Celebrating Our Progress: Community Investment Corporation and The Preservation Compact Enter Second Round of the Housing Affordability Breakthrough Challenge

We are thrilled to announce that Community Investment Corporation (CIC) and The Preservation Compact (the Compact) have advanced to the second round of Enterprise‘s national Housing Affordability Breakthrough Challenge! This progression underscores the recognition and potential impact of our innovative proposal, the Small Developer Advantage.

Our proposal focuses on the critical issue of housing affordability in Chicago’s low- and moderate-income neighborhoods. We aim to level the playing field for small, local, and diverse developers who are the backbone of our communities but face significant obstacles. Despite their deep understanding of local markets and vested interest in preserving and improving affordable multifamily properties, these owner-operators are often overshadowed by larger, out-of-town investors.

Our approach is rooted in the belief that small, local developers play a vital role in maintaining the fabric of our neighborhoods. They not only provide affordable housing but also contribute to community stability and economic resilience. However, these developers often face hurdles, including limited access to capital, deferred property maintenance, and market pressures from larger investors. Our innovative financing tools aim to address these challenges head-on.

Ultimately, the Small Developer Advantage is about more than just finance – it’s about strengthening communities. By enabling small developers to acquire, rehabilitate, and manage properties effectively, we can ensure the preservation of affordable units, the improvement of living conditions for tenants, and the enhancement of community vibrancy.

As we move into the second round of the Housing Affordability Breakthrough Challenge, we want to express our gratitude to everyone who has supported us in this journey. This milestone represents not just a validation of our innovative approach but also an opportunity to make a significant impact on housing affordability in Chicago.

Stay tuned for more updates as we continue to advance our mission of improving Chicago neighborhoods by investing in local owner-operators of multifamily rental properties. Together, we can create a more equitable housing market.