North Lawndale Impact Program

The North Lawndale Impact Program offers low-cost construction loans fixed at 5.5% for up to 24 months, as well as mezzanine debt with interest-only payments. These loans are designed to be used together or independently, offering flexibility for borrowers based on their needs. Most multifamily loans require 20% equity from the borrowers, but because of the mezzanine option, this program allows for 90% loan-to-value (LTV) or 90% loan-to-cost (LTC) for developers to acquire and rehabilitate existing multifamily rentals with six or more units.

The North Lawndale Impact Program was created with funding by a Wintrust Bank low-interest loan to CIC to enable the affordable construction financing and a grant from the Steans Family Foundation that acts as a loss reserve, mitigating risk for investors in the loan pool making it more attractive to future investors.