Community Investment Corporation (CIC), a Chicago nonprofit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, announced a $10 million loan from JPMorganChase.
The loan will increase CIC’s in-house lending capacity, allowing the nonprofit to originate more loans for local, small developers who focus on affordable housing.
“This transformational loan from JPMorganChase is a great vote of confidence in the work that CIC does in our communities,” said Stacie Young, President and CEO of Community Investment Corporation. “With this capital, we can continue addressing challenges in parts of Chicago that have historically lacked access to the financing needed to preserve affordable rental housing.”
The loan builds on JPMorganChase’s longstanding work with CIC. JPMorganChase is also a major investor in CIC’s multifamily Note Purchase Agreement—a pool of capital from dozens of banks that support CIC’s loans—with a $30 million commitment through 2030. Since 2020, CIC has received $3 million in grant funding from JPMorganChase to help acquire and rehab rental housing and assist local rental property owners with implementing energy saving improvements to their properties.
“Increasing and preserving affordable housing are key to fostering economic growth and strengthening communities in Chicago,” said Michelle Egan, Head of Credit Solutions, Impact Finance, JPMorganChase. “We’re proud to support CIC’s work to help local developers access the capital they need to build and maintain quality, affordable housing —including on Chicago’s south and west sides.”
Founded in 1974, CIC has deployed more than $1.8 billion in financing to preserve affordable rental housing across Chicago, supporting local property owners and protecting housing affordability in communities across the city. With this additional lending capacity, CIC can originate and carry more loans, helping ensure more affordable rental housing projects can move forward.
