2024-08-05T10:50:02-05:00 2023-09-30 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2022-10-01 362780862 COMMUNITY INVESTMENT CORPORATION COMM 3122580070 222 SOUTH RIVERSIDE PLAZA 380 CHICAGO IL 60606 MICHAEL G CIACCIA TREASURER/CFO 3122580070 2024-07-30 1 1 JESSICA TOADER P01464604 3122071040 2024-07-30 2022 2024-08-08 14:25:15Z STACIE A YOUNG 222 SOUTH RIVERSIDE PLAZA 380 CHICAGO IL 60606 17601990 0 X WWW.CICCHICAGO.COM X 1973 IL 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. 17 16 55 14 0 0 2233753 1587656 16331067 16014334 0 0 0 0 18564820 17601990 0 0 0 0 6295514 6619032 0 0 177040 10631856 11084991 16927370 17704023 1637450 -102033 313725284 316503327 267718109 270574016 46007175 45929311 X COMMUNITY INVESTMENT CORPORATION (CIC) IS A NOT-FOR-PROFIT 501(C)(3) CORPORATION. INCORPORATED IN 1973, CIC'S MISSION IS TO BE THE LEADING FORCE IN NEIGHBORHOOD REVITALIZATION THROUGH INNOVATIVE FINANCIAL PROGRAMS. IN PURSUIT OF THIS MISSION, CIC HAS BECOME THE LEADING LENDER FOR THE ACQUISITION, REHABILITATION, AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGHOUT THE CHICAGO METROPOLITAN AREA. CIC PROVIDES ONE OF THE VERY FEW SOURCES OF CAPITAL FOR REDEVELOPING AND MAINTAINING AFFORDABLE RENTAL HOUSING, PRIMARILY LOCATED IN LOW AND MODERATE-INCOME COMMUNITIES. CIC EXERCISES SOUND MANAGEMENT AND FISCAL PRUDENCE IN ITS OPERATIONS. 0 0 14569856 15147309 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. 741901 772536 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. 90742 94489 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. 15402499 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 10 0 1 55 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X MICHAEL G CIACCIA 3122580070 222 SOUTH RIVERSIDE PLAZA 380 CHICAGO IL 60606 STACIE YOUNG PRESIDENT 35.00 5.00 X X 286936 0 23960 DAVID DYKSTRA CHAIRMAN 1.00 0.00 X 0 0 0 FRANK PETTAWAY VICE CHAIRMAN 1.00 1.00 X 0 0 0 KAREN CASE DIRECTOR 1.00 0.00 X 0 0 0 COLLETE ENGLISH DIXON DIRECTOR 1.00 0.00 X 0 0 0 SCOTT FERRIS DIRECTOR 1.00 0.00 X 0 0 0 VICKY ARROYO DIRECTOR 1.00 1.00 X 0 0 0 TIMOTHY HADRO DIRECTOR 1.00 0.00 X 0 0 0 JOHN HEIN DIRECTOR 1.00 0.00 X 0 0 0 ROBERT MARJAN DIRECTOR 1.00 1.00 X 0 0 0 ANGIE MARKS DIRECTOR 1.00 1.00 X 0 0 0 JEFF NEWCOM DIRECTOR 1.00 0.00 X 0 0 0 MITCH FEIGER DIRECTOR 1.00 0.00 X 0 0 0 ANDREW SALK DIRECTOR 1.00 0.00 X 0 0 0 DANIEL WATTS DIRECTOR 1.00 0.00 X 0 0 0 R PATRICIA KELLY DIRECTOR 1.00 0.00 X 0 0 0 THURMAN SMITH DIRECTOR 1.00 1.00 X 0 0 0 JOHN CRANE SVP/DIRECTOR OF LENDING 39.00 1.00 X 253638 0 40748 MICHAEL CIACCIA TREASURER/CFO 35.00 5.00 X 225023 0 45373 JONAH HESS CII VICE PRESIDENT 1.00 39.00 X 185015 0 25766 DUNNIE COSEY-GAY VP PROGRAM MANAGER 40.00 0.00 X 143789 0 39855 PHILLIP MOORE VP/DIRECTOR OF CREDIT ADMIN 40.00 0.00 X 154199 0 12957 GIUSEPPE PAPAVERO CONTROLLER 39.00 1.00 X 136274 0 18543 MONICA KIRBY ASSISTANT SECRETARY 39.00 1.00 X 77625 0 15936 NICK BRUNICK