Mayor Brandon Johnson, Chicago Residential Investment Fund Announces Tim Jeffries as Inaugural CEO

CHICAGO ~ Chicago Residential Investment Fund Appoints Tim Jeffries as New CEO

The Chicago Residential Investment Fund (CRIF) has announced the appointment of Tim Jeffries as their new Chief Executive Officer (CEO). This decision comes after an extensive national search to find the right candidate for the role. Jeffries, who most recently served as Managing Deputy Commissioner for the City of Chicago's Department of Planning and Development (DPD) Bureau of Economic Development, brings a wealth of experience and expertise to his new position.

In his previous role, Jeffries acted as the primary leader for real estate and economic development efforts within the department. He oversaw hundreds of high-impact projects across the city, making him a valuable asset to CRIF's mission. Mayor Brandon Johnson expressed his excitement about Jeffries' appointment, stating that he is confident in his ability to lead CRIF and continue their work in spurring sustainable and affordable housing development.

CRIF is an independent Illinois nonprofit corporation authorized by City ordinance to finance high-quality, low-carbon, permanently affordable, mixed-income multifamily housing through their Green Social Housing (GSH) model. This model has been implemented by Chicago as a way to address the long-standing housing crisis in the city. DOH Commissioner and CRIF Board Chair Lissette Castañeda praised Chicago's decision to implement this model and believes that under Jeffries' leadership, CRIF will create new opportunities for those in need of quality and affordable housing.

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As CEO, Jeffries will be responsible for advancing mixed-income housing development projects while also growing the organization. His previous experience managing DPD's incentive programs for large-scale residential, mixed-use, and commercial developments will be instrumental in stewarding CRIF's first projects through the development pipeline.

Jeffries expressed his enthusiasm for leading CRIF's work in this space and believes that their innovative GSH financing model will bring transformative change to development in Chicago. The search for a new CEO was carried out by Maneva Group, who consulted with subject matter experts and community partners. After reaching out to over 200 potential candidates, a finalist pool was identified, and Jeffries was ultimately selected after multiple rounds of interviews.

Kristin Horne, CRIF Director and member of the search committee, expressed confidence in Jeffries' ability to lead in this important moment. She highlighted his experience in stewarding high-impact economic development projects and building programs from scratch as key factors in his selection.

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The GSH model is being funded with $135 million from Mayor Johnson's $1.25B Housing and Economic Development (HED) Bond. However, CRIF operates independently from the City of Chicago. They will own and operate GSH developments, with profits being reinvested into future projects or used to increase affordability. The revolving loan fund will provide low-cost financing and equity investments for developing permanently affordable, mixed-income housing. This model allows for flexibility while also maintaining strong accountability and governance standards.

With Jeffries at the helm, CRIF is poised to make a significant impact on the housing crisis in Chicago. His leadership and expertise will be crucial in driving their mission forward and creating more opportunities for affordable housing in the city. The community eagerly awaits the positive changes that CRIF will bring under Jeffries' leadership.

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