Community Investment Corporation
Nonprofit profile at a glance
- EIN
- 362780862
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Chicago, IL, US
- Phone
- 312.258.0070
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Standard
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $24,834,893
- Expenses
- $22,703,696
- Assets
- $374,723,321
- Liabilities
- $308,667,245
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
29 people listed
Executive titles in this filing
- STACIE YOUNG (PRESIDENT)
- JONAH HESS (CII VICE PRESIDENT)
Highest reported compensation
- STACIE YOUNG (PRESIDENT): $374,205 total reported compensation
- MICHAEL CIACCIA (TREASURER/CFO): $308,245 total reported compensation
- MARTIN BABBO (SVP/CHIEF CREDIT OFFICER): $295,285 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
CIC is a 50 year-old not-for-profit Community Development Financial Institution (CDFI) organization dedicated to the preservation and creation of affordable rental housing across Chicago's neighborhoods.
What it reported doing in 2024
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 2025, cic closed six loans for $1.6 million in oif mezzanine debt. In addition, cic closed six first mortgages for $8.8 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, $14.4 million in oif loans have been closed, and cic has provided $63.8 million in associated first mortgage financing.
Operating model
- Revenue model
- Other-operating. 91% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 76
- Transparency & Controls: 95
- Accountability: 96
- Sustainability: 61
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 77.7%; rating input score 78
- Program expense ratio: 85%; rating input score 85
- Fundraising efficiency: $9.92 raised per $1 spent on fundraising; rating input score 38; 38th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 94.4%; rating input score 94; 28th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 8.6%; rating input score 64; 64th percentile among comparable filings
- Total-asset coverage ratio: 16.5; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.82; rating input score 13; 13th percentile among comparable filings
- Officer compensation ratio: 12.1%; rating input score 14; 14th percentile among comparable filings
Growth
- Program expense growth: 1.3% per year; rating input score 100; 16th percentile among comparable filings
- Revenue growth: 2.7% per year; rating input score 100; 23rd percentile among comparable filings
- Asset growth: 1.3% per year; rating input score 100; 15th percentile among comparable filings
Details
- What they do: 6 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 77.7% of revenue deployed · 85% of spending went to programs
- Governance: 17 of 18 board members independent · 9 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $19.3M in reported program spending
- Leadership: top reported pay $374K · 29 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $168K reported
- Consistency: 34 of 34 current checks pass
- Schedules: 6 filed schedules · includes major donors, executive pay, and related organizations
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 11 filed money-flow records
- Related organizations: 10 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Financial Efficiency: Fundraising efficiency scored 38/100.
- High — Sustainability: Liabilities to assets ratio scored 13/100.
- High — Sustainability: Officer compensation ratio scored 14/100.