CIC Multifamily Loan Pool

Cluster 1

Community Investment Corporation’s (CIC) Multifamily Loan Program offers first mortgage financing for multifamily rental housing with 5 or more units, mixed-use buildings, cooperatives, Single Room Occupancy units (SROs), and special needs housing. The program has characteristics of a typical first mortgage lending program, but CIC’s Property Management Training, extensive community relationships, and personalized support during and after the lending process ensure this financing is accessible for small and BIPOC developers, making it a model for preserving unsubsidized affordable multifamily housing.

CIC is a Community Development Financial Institution (CDFI) created in 1984. The Multifamily Loan Pool is funded by raising capital from investors, The program started with $17.5 million in commitments from 14 investors, and has grown to $365 million in commitments from 40 investors.

Sources

Last updated: Nov. 8, 2024

Program details

City: Chicago-Naperville-Elgin, IL-IN-WI Metro Area

Program geography: Region

Entities involved: Community Development Financial Institution (CDFI)

Market Category: Low Cost Market Resources

Tool Category: Support for for-profit Owners - Technical Assistance and Capacity Building, Support for-profit Owners - Buy Rehab and Operate Existing Buildings

Tool Description: Acquisition Financing

Year started: 1984

Building type: 5-plus units

Target tenants: at or below 80% AMI

Affordability restrictions: None. None

Funding description: Beginning with $17.5 million in commitments from 14 investors, CIC has grown to $365 million in commitments from 50 investors. In addition to growing in size, CIC has expanded and diversified its investor and funding pool to include not only multifamily investors, but also investors in a 1-4 unit loan program, the Opportunity Investment Fund, and Program Related Investments (PRIs). (Source: https://www.cicchicago.com/investor-relations/)

Funding sources: Bank Investment for CRA Credit