COMMUNITY INVESTMENT CORPORATION
222 SOUTH RIVERSIDE PLAZA NO 380, CHICAGO, IL 60606 www.cicchicago.com

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Organizations Filed Purposes: 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.

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.

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.

IN FY 2019, CIC APPROVED 13 LOANS FOR $5.4 MILLION FOR SINGLE-FAMILY RENTAL PROPERTIES TOTALING 89 UNITS, A 45% YEAR-OVER-YEAR INCREASE IN LOAN VOLUME. OVER THE FOUR YEARS OF THE 1-4 UNIT LOAN PROGRAM, CIC HAS APPROVED 78 LOANS FOR $36.5 MILLION TOTALING 605 RESIDENTIAL UNITS.

IN FY 2018, CIC AND THE PRESERVATION COMPACT SECURED $34 MILLION TO CREATE THE OPPORTUNITY INVESTMENT FUND (OIF), AN INNOVATIVE, STREAMLINED VEHICLE TO FINANCE MULTIFAMILY RENTAL BUILDINGS AND CREATE AFFORDABLE HOUSING IN HIGH COST NEIGHBORHOODS. OIF WILL PROVIDE EXISTING, FUNCTIONING MULTIFAMILY RENTAL BUILDINGS WITH LOW-COST MEZZANINE DEBT. IN RETURN, OWNER WILL KEEP 20% OF THEIR UNITS AFFORDABLE FOR 15 YEARS. BOTH NON-PROFIT AND FOR-PROFIT OWNERS WILL BE ABLE TO USE OIF. OWNERS MAY CHOOSE TO USE HOUSING CHOICE VOUCHERS OR OTHER TYPES OF OPERATING SUBSIDY TO HELP OFFSET REDUCED RENTS FOR THE AFFORDABLE UNITS. IN FY 2019, CIC APPROVED $1.5 MILLION IN OIF MEZZANINE DEBT FOR 6 OIF LOANS. IN ADDITION, CIC APPROVED SIX FIRST MORTGAGES FOR $12.8 MILLION AS PART OF THE OIF TRANSACTIONS. THESE LOANS WERE FOR BUILDINGS WITH A TOTAL OF 142 UNITS OF MIXED-INCOME HOUSING, OF WHICH 32 UNITS ARE AFFORDABLE TO HOUSEHOLDS AT 50% AMI. OVERALL, SINCE INCEPTION, $2.3 MILLION IN OIF LOANS HAVE BEEN APPROVED, AND CIC HAS PROVIDED $19.4 MILLION IN ASSOCIATED FIRST MORTGAGE FINANCING.

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