General Information and Structure
Community Investment Corporation
Chicago and suburbs, IL
A one-stop energy efficiency shop for multifamily building owners, Energy Savers is a partnership between CIC and Elevate Energy that connects technical expertise with creative financing for energy and water retrofits. The program offers energy assessments at no cost to owner, resource coordination, construction management and post retrofit analysis. Borrowers can bundle energy conservation expenses into an overall acquisition or rehab/construction loan. Financing available up to 90 percent loan-to-value with 1.15 debt service coverage ratio.
Active or Closed Program?:
2008 - Present
Naturally occurring affordable and market-rate rental housing, mixed use buildings, 5+ residential units
Type of Financing:
Loan Size Range:
Type of Improvements Covered:
Energy efficiency, Water efficiency, Renewable energy
When is the Product Applicable?:
Same as CIC's standard adjustable rate mortgages.
Secured - real estate
Loans Issued Annually:
Loan Volume Annually:
Over the life of the program, the Energy Savers partnership between CIC and Elevate Energy has retrofitted more than 42,000 units in 1,400 buildings, with CIC loans and grants totaling $25 million for more than 10,500 units. This has resulted in 668 jobs created, 8.4M therms saved, 23.2M kWh saved, and 65,444 metric tons CO2e avoided.
Point of Contact:
Katherine Elmore, [email protected], 312-870-9928
Link to Additional Information: