Overview
What is Community Investment Corporation?
Community Investment Corporation (CIC) is a not-for-profit 501(C)(3) organization, established in 1973, headquartered in Chicago, Illinois. With a mission to revitalize lower-income neighborhoods in the six-county Chicago metropolitan area, CIC specializes in financing the rehabilitation of affordable rental housing through public and private means. In FY 2022, CIC closed 88 loans, totaling $65.6 million, under their Multifamily Loan Program. These loans financed the acquisition and rehab of 1,163 residential and 38 commercial units. CIC's portfolio, consisting of notes sold to investors, reached $152.6 million at the close of FY 2022. CIC's loan terms include a 10-year term and most loans have a 25-year amortization. CIC's mission is to be a leading force in neighborhood revitalization through innovative financial programs, acting as one of the few sources of capital for redeveloping and maintaining affordable rental housing, primarily in low and moderate-income communities. CIC practices sound management and fiscal prudence in its operations.
Official website here: www.cicchicago.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Community Investment Corporation has received a Three-Star rating from Charity Navigator, indicating a solid performance in accountability and finance, with a score of 81%. This rating reflects the organization's commitment to transparency and effective financial management, which is crucial for donor trust and support. The score was derived entirely from their accountability and finance metrics, highlighting their focus on these key areas.
The organization is characterized by a predominantly independent board, with 94% of its members being independent, which signifies a strong governance structure. Additionally, they have maintained a clean record with no material diversion of assets and have robust policies in place, including conflict of interest and whistleblower protections. Their program expense ratio is notably high at 87.51%, indicating that a significant portion of their resources is directed towards their programs, rather than administrative costs.
While the organization demonstrates significant strengths in governance and financial management, the rating does not speak to their overall impact or effectiveness in achieving their mission. Donors may want to consider looking into program outcomes and stakeholder feedback to get a more comprehensive understanding of the organization's performance beyond financial metrics.
This AI summary has been generated from information found on Charity Navigator.
Is Community Investment Corporation legitimate?
Community Investment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Investment Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,136,382
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,865,189
For more financial information, click here
Official website here: www.cicchicago.com
What is the mission statement of Community Investment Corporation?
The Community Investment Corporation (CIC) is a not-for-profit organization with a mission to revitalize lower income neighborhoods in the Chicago metropolitan area through innovative financial programs. Established in 1973, CIC has become the leading lender for the acquisition, rehabilitation, and preservation of affordable rental housing in the region. CIC's operations are focused on providing a rare source of capital for redeveloping and maintaining affordable rental properties, primarily in low and moderate-income communities. Exhibiting sound management and fiscal prudence, CIC's mission extends beyond lending, aiming to be the leading force in neighborhood revitalization.
Official website here: www.cicchicago.com
Who is the CEO of Community Investment Corporation?
Stacie A Young is the Principal Officer of Community Investment Corporation.
Official website here: www.cicchicago.com
What is the revenue of Community Investment Corporation?
Community Investment Corporation's revenue in 2022 was $18,564,820.
Official website here: www.cicchicago.com
Who are the executives of Community Investment Corporation and what are their salaries?
The average compensation at Community Investment Corporation during 2022 was $96,184. There are 52 employees and 16 volunteers at Community Investment Corporation.
Here are 29 key members and their salaries:
- Compensation: $239,813
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- Other: $20,060
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- Compensation: $249,214
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- Other: $37,244
- Compensation: $216,741
- Related: $0
- Other: $38,876
- Compensation: $175,489
- Related: $0
- Other: $23,160
- Compensation: $171,354
- Related: $0
- Other: $22,841
- Compensation: $79,678
- Related: $0
- Other: $14,410
- Compensation: $20,000
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- Other: $9,629
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- Compensation: $159,078
- Related: $0
- Other: $21,941
- Compensation: $142,471
- Related: $0
- Other: $29,366
- Compensation: $133,475
- Related: $0
- Other: $20,138
- Compensation: $137,169
- Related: $0
- Other: $36,597
- Compensation: $226,417
- Related: $0
- Other: $27,705
Official website here: www.cicchicago.com
Where can I find the form 990 for Community Investment Corporation?
Community Investment Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cicchicago.com
Learn more at the official website: www.cicchicago.com
Mission Statement of Community Investment Corporation
Community Investment Corporation (CIC), a not-for-profit organization established in 1973, is on a mission to revitalize lower-income neighborhoods in the six-county Chicago metro area by financing the rehabilitation of affordable rental housing. As the leading force in neighborhood revitalization, CIC has become the go-to lender for the acquisition, rehabilitation, and preservation of affordable rental properties throughout the Chicago metropolitan area. With a limited number of resources available for the redevelopment and maintenance of affordable rental housing, primarily in low and moderate-income communities, CIC plays a crucial role in ensuring the availability of capital for these essential projects. CIC's commitment to sound management and fiscal prudence is reflected in its operations, making it a trusted partner in the revitalization of urban communities. By prioritizing the rehabilitation of affordable rental housing, CIC contributes to the overall improvement of neighborhoods and the lives of those who call them home.
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Impact
October, 2024
Community Investment Corporation plays a pivotal role in revitalizing lower-income neighborhoods in the six-county Chicago metro area by providing crucial financing for the rehabilitation of affordable rental housing. In fiscal year 2022 alone, CIC closed 88 loans totaling $65.6 million under its multifamily loan program. These loans facilitated the acquisition and rehabilitation of 1,163 residential and 38 commercial units, addressing the critical need for affordable housing options in the community.
With a robust portfolio of $152.6 million in notes sold to investors, CIC has established itself as the leading lender in the region for the preservation and improvement of rental housing, particularly in low and moderate-income areas. By offering one of the very few sources of capital dedicated to these efforts, CIC not only enhances the quality of housing but also fosters economic stability and community development.
Through its innovative financial programs, CIC effectively supports neighborhood revitalization, ensuring that communities remain vibrant, affordable, and accessible to those in need.
This information is meant to be a general summary of Community Investment Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $16,331,067
- Gross Receipts: $18,564,820
Assets and Liabilities:
- Total Assets: $313,725,284
- Total Liabilities: $267,718,109
- Net Assets: $46,007,175
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MORTGAGE INTEREST
Revenue
$12,060,070
RELATED PARTY CONSULTING SERVICES
Revenue
$1,782,288
LOAN FEE INCOME
Revenue
$1,288,546
LOAN SERVICING
Revenue
$1,200,163
Organization Details
Founding Year
1973
Phone
(312) 258-0070Principal Officer
Stacie A Young
Main Address
222 SOUTH RIVERSIDE PLAZA 380, CHICAGO, IL, 60606
Website
www.cicchicago.comNTEE Category
Code: L200 - Housing
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