Community Investment Corp
Community Investment Corp
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About this organization
Mission
Community Investment Corporation (Cic) is a not-for-profit 501(c)(3) corporation. Incorporated in 1973, Cic's mission is to be the leading force in neighborhood revitalization through innovative financial programs. In pursuit of this mission, Cic has become the leading lender for the acquisition, rehabilitation, and preservation of affordable rental housing throughout the Chicago metropolitan area. Cic provides one of the very few sources of capital for redeveloping and maintaining affordable rental housing, primarily located in low and moderate-income communities. Cic exercises sound management and fiscal prudence in its operations.
About
In FY 2019, CIC approved 64 loans for a total of $60.2 million under the multifamily loan program. These loans financed the acquisition and rehab of 1,039 residential and 22 commercial units. All loans carried a 10-year term and most loans had a 25-year amortization. In total, at the close of FY 2019, CIC's multifamily loan program portfolio stands at $194.7 million of notes sold to investors.
Interesting data from their 2020 990 filing
The purpose of the non-profit is listed in the filing as “Community investment corporation (cic) is a not-for-profit 501(c)(3) corporation. incorporated in 1973, cic's mission is to be the leading force in neighborhood revitalization through innovative financial programs. in pursuit of this mission, cic has become the leading lender for the acquisition, rehabilitation, and preservation of affordable rental housing throughout the chicago metropolitan area. cic provides one of the very few sources of capital for redeveloping and maintaining affordable rental housing, primarily located in low and moderate-income communities. cic exercises sound management and fiscal prudence in its operations.”.
When discussing its operations, they were characterized as: “Community investment corporation's ("cic") purpose is to preserve and (cont'd on sch o)revitalize lower income neighborhoods in the six county chicago metro area through the public and private financing of the rehabilitation of low and moderate income rental housing.”.
- The non-profit's legally reported state of operation is IL.
- The filing states that the non-profit's address in the year 2020 is 222 SOUTH RIVERSIDE PLAZA NO 380, CHICAGO, IL, 60606.
- The form submitted by the non-profit for 2020 shows a total of 53 employees.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $979,796.
- The organization has 13 independent voting members.
- The organization was formed in 1973.
- The organization pays $5,935,620 in salary, compensation, and benefits to its employees.
- The organization pays $197,938 in fundraising expenses.
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