2025-08-14T15:17:28+00:00 2024-09-30 331498605 Plante & Moran PLLC 10 SOUTH RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2023-10-01 362780862 COMMUNITY INVESTMENT CORPORATION COMM 3122580070 222 S RIVERSIDE PLAZA 380 CHICAGO IL 60606 MICHAEL G CIACCIA TREASURER/CFO 3122580070 2025-08-14 true true JESSICA TOADER P01464604 3122071040 2025-08-13 2023 2025-03-06 01:10:19Z STACIE A YOUNG 222 S RIVERSIDE PLAZA 380 CHICAGO IL 60606 38598910 false X WWW.CICCHICAGO.COM X 1973 IL COMMUNITY INVESTMENT CORPORATION'S ("CIC") PURPOSE IS TO PRESERVE AND 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. 15 14 49 14 0 0 1587656 19604167 16014334 18994743 0 0 0 0 17601990 38598910 0 0 0 0 6619032 7668546 0 0 210513 11084991 13382724 17704023 21051270 -102033 17547640 316503327 349185880 270574016 285261001 45929311 63924879 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. true false 16736941 0 17461971 DURING FY 2024, CIC CLOSED 74 LOANS FOR A TOTAL OF $56.9 MILLION UNDER THE MULTIFAMILY LOAN PROGRAM. THESE LOANS FINANCED THE ACQUISITION AND REHAB OF 1,397 RESIDENTIAL AND 17 COMMERCIAL UNITS. ALL LOANS CARRIED A 10-YEAR TERM AND MOST LOANS HAD A 25-YEAR AMORTIZATION. IN TOTAL, AT THE CLOSE OF FY 2024, CIC'S MULTIFAMILY LOAN PROGRAM PORTFOLIO STANDS AT $169.8 MILLION OF NOTES SOLD TO INVESTORS. 739829 0 794531 CIC DIDN'T CLOSE ANY SINGLE-FAMILY RENTAL PROPERTY LOANS IN FY 2024. LOOKING FORWARD, THIS PROGRAM WILL WIND DOWN EFFECTIVE IN MARCH 2025. SINCE THE INCEPTION OF THIS PROGRAM 9 YEARS AGO, CIC HAS CLOSED 84 LOANS FOR $47.8 MILLION TOTALING 796 RESIDENTIAL UNITS. 627322 0 673704 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 2024, CIC CLOSED 4 LOANS FOR $4.5 MILLION IN OIF MEZZANINE DEBT. IN ADDITION, CIC CLOSED FOUR FIRST MORTGAGES FOR $14 MILLION AS PART OF THE OIF TRANSACTIONS. THESE LOANS WERE FOR BUILDINGS WITH A TOTAL OF 230 UNITS OF MIXED-INCOME HOUSING, OF WHICH 46 UNITS ARE AFFORDABLE TO HOUSEHOLDS AT 50% AMI. OVERALL, SINCE INCEPTION, $12.8 MILLION IN OIF LOANS HAVE BEEN CLOSED, AND CIC HAS PROVIDED $55 MILLION IN ASSOCIATED FIRST MORTGAGE FINANCING. 18104092 true true false false false false false false false true false false false true false false true false false false false false false false false false false false true false false false false false false false false false false false false true true true true false false true 14 0 true 49 true false false false false false false false false false false false false X 15 14 false false false false false false false true true false false true true true true true true true true true false IL X MICHAEL G CIACCIA 3122580070 222 S RIVERSIDE PLAZA CHICAGO IL 60606 STACIE YOUNG PRESIDENT 35.0 5.0 X X 328700 0 26505 ANDREW SALK DIRECTOR 1.0 0.0 X 0 0 0 ANGIE MARKS DIRECTOR 1.0 1.0 X 0 0 0 COLLETE ENGLISH DIXON DIRECTOR 1.0 0.0 X 0 0 0 DANIEL WATTS DIRECTOR 1.0 0.0 X 0 0 0 DAVID DYKSTRA CHAIRMAN 1.0 0.0 X 0 0 0 ERIKA POETHIG DIRECTOR 1.0 0.0 X 0 0 0 FRANK PETTAWAY VICE CHAIRMAN 1.0 1.0 X 0 0 0 JEFF NEWCOM DIRECTOR 1.0 0.0 X 0 0 0 JOHN GHOLAR DIRECTOR 1.0 1.0 X 0 0 0 JOHN HEIN DIRECTOR 1.0 0.0 X 0 0 0 KAREN CASE DIRECTOR 