Program areas at Community Investment Corporation
During fy 2023, cic closed 54 loans for a total of $38.5 million under the multifamily loan program. These loans financed the acquisition and rehab of 876 residential and 25 commercial units. All loans carried a 10-year term and most loans had a 25-year amortization. In total, at the close of fy 2023, cic's multifamily loan program portfolio stands at $136.9 million of notes sold to investors.
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 2023, cic closed 3 loans for $2.7 million in oif mezzanine debt. In addition, cic closed three first mortgages for $9.2 million as part of the oif transactions. These loans were for buildings with a total of 76 units of mixed-income housing, of which 15 units are affordable to households at 50% ami. Overall, since inception, $8.3 million in oif loans have been closed, and cic has provided $41 million in associated first mortgage financing.
During fy 2023, cic closed 1 loan for $3.5 million for single-family rental properties totaling 77 units, over eight years of the 1-4 unit loan program, cic has closed 83 loans for $44.3 million totaling 719 residential units.