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Chicago & Midwest  + Downtown  + Finance  |  November 26, 2024
Jasmine Kilman
By: Jasmine Kilman

Community Investment Corporation Gets $15M Gift from MacKenzie Scott

Community Investment Corporation (CIC), a Chicago non-profit lender that finances the acquisition, rehabilitation, and preservation of affordable rental housing, received a $15 million unrestricted gift from philanthropist MacKenzie Scott.

The gift marks the largest individual gift ever received in CIC’s 50-year history, helping advance its mission to support community development efforts in underinvested neighborhoods across Chicagoland. “This funding allows us to expand our efforts in providing crucial support for affordable housing and community development that not only strengthens neighborhoods but also fosters generational wealth for the small developers leading this work,” said Stacie Young, President and CEO of CIC.

In 2020, Scott awarded her first gift to CIC of $8 million. Half of this initial gift enabled CIC to launch the Community Equity Partner (CEP) pilot program. To date, CIC has committed funding for eight transactions through its CEP Fund, providing $3.8 million in equity financing to improve and preserve 136 units across buildings ranging from two to 42 units.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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