Community Investment Corp. (CIC), a Chicago nonprofit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, reporting closing $22.6 million in loans and grants during the first half of 2026, supporting the preservation of 278 residential units.
“Despite continued pressures on the housing market, we’re still seeing demand for our loans,” said CIC president and CEO Stacie Young. “That tells us that local, responsible owner-operators are able to buy and improve buildings in our neighborhoods, and we intend to keep showing up as the mission-driven partner that turns those buildings into affordable rentals for more Chicagoans.”
The first-half highlights include originating three loans through the Woodlawn Construction Loan Fund, deploying $2.26 million in low-cost construction financing with $628,000 in planned property improvements across three developments.
CIC also closed a $1.5 million refi-rehab loan through the SRO (single-room occupancy) Preservation Loan Program for Casa Hotel, a 53-unit SRO building owned by The Resurrection Project. The financing includes $300,000 in rehabilitation improvements.
The organization administers the SRO loan program, authorized under a Chicago City Council ordinance passed in April 2022. The program provides construction loans and grant assistance to purchase and preserve housing for some of Chicago’s most vulnerable residents, with a focus on SRO units that offer essential affordable housing. Under the program, CIC provides construction loans to new buyers or existing owners of SRO housing. Units are subject to affordability restrictions for 15 years.