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making the critical difference

cclf

chicago community loan fund celebrating 10 years 2000/01 annual report


Chicago Community Loan Fund (CCLF) provides low-cost, flexible financing

Historical Portfolio 1991/2001

to nonprofit community development organizations for the revitalization

Business Bickerdike Redevelopment Corp. Community Services West, Inc. The Gaia-Movement, Living Earth, Green World Action, USA+ Erie Neighborhood House Halsted New City Retail LLC+ Marketplace: Handwork of India+ PRIDE I (African Village) Salsedo Press I Salsedo Press II Salsedo Press III+ Youth Service Project+

of low- and moderate-income neighborhoods throughout metropolitan Chicago. As a not-for-profit revolving loan fund, CCLF provides financing for development projects promising high social impact that for-profit, regulated financial institutions generally do not provide.

Now in its 10th anniversary year of operations, the fund has grown

Facility Black Metropolis Convention & Tourism Council+ Cabrini Green Legal Aid Clinic Chicago International School Faith Tabernacle Baptist Church II+ Geneva Foundation+ Industrial Council of Nearwest Chicago Institute of Positive Education Lake View Towers Resident Association Latino Chicago Theater Company Lawndale Christian Development Corp.+ Mujeres Latinas En Accion I Mujeres Latinas En Accion II Mustard Seed of Chicago+ Resource Center+ Rogers Park Montessori School The HIV Talk Radio Project

successfully from an initial investment of $200,000 to over $8 million in total capital under management. To date, the CCLF Board of Directors has disbursed over $7.4 million in financing for community development initiatives. This financing has, in turn, leveraged nearly $78 million in publicand private-sector capital for community revitalization.

Our current five-year business plan demonstrates that CCLF could grow to a $10 million fund by the year 2004, with as much as $100 million in conventional and public-sector financing leveraged as a result. Our vision is to create a permanent community development financial institution producing high social impact in our metropolitan area’s low- and moderateincome neighborhoods.

staying active in our 10 years we have closed on 63 loans totaling over $7.4 million dollars, leveraging nearly $78 million in additional capital;

January 9, 1991 Chicago Community Loan Fund officially incorporated

May 15, 1991 Received first program-related investment from Wieboldt Foundation

August 12, 1991 Kate Pravera hired as executive director

June 10, 1992 Closed first loan: a housing predevelopment loan to Woodlawn East Community And Neighbors (WECAN)

April 30, 1993 Received first religious institutional investment from First United Church of Oak Park

this has ultimately helped thousands of people who live in the communities we serve

Housing Ambassadors for Christ+ Becker House+ Bickerdike Redevelopment Corp. II Bickerdike Redevelopment Corp. III (La Paz Apts.) Chicago Mutual Housing Network Clair Christian Untied Methodist Church+ Eighteenth Street Development Corporation Freedom Road Cooperative+ Faith Tabernacle Baptist Church I (Community Housing Partners) Gorham United Methodist Church Foundation+ Ignatia House+ Interfaith Housing Development Corp. – North Shore+ Interfaith Housing Development Corp. of Chicago+ Lake Shore/North Washington Park, JV+ Mission Metamorphosis+ National Progressive Institute Near Northwest Arts Council+ North American Students of Cooperation+ OK Share & LakeShore New Homes LLC+ Omega Woodlawn PRIDE II (CAP) PRIDE III+ Positive Systematic Transformation I Positive Systematic Transformation II Positive Systematic Transformation III+ Southwest Urban Ministries (née Low End Adventures)+ Stone Soup Cooperative+ Uptown Habitat for Humanity Urban Equities Inc.+ West Englewood United Organization Willfeed Community Organization Woodlawn Development Associates WECAN I WECAN II WECAN III WECAN IV+ + current borrowers

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January 14, 1994 CCLF joins National Community Capital Association (née NACDLF) as a full member

August 31, 1994 Surpassed $1 million in capital under management

June 20, 1995 Closed first of three equipment/ working-capital loans to Salsedo Press, a worker-owned cooperative business

June 6, 1996 Accepted Cutting Edge Award for outstanding creative leadership from CANDO

July 18, 1996 Closed acquisition loan to Near North West Arts Council for first low-income artists’ cooperative in Chicago

July 31, 1997 Received first equityequivalent (“EQ2”) investment from The Northern Trust Company

