CIL Secures $45 Million Credit Facility to Broaden Disability Housing Initiatives Across the Nation

CIL Expands Its Reach with $45 Million Credit Line

The Corporation for Independent Living (CIL) has made strides in enhancing its mission to offer community-based housing for individuals with intellectual and developmental disabilities. In an important development, they have secured a substantial $45 million line of credit backed by KeyBank, including an incremental facility of $20 million. This funding is set to empower CIL to work anywhere across the continental United States, representing a significant step toward achieving a national presence in the disability housing sector.

CIL is a nonprofit organization that has been committed to creating housing solutions that cater to individuals with a range of needs, including those with acquired brain injuries, behavioral health conditions, and other disabilities. With this new financial backing, CIL plans to finance the acquisition, renovation, and construction of community-centric homes in collaboration with various nonprofit service providers.

One of the most significant aspects of this new line of credit is the elimination of geographical restrictions that previously limited CIL’s operations. This newfound flexibility allows the organization to respond swiftly to the growing demand for suitable housing for individuals with disabilities in various states. Maria Green, Chief Financial Officer of CIL, emphasized the thoughtfulness behind partnering with KeyBank as the lead lender, noting their comprehensive understanding of CIL’s mission-driven work.

The support from KeyBank and other financial institutions, including Webster Bank, Westfield Bank, and Rockland Trust, affirms a solid backing for CIL's vision of creating a sustainable trajectory for disability housing. Kent Schwendy, the President and Chief Executive Officer of CIL, expressed that this funding arrangement transcends traditional financial tools; it serves as a foundation for significant communal impact by enabling CIL to facilitate essential services where they are most needed. “Now, we’re positioned to say ‘yes’ to partners throughout the nation who are keen to develop community-based housing options,” Schwendy stated.

The timing of this expansion is particularly crucial, as the disability services sector faces daunting challenges, including staffing shortages, dwindling funds, and the incessant need for suitable housing solutions. CIL aims to position itself as an instrumental partner for service providers in navigating these complexities. “We manage the real estate challenges, allowing our partners to concentrate on delivering care,” Schwendy asserted.

CIL’s foundation dates back over 45 years, initiated by service providers who saw the need for dedicated housing solutions for individuals requiring assistance. The organization uniquely donates the developed homes to service providers after the conclusion of the lease, thereby aligning its mission with long-term empowerment for communities.

The organization has demonstrated a continuous commitment to enhancing the lives of individuals with disabilities, contributing to their independence, dignity, and overall well-being. The expansion plan not only affirms CIL's dedication to fostering community engagement but also reflects its adaptability in meeting the ever-evolving needs of individuals with disabilities across the nation.

As CIL embarks on this new chapter, stakeholders, service providers, and community members can anticipate a broader range of housing options and support services designed to uplift those who need it most. By leveraging this significant funding, CIL is setting a precedent in the nonprofit sector, ensuring that individuals with disabilities are no longer constrained by the limits of accessible housing but are empowered to thrive within their communities.

To explore more about CIL and its ongoing efforts in disability housing, visit their official website at www.cil.org.