and partnerships that lie ahead.

About Community Investment Corporation (CIC):
CIC is a 50 year-old not-for-profit Community Development Financial Institution (CDFI) organization dedicated to the preservation and creation of affordable housing in the Chicago area. Since its founding, CIC has provided innovative financial solutions to local owner-operators to strengthen neighborhoods and provide safe, affordable housing options for thousands of residents.

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