Community Investment Corp

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.

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.