Community Investment Corp
- Assets
- $316.5m
- Revenue
- $17.6m
- Investments
- $696.2k
- Employees
- 55
- Location
- Chicago, IL
- Founding
- 11/1974
- Data as of
- 09/2023
- EIN
- 36-2780862
Organization Overview
Community Investment Corp is located in Chicago, IL. The organization was established in 1974. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Community Investment Corp employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Investment Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Community Investment Corp generated $17.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $17.7m during the year ending 09/2023. While expenses have increased by 1.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FY 2023, CIC CLOSED 54 LOANS FOR A TOTAL OF $38.5 MILLION UNDER THE MULTIFAMILY LOAN PROGRAM. THESE LOANS FINANCED THE ACQUISITION AND REHAB OF 876 RESIDENTIAL AND 25 COMMERCIAL UNITS. ALL LOANS CARRIED A 10-YEAR TERM AND MOST LOANS HAD A 25-YEAR AMORTIZATION. IN TOTAL, AT THE CLOSE OF FY 2023, CIC'S MULTIFAMILY LOAN PROGRAM PORTFOLIO STANDS AT $136.9 MILLION OF NOTES SOLD TO INVESTORS.
DURING FY 2023, CIC CLOSED 1 LOAN FOR $3.5 MILLION FOR SINGLE-FAMILY RENTAL PROPERTIES TOTALING 77 UNITS, OVER EIGHT YEARS OF THE 1-4 UNIT LOAN PROGRAM, CIC HAS CLOSED 83 LOANS FOR $44.3 MILLION TOTALING 719 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 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 2023, CIC CLOSED 3 LOANS FOR $2.7 MILLION IN OIF MEZZANINE DEBT. IN ADDITION, CIC CLOSED THREE FIRST MORTGAGES FOR $9.2 MILLION AS PART OF THE OIF TRANSACTIONS. THESE LOANS WERE FOR BUILDINGS WITH A TOTAL OF 76 UNITS OF MIXED-INCOME HOUSING, OF WHICH 15 UNITS ARE AFFORDABLE TO HOUSEHOLDS AT 50% AMI. OVERALL, SINCE INCEPTION, $8.3 MILLION IN OIF LOANS HAVE BEEN CLOSED, AND CIC HAS PROVIDED $41 MILLION IN ASSOCIATED FIRST MORTGAGE FINANCING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacie Young President | OfficerTrustee | 35 | $286,936 |
David Dykstra Chairman | Trustee | 1 | $0 |
Frank Pettaway Vice Chairman | Trustee | 1 | $0 |
Karen Case Director | Trustee | 1 | $0 |
Collete English Dixon Director | Trustee | 1 | $0 |
Scott Ferris Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $134,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,453,156 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,587,656 |
| Total Program Service Revenue | $16,014,334 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,601,990 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,781,654 |
| Compensation of current officers, directors, key employees. | $213,798 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,652,326 |
| Pension plan accruals and contributions | $240,401 |
| Other employee benefits | $580,752 |
| Payroll taxes | $363,899 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,369 |
| Fees for services: Accounting | $215,169 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $478,781 |
| Advertising and promotion | $19,042 |
| Office expenses | $89,976 |
| Information technology | $248,336 |
| Royalties | $0 |
| Occupancy | $545,723 |
| Travel | $74,200 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,143,853 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $147,889 |
| Insurance | $107,869 |
| All other expenses | $0 |
| Total functional expenses | $17,704,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,504,473 |
| Savings and temporary cash investments | $54,146,637 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $242,852,821 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,438,330 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,147,068 |
| Net Land, buildings, and equipment | $498,620 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $696,202 |
| Investments—program-related | $3,138,386 |
| Intangible assets | $0 |
| Other assets | $1,080,790 |
| Total assets | $316,503,327 |
| Accounts payable and accrued expenses | $1,041,539 |
| Grants payable | $0 |
| Deferred revenue | $30,415,218 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $176,290,889 |
| Unsecured mortgages and notes payable | $43,833,333 |
| Other liabilities | $18,993,037 |
| Total liabilities | $270,574,016 |
| Net assets without donor restrictions | $42,487,978 |
| Net assets with donor restrictions | $3,441,333 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $316,503,327 |