September 23, 1997 Held first Project Readiness Workshop, marking the official launch of the Technical Assistance program

Why are community development financial institutions

How does CCLF make the “critical difference”? CCLF’s

(CDFIs) important? CDFIs are important to the Chicago area and

acrobatic financing often means the difference between whether a

to the nation because we provide an essential source of patient,

project goes forward or lies “dead in the water”. The loan fund is

“compassionate” capital. We do not face the same kind of regulatory

often the first to commit money to a project, paving the way for other

pressures banks do. We can afford to let our capital be catalytic and

lenders and funders to get comfortable with participating.

flexible enough so organizations can sustain their community assets over the short and long term.

How do you mean CCLF’s capital is “acrobatic”? Our capital is acrobatic because it can transform into a different kind of loan, even

cclf approach

What does financing have to do with social and economic

after the closing. Loans can “morph” from a predevelopment into a

justice? We view CAPITAL — both financial and intellectual capital —

construction credit and then to a minipermanent mortgage, or from a

as a way to transfer resources from financially and intellectually rich

short-term to a long-term loan, if need be, as circumstances change.

institutions, through intermediaries such as CCLF, back into distressed communities throughout our nation. Access to resources is

How would you characterize CCLF’s attitude toward its work?

a matter of justice because low- and moderate-income people have a

We are in the business of taking risks, and our appetite is fairly high.

“right” to enjoy healthy, vibrant neighborhoods too.

CCLF believes in giving dreams a chance, even when some things about an organization or project may not be fully developed at the

through our flexible, lower-cost loans and project-centered technical assistance, each year we help scores of organizations rejuvenate their communities

Technical Assistance Workshop attendee Alicia Spears, executive director of Business & Economic Revitalization Association

What is your vision of a healthy neighborhood? A healthy,

time of our commitment. So we provide technical assistance

vibrant neighborhood is clean, safe and attractive; it has well-

throughout our process to ensure a group or project is more solid by

maintained buildings, available and affordable housing, a variety of

the time we close the loan.

retail outlets, and strong commercial corridors, as well as plenty of recreational and entertainment options; and above all, productive and

What have been CCLF’s most innovative borrower projects

engaged residents.

over the last decade? Among many, several come immediately to mind: Near Northwest Arts Council’s artists’ work/home cooperative;

Why do healthy neighborhoods matter? People living in healthy

the HIV Talk Radio Project’s recording studio; Woodlawn Development

neighborhoods tend to be happier and better educated. They lead more

Associates’ cohousing project; Salsedo Press, a unique worker-owned

compelling and productive lives, demonstrate more pride of place and

cooperative printer; Mujeres Latinas En Accion, a national model for

are able to take better care of families. A mosaic of vibrant neighbor-

Latina empowerment; and Marketplace: Handwork of India, a catalog

hoods makes for dynamic, intriguing and wonderful cities.

offering clothes made by families earning a living wage.

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cclf vision geneva foundation stone soup cooperative wecan urban equities inc. mission metamorphosis

Stone Soup Cooperative


What is CCLF’s vision? CCLF’s vision of itself is as a kind of com-

What are the unique challenges facing nonprofit start-ups?

munity activist. Our ultimate goal is to improve the lives of the people

Well, for example, Geneva Foundation is a group home that offers

who live in the communities we serve. By providing patient, flexible

supportive services to help troubled youths reunite with their fami-

financing and technical assistance to community organizations “on

lies. Lisa Boone, founding executive director, had a dynamite business

the ground,” CCLF enables them to better serve and care for their

plan, impeccable credentials and immeasurable energy, but no formal

clients. In this way, CCLF plays a part in improving those individuals’

organizational track record and was trapped in a financing “catch-22.”

quality of life. What kind of “catch-22” did Geneva Foundation face? CCLF is a smaller “fish” in the Chicago CDFI market. What is

Under pressure from the seller, Geneva Foundation needed financing

your strength? We’ve carved a niche for ourselves by making loans

quickly to acquire and rehabilitate a mixed-use building in West

to new and emerging or small to mid-size groups that could not get

Humboldt Park. No lender would touch it until Geneva had a DCFS

financing elsewhere, even sometimes from other CDFIs. And we’ve

contract for collateral. Geneva could not receive a contract unless it

done it without a single loan loss in the last 10 years.