SECRETARY & GENERAL COUNSEL 1.00 0.00 X 0 0 0 RENE BARAZZA CONSTRUCTION MANAGER 40.00 0.00 X 135782 0 39292 ANTHONY HAWTHORNE LOAN OFFICER 40.00 0.00 X 134222 0 40623 ANNE COLE VP-DIRECTOR OF COMMUNICATIONS 40.00 0.00 X 143599 0 29527 TOMMY JACKSON LOAN OFFICER 40.00 0.00 X 147823 0 11125 2023925 0 343705 15 0 1 0 GREIMAN ROME & GRIESMEYER LLC 205 W RANDOLPH ST CHICAGO IL 60606 LEGAL SERVICES 294140 1 134500 1453156 1587656 MORTGAGE INTEREST 900099 12052339 12052339 RELATED PARTY CONSULTING SERVICES 900099 1997706 1997706 LOAN SERVICING 900099 1008628 1008628 LOAN FEE INCOME 900099 948215 948215 CIC GOVERNMENT INVESTORS, NET 900099 3853 3853 3593 3593 16014334 17601990 16014334 0 0 1781654 1550039 213798 17817 3652326 3177524 438279 36523 240401 209149 28848 2404 580752 505254 69691 5807 363899 316592 43668 3639 27369 23811 3284 274 215169 187197 25820 2152 478781 416539 57454 4788 19042 16567 2285 190 89976 78279 10797 900 248336 216053 29800 2483 545723 474779 65487 5457 74200 64554 8904 742 8143853 7085152 977262 81439 147889 128663 17747 1479 107869 93846 12944 1079 LOAN LOSS PROVISION 676848 588858 81222 6768 BUSINESS DEVELOPMENT 250335 217790 30042 2503 TRUSTEE FEES AND TITLE 59601 51853 7152 596 17704023 15402499 2124484 177040 12643610 11504473 47582630 54146637 250579456 242852821 858972 1438330 338390 1147068 2246518 1747898 463632 498620 696202 1258594 3138386 0 1080790 313725284 316503327 1294529 1041539 24410017 30415218 191596121 176290889 29722221 43833333 20695221 18993037 267718109 270574016 X 43007175 42487978 3000000 3441333 46007175 45929311 313725284 316503327 X -102033 24169 X 0 1 X 1 1 1 X 1470319 1292601 13328179 2233753 1587656 19912508 1470319 1292601 13328179 2233753 1587656 19912508 1601750 18310758 19912508 88684383 0.91960 0.93970 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 271389 168237 103152 1975129 1579661 395468 498620 ESCROW ACCRUALS AND BORROWER RESERVES 14356913 CMAP ENERGY LOAN GUARANTEES 3392762 OTHER ACCOUNTS PAYABLE 1243362 18993037 X X X X X 0 0 0 0 0 0 0 1 0 STACIE YOUNG PRESIDENT 236134 0 50250 0 552 0 21995 0 1965 0 310896 0 0 0 JOHN CRANE SVP/DIRECTOR OF LENDING 199346 0 51244 0 3048 0 19637 0 21111 0 294386 0 0 0 MICHAEL CIACCIA TREASURER/CFO 181663 0 43000 0 360 0 15870 0 29503 0 270396 0 0 0 JONAH HESS CII VICE PRESIDENT 153542 0 31233 0 240 0 14301 0 11465 0 210781 0 0 0 DUNNIE COSEY-GAY VP PROGRAM MANAGER 123929 0 19500 0 360 0 10352 0 29503 0 183644 0 0 0 RENE BARAZZA CONSTRUCTION MANAGER 122667 0 12875 0 240 0 9789 0 29503 0 175074 0 0 0 ANTHONY HAWTHORNE LOAN OFFICER 119826 0 12812 0 1584 0 11120 0 29503 0 174845 0 0 0 ANNE COLE VP-DIRECTOR OF COMMUNICATIONS 127759 0 15600 0 240 0 11459 0 18068 0 173126 0 0 0 PHILLIP MOORE VP/DIRECTOR OF CREDIT ADMIN 135893 0 18066 0 240 0 12159 0 798 0 167156 0 0 0 TOMMY JACKSON LOAN OFFICER 129572 0 13307 0 4944 0 11125 0 0 0 158948 0 0 0 GIUSEPPE PAPAVERO CONTROLLER 93349 0 42565 