1.0 0.0 X 0 0 0 ROBERT MARJAN DIRECTOR 1.0 1.0 X 0 0 0 SCOTT FERRIS DIRECTOR 1.0 0.0 X 0 0 0 TIMOTHY HADRO DIRECTOR 1.0 0.0 X 0 0 0 JOHN CRANE SVP/DIRECTOR OF LENDING 39.0 1.0 X 263464 0 43779 JONAH HESS CII VICE PRESIDENT 1.0 39.0 X 196757 0 27713 MICHAEL CIACCIA TREASURER/CFO 35.0 5.0 X 244555 0 51373 MONICA KIRBY ASSISTANT SECRETARY 39.0 1.0 X 82244 0 16899 NICK BRUNICK SECRETARY & GENERAL COUNSEL 1.0 0.0 X 0 0 0 PHILLIP MOORE VP/DIRECTOR OF CREDIT ADMIN 40.0 0.0 X 162628 0 13679 ANDRE COLLINS AQUISITION MANAGER 15.0 25.0 X 404299 0 29934 ANNE COLE DIRECTOR OF COMMUNICATIONS 40.0 0.0 X 158334 0 31796 DARRIS SHAW SENIOR CONSTRUCTION INSPECTOR 40.0 0.0 X 140674 0 41729 RENE BARAZZA CONSTRUCTION MANAGER 40.0 0.0 X 139928 0 41821 TOMMY JACKSON LOAN OFFICER 40.0 0.0 X 184384 0 31935 2305967 0 357163 21 false true false GREIMAN ROME & GRIESMEYER LLC 205 W Randolph St CHICAGO IL 60606 LEGAL 142703 CNR ADVISORS 2000 N Racine Ave Chicago CHICAGO IL 60614 CONSULTING 120000 2 3489113 16115054 19604167 MORTGAGE INTEREST 900099 14389704 14389704 CONSULTING SERVICES 900099 2435854 2435854 LOAN SERVICING 900099 1087265 1087265 LOAN FEE INCOME 900099 1017383 1017383 LOW INCOME HOUSING INVESTMENTS 900099 64537 64537 0 0 0 0 18994743 0 0 0 0 0 0 0 0 0 38598910 18994743 0 0 0 0 0 0 0 0 0 0 1555254 1337518 202183 15553 4709230 4049938 612200 47092 330125 283908 42916 3301 687067 590877 89319 6871 386870 332708 50293 3869 102755 88369 13358 1028 23284 20024 3027 233 191115 164359 24845 1911 545003 468703 70850 5450 29909 25722 3888 299 93827 80691 12198 938 305708 262909 39742 3057 522668 449494 67947 5227 122192 105085 15885 1222 9675439 8320878 1257807 96754 144064 123895 18728 1441 149861 128880 19482 1499 LOAN LOSS PROVISION 902064 775775 117268 9021 BUSINESS DEVELOPMENT 510345 438898 66345 5102 TRUSTEE 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true false true false STACIE YOUNG PRESIDENT 242748 0 85400 0 552 0 24804 0 1701 0 355205 0 0 0 JOHN CRANE SVP/DIRECTOR OF LENDING 207123 0 53293 0 3048 0 20488 0 23291 0 307243 0 0 0 MICHAEL CIACCIA TREASURER/CFO 200675 0 43520 0 360 0 19192 0 32181 0 295928 0 0 0 JONAH HESS CII VICE PRESIDENT 159290 0 37227 0 240 0 15143 0 12570 0 224470 0 0 0 PHILLIP MOORE VP/DIRECTOR OF CREDIT ADMIN 140740 0 21528 0 360 0 12680 0 999 0 176307 0 0 0 ANDRE COLLINS AQUISITION MANAGER 45957 0 357982 0 360 0 16859 0 13075 0 434233 0 0 0 TOMMY JACKSON LOAN OFFICER 179440 0 0 0 4944 0 9165 0 22770 0 216319 0 0 0 ANNE COLE DIRECTOR OF COMMUNICATIONS 137094 0 21000 0 240 0 12322 0 19474 0 190130 0 0 0 DARRIS SHAW SENIOR CONSTRUCTION INSPECTOR 121818 0 17272 0 1584 0 11499 0 30230 0 182403 0 0 0 RENE BARAZZA CONSTRUCTION MANAGER 126178 0 13390 0 360 0 11515 0 30306 0 181749 0 0 0 Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization ANDRE COLLINS, ACQUISITION MANAGER, IS PAID A COMMISSION BY CIC, COMPUTED AS A PERCENTAGE OF NET REVENUE GENERATED FROM THE ACQUISITION AND LINE OF CREDIT PROGRAM. CIC ALSO PAYS ANDRE COLLINS A SALARY RELATED TO THE ACTIVITIES OF CEPF, LLC. Schedule J, Part I, Line 7 Non-fixed payments 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 