The 6-unit building pictured, located in Chicago’s Chatham community, was financed by Community Investment Corporation in 2021. Loan funds made possible by the commitments of CIC’s investor institutions, such as Associated Bank, were used by a small local owner-operator to acquire the property.
CHICAGO – December 15, 2021 – Associated Bank announces another milestone in its two-decade support of Chicago’s Community Investment Corporation (CIC) with a $12.5 million line of credit. This line of credit will support CIC’s community development mission to provide mortgage loans for acquisition, rehabilitation, refinancing and/or new construction of affordable multifamily rental housing in low- and moderate-income communities.
Associated Community Development (and its predecessors) has invested in CIC since 1991 and currently holds a $10 million investment in their Multifamily Loan Pool which provides long-term funding for CIC’s mortgage loans. Associated Bank also supports CIC’s Property Management Training program, which provides education and outreach to small local property owners and managers to help them maintain high quality, naturally affordable rental housing in the Chicago area.
In their 2021 fiscal year, CIC delivered $74 million in loans and grants to acquire, rehab and preserve over 2,700 units of affordable rental housing. Virtually all units financed were affordable to households at or below 80 percent of area median income.
As a nonprofit corporation, CIC’s mission is to be a leading force in affordable housing and neighborhood revitalization through innovative financing, programs and policy leadership. As Chicago’s premier financing source for the acquisition, rehabilitation and preservation of affordable rental housing in Chicago neighborhoods and suburbs, they provide competitive and flexible loan products, unmatched customer service, and complementary programs and training to help borrowers grow and strengthen their businesses.
Teresa Rubio, a senior vice president with the bank’s Associated Community Development, manages the CIC relationship and closed the line of credit.
Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.