Community Investment Corporation (CIC), a Chicago nonprofit lender, announced a $10 million loan from JPMorganChase. The loan will increase CIC’s in-house lending capacity, enabling the nonprofit to originate more loans for local, small developers focused on affordable housing.

“This transformational loan from JPMorganChase is a great vote of confidence in the work that CIC does in our communities,” said Stacie Young, President and CEO of Community Investment Corporation. “With this capital, we can continue addressing challenges in parts of Chicago that have historically lacked access to the financing needed to preserve affordable rental housing.”

The loan builds on JPMorganChase’s longstanding work with CIC. JPMorganChase is also a major investor in CIC’s multifamily Note Purchase Agreement—a pool of capital from dozens of banks that support CIC’s loans—with a $30 million commitment through 2030. Founded in 1974, CIC has deployed more than $1.8 billion in financing to preserve affordable rental housing across Chicago.

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