EIN 36-2780862

Community Investment Corporation

IRS 501(c) type
501(c)(3)
Num. employees
52
Year formed
1973
Most recent tax filings
2022-09-01
Description
Community Investment Corporation, Chicago’s Multifamily Rehab Lender, is a not-for-profit mortgage lender that provides financing to buy and rehab multifamily apartment buildings with five units or more in the six-county metropolitan Chicago area. We also offer Property Management Training to help owners and managers better market, manage, maintain and improve affordable rental property. The mission of CIC is to be a leading force in affordable housing and neighborhood revitalization through innovative financing, programs, and policy leadership.
Total revenues
$18,564,820
2022
Total expenses
$16,927,370
2022
Total assets
$313,725,284
2022
Num. employees
52
2022

Program areas at Community Investment Corporation

During fy 2022, cic closed 88 loans for a total of $65.6 million under the multifamily loan program. These loans financed the acquisition and rehab of 1,163 residential and 38 commercial units. All loans carried a 10-year term and most loans had a 25-year amortization. In total, at the close of fy 2022, cic's multifamily loan program portfolio stands at $152.6 million of notes sold to investors.
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 provides 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 2022, cic closed 3 loans for $953 thousand in oif mezzanine debt. In addition, cic closed two first mortgages for $3.7 million as part of the oif transactions. These loans were for buildings with a total of 97 units of mixed-income housing, of which 19 units are affordable to households at 50% ami. Overall, since inception, $4.6 million in oif loans have been approved, and cic has provided $32 million in associated first mortgage financing.
During fy 2022, cic closed 1 loan for $752 thousand for single-family rental properties totaling 11 units, over eight years of the 1-4 unit loan program, cic has closed 82 loans for $40.8 million totaling 642 residential units.

Who funds Community Investment Corporation

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Polk Bros FoundationStrong Communities$50,000
Movement Strategy CenterMsc-Grant$35,000
Greater Green Bay Community Foundation (GGBCF)Human Services Program Support$10,000
...and 4 more grants received

Personnel at Community Investment Corporation

NameTitleCompensation
Giuseppe PapaveroChief Operating Officer / Controller and Vice President / Controller and Chief Information Officer / Director of It$174,102
Michael CiacciaTreasurer and Chief Financial Officer$215,505
Anne ColeDirector of Communications and External Affairs
Marie DoladeeVice President , Director of Asset Management$116,402
Jessica SivelsDirector of Property Management Training / Director , Property Management Training
...and 13 more key personnel

Financials for Community Investment Corporation

RevenuesFYE 09/2022
Total grants, contributions, etc.$2,233,753
Program services$16,331,067
Investment income and dividends$0
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$18,564,820

Form 990s for Community Investment Corporation

Fiscal year endingDate received by IRSFormPDF link
2022-092023-08-14990View PDF
2021-092022-08-10990View PDF
2020-092021-08-11990View PDF
2019-092020-10-22990View PDF
2018-092019-10-18990View PDF
...and 9 more Form 990s

Organizations like Community Investment Corporation

OrganizationLocationRevenue
Ohio Capital Corporation for Housing (OCCH)Columbus, OH$41,859,308
Midwest Housing Development FundOmaha, NE$5,284,967
Capital for ChangeWallingford, CT$10,335,539
Austin Habitat for HumanityAustin, TX$22,735,671
The Resurrection ProjectChicago, IL$28,523,400
Century Housing CorporationCulver City, CA$33,491,484
Chinatown Community Development CenterSan Francisco, CA$38,436,421
Opportunity Resource FundLansing, MI$4,959,860
Impact Development FundLoveland, CO$7,972,654
Renaissance Community Loan FundGulfport, MS$6,648,710
Data update history
August 20, 2023
Received grants
Identified 1 new grant, including a grant for $50,000 from Polk Bros Foundation
June 27, 2023
Received grants
Identified 8 new grant, including a grant for $8,100,000 from The Chicago Community Trust
June 14, 2023
Posted financials
Added Form 990 for fiscal year 2021
May 6, 2023
Received grants
Identified 1 new grant, including a grant for $500,000 from Fifth Third Chicagoland Foundation
July 28, 2022
Received grants
Identified 1 new grant, including a grant for $70,000 from United States Energy Foundation
Nonprofit Types
Housing and shelter organizationsCommunity Development Financial InstitutionsHeadquarter / parent organizationsCharities
Issues
Human servicesHousing
Characteristics
State / local levelReceives government fundingTax deductible donations
General information
Address
222 S Riverside Plaza 380
Chicago, IL 60606
Metro area
Chicago-Naperville-Elgin, IL-IN-WI
Website URL
cicchicago.com/ 
Phone
(312) 258-0070
Twitter profile
@cicchicago 
IRS details
EIN
36-2780862
Fiscal year end
September
Taxreturn type
Form 990
Year formed
1973
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
L20: Housing Development, Construction, Management
NAICS code, primary
522120: Savings Institutions
Parent/child status
Central organization
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