0 360 0 10900 0 7643 0 154817 0 0 0 PART I, LINE 7 AS INDICATED IN SCHEDULE J, PART II, EMPLOYEES OF THE ORGANIZATION, INCLUDING OFFICERS AND HIGHEST COMPENSATED INDIVIDUALS, RECEIVED A BONUS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THIS BONUS WAS APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW PURPOSE. AFTER THE INITIAL REVIEW, A COPY OF FORM 990 IS MADE AVAILABLE TO THE ENTIRE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL PERSONNEL, INCLUDING DIRECTORS AND OFFICERS, ARE REQUIRED TO SUBMIT AN ANNUAL FORM RELATED TO OUTSIDE EMPLOYMENT AND BUSINESS ACTIVITY THAT COULD PRESENT A CONFLICT OF INTEREST. KEY PERSONNEL WITH CONFLICTS RECUSE THEMSELVES FROM PARTICIPATING IN DECISION MAKING RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 PROCESS TO DETERMINE COMPENSATION OF PRESIDENT: ANNUALLY, A SALARY SURVEY IS CONDUCTED TO INCLUDE COMPENSATION OF TOP MANAGEMENT OFFICIALS AT SIMILARLY SIZED NON-PROFIT ORGANIZATIONS IN THE SAME GEOGRAPHIC LOCALE. THIS SURVEY WAS PROVIDED TO THE EXECUTIVE COMMITTEE OF THE BOARD EVERY SEPTEMBER. THIS INCLUDES THE CHAIRMAN OF THE BOARD AND OTHER BOARD MEMBERS ON THE EXECUTIVE COMMITTEE. THESE INDIVIDUALS REVIEW THE PERFORMANCE OF THE PRESIDENT OVER THE PAST YEAR CONSIDERING PROGRESS TOWARDS ACCOMPLISHMENT OF INDIVIDUAL AND ORGANIZATIONAL GOALS, THE FINANCIAL STRENGTH OF THE ORGANIZATION, AND THE SALARY SURVEY PROVIDED. THESE CONSIDERATIONS RESULT IN NEW GOALS FOR THE UPCOMING YEAR AND A DECISION ON COMPENSATION WHICH IS THEN COMMUNICATED TO THE TREASURER FOR IMPLEMENTATION. PROCESS TO DETERMINE COMPENSATION OF OTHER OFFICERS: ANNUALLY, A SALARY SURVEY IS CONDUCTED TO INCLUDE COMPENSATION OF KEY MANAGEMENT OFFICIALS AT SIMILARLY SIZED NON-PROFIT ORGANIZATIONS IN THE SAME GEOGRAPHIC LOCALE. THE PERFORMANCE OF THESE INDIVIDUALS OVER THE PAST YEAR IS DELEGATED TO THE PRESIDENT BY THE EXECUTIVE COMMITTEE. THE PRESIDENT REVIEWS IN CONNECTION WITH PROGRESS TOWARDS ACCOMPLISHMENT OF INDIVIDUAL AND ORGANIZATIONAL GOALS, THE FINANCIAL STRENGTH OF THE ORGANIZATION, AND THE SALARY SURVEY PROVIDED. THESE CONSIDERATIONS RESULT IN NEW GOALS FOR THE UPCOMING YEAR AND A DECISION ON COMPENSATION WHICH IS THEN COMMUNICATED TO THE TREASURER FOR IMPLEMENTATION. THE REVIEW TAKES PLACE EVERY SEPTEMBER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INVESTMENTS IN REAL ESTATE JOINT VENTURES 24,169. CIC GOVERNMENT INVESTOR LLC 222 S RIVERSIDE PLAZA 380 CHICAGO IL 60606 362780862 LOW-COST MEZZANINE LOANS IL 5202 4995809 COMMUNITY INVESTMENT CORPORATION CEPF LLC 222 S RIVERSIDE PLAZA 380 CHICAGO IL 60606 921192873 EQUITY FINANCING IL 3593 1245798 COMMUNITY INVESTMENT CORPORATION COMMUNITY INITIATIVES INC 222 S RIVERSIDE PLAZA 380 CHICAGO IL 60606 300103115 PRESERVE LOW INCOME MULTI FAMILY HOUSING IL 501(C)(3) LINE 7 COMMUNITY INVESTMENT CORPORATION 1 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 COMMUNITY INITIATIVES INC L 1997706 BOOK COST