April 2018
Real Returns CIC's Investor Newsletter
Untangling a Vacant Building's Complex Legal Issues Paves the Way for Rehab and New Ownership
Vacant, deteriorated, and saddled with unpaid tax liens, a masonry two-flat on the 6500 block of South St. Lawrence presented a host of challenges to the neighborhood. But homeowner Kendrick Durer saw the potential. "I knew right away when I saw it," Mr. Durer explained, "that I could make this my own."

Mr. Durer is just one of 29 new homebuyers revitalizing the Woodlawn community through Renew Woodlawn, a homeownership initiative led by CIC, Neighborhood Housing Services of Chicago (NHS), and the Preservation of Affordable Housing (POAH).

CIC's involvement in this property is just part of its longtime commitment and investment in the Woodlawn community. Since 2002, CIC has invested $22.7 million in 174 properties with almost 2,000 units in Woodlawn through its lending and direct intervention on distressed properties.

Homeowner Kendrick Durer purchased his property from CIC in March 2017 using mortgage financing from Neighborhood Lending Services. Rehab was completed in December 2017. Photo by Gordon Walek.

For Mr. Durer's home, the journey from vacant and blighted to rehabbed and move-in ready was made possible by the close collaboration between local government and nonprofit lenders and community development groups. It began in 2014, when CIC was serving as court-appointed receiver for a neighboring building.

CIC had already intervened on a number of vacant properties on the block, and identified this distressed building as a potential candidate for rehab by an owner-investor. CIC referred this new property to the City of Chicago's housing court, where it was determined to be abandoned as a result of a potential condominium fraud.

CIC Celebrates Its Student Interns at Christ the King's 10th Annual Gala

CIC recently joined Christ the King Jesuit College Prep and its many partners and supporters in celebrating the school's 10 years on Chicago's West Side. At the gala event, CIC was honored as one of 11 Founding Partners of Christ the King's Corporate Work Study Program.

CIC has employed 40 Christ the King students over 10 years, the majority of whom began their employment as first year students and continued through high school. Christ the King interns are integral members of the CIC team, assisting both the administrative and finance departments.

Christ the King Class of 2018 student and CIC intern Arianna Williams with Tom Hinterberger, Monica Kirby, and Jack Markowski of CIC.

Spring 2018 Fogelson Forum: Market-Based Strategies for Affordable Housing
Join CIC and Roosevelt University's Marshall Bennett Institute of Real Estate at the Spring 2018 Gerald Fogelson Forum on April 5. CIC President Jack Markowski will moderate a panel discussion exploring market-based strategies for affordable housing in Chicago.

Panelists include Anthony Oliver, real estate developer and founder of Community Venture Investment Corporation, and Andre Collins, Vice President of Acquisitions and Dispositions Strategy at CIC. Registration information can found be found here.

Brookings Institution: Making Strong Housing Markets Affordable

In the most recent blog post in a series by the Brookings Institution, Preservation Compact Director Stacie Young explains how private capital might be harnessed to increase affordability in higher-priced opportunity areas. Stacie describes how CIC's Opportunity Investment Fund and the Greater Minnesota Housing Fund are each combining resources such as project based rental assistance and low cost equity with private first mortgage loans to create and preserve affordable rental units in strong markets.

Read the post here.

Save the Date! CIC's Annual Neighborhood Forum

It's not too early to mark your calendar for CIC's Annual Neighborhood Forum! 

This year's event will take place on Wednesday, June 20, 2018, at the University of Chicago's Logan Center for the Arts. The Neighborhood Forum brings together real estate developers, community groups, financial institutions, and other stakeholders for an evening of conversation and networking. More details to come.

About CIC  
Since 1984, CIC has provided more than $1.3 billion to acquire, rehab and preserve 59,000 units of affordable housing for more than 147,000 metro Chicago residents.  CIC is designated as a Community Development Financial Institution (CDFI) by the US Department of the Treasury and is a Member of the Federal Home Loan Bank of Chicago.  CIC programs also include Energy Savers, the Troubled Buildings Initiative, The Preservation Compact and Property Management Training. 

For more information, visit  cicchicago.com .