Opportunity Investment Fund (OIF)

Community Investment Corporation (CIC) offers the Opportunity Investment Fund (OIF), also referred to as the Mezzanine Debt Fund. The Fund provides low-cost mezzanine debt to developers who purchase existing, functioning rental buildings in high cost markets. In exchange, at least 20% of those units must be affordable to households at 50% AMI for at least 15 years. Developers can access the Fund to cover up to half of their equity requirement, or go up to 90% LTV, whichever is less. For instance, an owner might borrow 80% of a building’s value from a private lender. Of the remaining 20% equity requirement, the Fund would cover 10%, and another 10% would be equity from the developer.

Depending on the project, the Fund can pair well with agency debt, or serve as bridge or gap financing. New construction or substantial rehab projects may also be eligible.