For the past fifty years, Community Investment Corporation (CIC) has been a vital non-profit lender in Chicago, providing financing for the acquisition, rehabilitation, and preservation of affordable rental housing. This organization is dedicated to supporting neighborhoods throughout the Chicago region.
Since its establishment in 1974, CIC has allocated $1.8 billion to local owner-operators and helped create and preserve over 69,000 affordable rental units across six counties in Illinois. Their focus is primarily on areas such as Chicago’s South and West Sides. Recently, CIC received a generous gift of $15 million from philanthropist MacKenzie Scott to further their mission.
According to Stacie Young – President and CEO of CIC – revitalizing unsubsidized affordable rental housing is crucial for communities’ well-being since it makes up 70% of all affordable rentals both locally and nationally. She emphasizes that this success relies heavily on hundreds of small businesses committed to their neighborhoods’ betterment.
