Multifamily Loan Program & Property Management Training

Community Investment Corporation (CIC) is a Chicago-based community development financial institution (CDFI) that offers financing for multifamily housing providers in Chicago and surrounding communities. CIC was established in 1974, three years before the Community Reinvestment Act was passed, as a loan consortium and vehicle through which banks could provide needed rehab financing in the Chicago neighborhoods that faced disinvestment challenges. Ten years later, CIC established its first Note Purchase Agreement (NPA), a unique concept that has guided CIC’s investments. The NPA is a proven, effective, and efficient vehicle for investors to participate in CIC loan programs and meet Community Reinvestment Act (CRA) requirements. It allows banks to jointly participate in loans and community development activities that they would not otherwise undertake on their own.

CIC’s Multifamily Loan Program provides financing to small, local business owners who privately own and operate the vast majority of unsubsidized naturally occurring affordable housing (NOAH) units in Chicago. The program has characteristics of a typical first mortgage lending program but offers flexible underwriting designed for the realities of disinvestment markets and connects financing tools directly to the communities where investment is needed.

CIC’s Property Management Training (PMT) program provides technical assistance and peer-to-peer support for prospective and current building owners. Since 1998, PMT has served 30,370 owners and managers, equipping them with the knowledge to operate safely, legally, and sustainably.

CIC’s unique funding structure, extensive community relationships, and personalized support during and after the lending process ensure financing is accessible for small and mid-sized, often local, developers.