CIC is a nonprofit mortgage lender specializing in funding multifamily housing rehabilitation projects in lower-income Chicago neighborhoods. Citi's increased commitment of $26 million, in the form of a signed letter of intent, more than doubles its previous $24 million commitment to the CIC 2010 lending investment pool, bringing Citi's total commitment to $50 million.
"We are extremely pleased to extend our commitment to CIC, a longstanding partner, whose innovative programs and services are the blueprint for the rehabilitation of urban neighborhoods," says Citi CEO Vikram Pandit. "CIC goes well beyond traditional lending by helping guide developers to acquire, renovate, own and manage affordable housing – truly rebuilding and revitalizing Chicago's neighborhoods."
CIC is seeking funding of an additional $400 million for its multifamily rehab lending program, the primary vehicle for CIC to originate mortgages, over the next five years. Since 1984, CIC has provided more than $1 billion for 1,500 loans to renovate and preserve more than 41,000 apartments around Chicago. Citi has participated in various CIC loan pools since its original $2 million loan facility in 1985, and CIC has been a recipient of Citi Foundation grants.