III, Line 2 New program services CIC FORMED CEPF, LLC (CEPF), A SINGLE-MEMBER LIMITED LIABILITY COMPANY, IN NOVEMBER 2022 AS A PILOT PROGRAM TO MAKE REAL ESTATE INVESTMENTS THROUGH JOINT VENTURES OF MULTIFAMILY RENTAL AND/OR FOR-SALE RESIDENTIAL PROJECTS IN LOW- AND MODERATE-INCOME COMMUNITIES. Form 990, Part III, Line 4a-4c Description of program services (Expenses $ 0 including grants of $ 0)(Revenue $ 64,537) CIC FORMED CEPF, LLC (CEPF), A SINGLE-MEMBER LIMITED LIABILITY COMPANY TO MAKE REAL ESTATE INVESTMENTS THROUGH JOINT VENTURES OF MULTIFAMILY RENTAL AND/OR FOR-SALE RESIDENTIAL PROJECTS IN LOW- AND MODERATE-INCOME COMMUNITIES. Form 990, Part VI, Line 11b Review of form 990 by governing body 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, Line 12c Conflict of interest policy 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, Line 15a Process to establish compensation of top management official 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. Form 990, Part VI, Line 15b Process to establish compensation of other employees 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, Line 19 Required documents available to the public 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 Other changes in net assets or fund balances CHANGE IN FMV OF INVESTMENT IN JOINT VENTURES - 447928; CIC GOVERNMENT INVESTOR LLC 222 S RIVERSIDE PLAZA CHICAGO IL 60606 362780862 LOW-COST MEZZANINE LOANS IL 0 5001950 Community Investment Corporation CEPF LLC 222 SOUTH RIVERSIDE PLAZA CHICAGO IL 60606 921192873 EQUITY FINANCING IL 64537 4346873 Community Investment Corporation COMMUNITY INITIATIVES 222 S RIVERSIDE PLAZA CHICAGO IL 60606 300103115 PRESERVE LOW INCOME MULTI-FAMILY HOUSING IL 501(c)(3) 7 Community Investment Corporation true 7456 S Eberhart LLC 1711 S MORGAN STRETT CHICAGO IL 60608 931620635 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 1107 1271379 false false 6807 MICHIGAN HOLDING LLC 1711 S MORGAN STREET CHICAGO IL 60608 933482392 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related -5498 2479257 false false 7800 RIDGELAND JV 4354 S KING DR CHICAGO IL 60653 933160564 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related -5949 559000 false false INSPIRE WOODLAWN LLC 2950 W CHICAGO AVE 304 CHICAGO IL 60622 992067149 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 0 0 false false 1804 CONSTRUCTION LLC 4352 S KING DRIVE CHICAGO IL 60653 932113685 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 0 0 false false DVH PROPERTIES & DEVELOPMENT 101 LLC 700 EAST 61ST 379644 CHICAGO IL 60637 932147867 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 0 0 false false United Strategies Holdings LLC 6535 S COTTAGE GROVE AVE FLOOR 2 CHICAGO IL 60637 933788551 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 0 0 false false 6959 Merrill LJ Promise LLC 2836 E 77TH PL 409 CHICAGO IL 60649 934370168 COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES IL CEPF LLC Related 0 0 false false false false false true false false false false false false false true false true true false false false false COMMUNITY INITIATIVES L 2181010 BOOK COST