Chicago nonprofit sees record-breaking $15M donation from MacKenzie Scott
The nonprofit Community Investment Corp. has received another record-breaking donation to help fuel its affordable housing efforts, courtesy of author and philanthropist MacKenzie Scott.
CIC, which describes itself as “the region’s leading lender for affordable rental housing,” announced Monday a $15 million gift from Scott. It's the second time Scott, the ex-wife of Amazon founder Jeff Bezos, has given CIC its largest individual gift to date — she previously gave it $8 million in 2020.
"We are deeply honored and profoundly grateful for this second generous gift from MacKenzie Scott," Stacie Young, president and CEO of Community Investment Corp., said in a news release. "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. Thanks to Ms. Scott's transformational gift, we're able to offer funding to address housing challenges faced by communities lacking access to capital throughout Chicago.”
Young said in a statement to the Sun-Times that the nonprofit might use some of the funds to create a scholarship “to invest in the next generation of community-based affordable housing developers.” The donation is unrestricted, meaning CIC can decide how the funds will be used.
“We also want to expand our offerings to serve our customers, who are predominantly people of color and small, owner-operators, holistically no matter where they are in their business journey, from a construction loan to property management training and everything in between,” Young said.
Scott’s previous donation helped kickstart CIC’s Community Equity Partner pilot program, with half of the $8 million gift funding the pilot. The program aims to make equity capital more accessible to small- and mid-sized developers. It has helped fund eight transactions since its launch, according to CIC, with $3.8 million in equity financing to improve and preserve 136 housing units.
“This gift will strengthen our ability to lend to local developers who provide the housing that communities rely on," CIC Board Chair David Dykstra said in a news release. "By investing in affordable housing, we’re supporting the long-term vitality and resilience of neighborhoods across Chicagoland."
Bloomberg lists Scott as the 43rd richest person in the world, as of Nov. 23, with an estimated net worth of $37.1 billion.
Scott has donated to 19 other Chicago-area organizations in March through her “Yield Giving” venture.