Community Investment Corp. paid out $44.5 million in 2013 to help landlords acquire and rehab 4,450 affordable housing units in metro Chicago.
CIC is a non-profit organization and certified Community Development Financial Institution that aims to stabilize metro Chicago neighborhoods by preserving affordable, multifamily housing.
The financial assistance is a 62% increase over the number of apartments CIC supported a year prior, bringing the total amount of apartments financed since the company’s start in 1984 to nearly 51,000.
"We’re very pleased with the record number of affordable units we helped finance in 2013," said CIC President Jack Markowski.
"As the economy continues to be challenging, CIC is one of the few consistent sources of financing to redevelop the affordable rental housing that metro Chicago so badly needs," he explained.