was licensed by the state; but a new agency can not be licensed until it has a facility. CCLF stepped in, waived the precertification require-

What do you mean CCLF finances projects “other lenders

ment, and closed the loan in record time so Geneva Foundation didn’t

run from”? Small, start-up or emerging organizations with, for

lose its building.

example, slightly overleveraged balance sheets or “grassroots” boards do not scare us. When we find organizations who are tenacious, dedicated, hard working and quick studies, CCLF likes to take a chance on them. 8|9

geneva foundation geneva foundation is a group home that offers supportive services to help troubled youths reunite with their families

Geneva Foundation staff and residents cooking dinner

Geneva Foundation founding executive director Lisa Boone


Roshani Saraiya and Mehrdad Azemun discuss Stone Soup’s “joy and justice” philosophy

10|11

stone soup cooperative stone soup cooperative in uptown allows its members to share space, costs and resources and still become homeowners

How does the loan fund’s work improve people’s lives?

What is the advantage of cooperative housing? Cooperative

When CCLF financing enables a new social service facility to open or

housing such as Stone Soup’s allows people who might not be able to

when a CCLF borrower converts a run-down building into beautiful,

afford single-family homes to become homeowners. Low equity

affordable cooperative housing, community residents benefit from the

contributions, pooled resources and shared costs make housing co-ops

new housing, social services and other opportunities that can improve

affordable over the long term, even in a gentrifying neighborhood.

their quality of life. What is the allure of cooperative housing? The folks at Stone What is CCLF’s most popular loan product? Historically,

Soup Cooperative will tell you that they could not afford to stay in

predevelopment financing has resonated most with the loan fund’s

Uptown (much less become homeowners) as many of them work in low-

name. However, our minipermanent mortgage is certainly an

paying, “social justice” jobs. More importantly, they love being able to

“up-and-comer” lately, especially with the relaunch of our cooperative

come home from work to a group of fun, supportive, like-minded people.

housing loan product.

Stone Soup Cooperative member Alyssa Siegel


What does it mean that Woodlawn, North Lawndale and

Describe the loan fund’s success in Woodlawn. CCLF has

Englewood are “focus areas”? Through experience, we’ve

financed seven projects in Woodlawn that have leveraged 200 units of

learned that certain neighborhoods need a more intense concentration

affordable housing, most of which were developed by WECAN to serve

of effort and resources — staff time, marketing/outreach, technical

very low-income renters. We believe this concentrated effort helped

assistance and greater availability of loan dollars — to see a

catalyze the significant redevelopment Woodlawn has experienced in

measurable change over time.

the last 10 years.

How did the concept of “focus” communities evolve? CCLF’s

Tell us about one of WECAN’s projects. WECAN’s third project,

very first borrower was WECAN, a grassroots housing developer in

the Butler-Lindon Apartments, is probably WECAN’s most ambitious

Woodlawn. Over several years, CCLF organically recognized the great

undertaking. The project, which required no less than seven layers of

need and made multiple loans in this southside community. When

financing, provides 42 units of low-income housing for a mix of seniors

we realized the impact that our concentrated effort was having in

and families with children. Amenities include 24-hour security and

Woodlawn, we decided to establish focus communities in other parts

supportive services for its elderly residents.

of the city to stimulate similar neighborhood rejuvenation. Do projects in focus areas get special treatment? To the degree that we can, we want to offer more affordable pricing, more flexible terms as well as to commit more resources and effort to smooth the way for projects to be done in those communities.

12|13

wecan cclf has financed seven projects in woodlawn that have leveraged 200 units of affordable housing, most developed by wecan to serve very low-income renters

CCLF staff, board and friends visiting WECAN on the summer 2000 bus tour

WECAN founding executive director Mattie Butler


With CCLF financing Urban Equities is building 29 affordable-market-rate, single-family homes in Grand Crossing/Avalon Park

urban equities inc.

urban equities has built over 90 new homes throughout chicago; most of the new owners are low to moderate - income families

Why does CCLF make predevelopment loans to small, for-

How did CCLF help Urban Equities? CCLF provided a $75,000

profit developers? While financing nonprofit initiatives remains

predevelopment line of credit to Urban Equities to build 29 new,

the loan fund’s first priority, we saw a number of small, disadvantaged

affordable-market-rate, single-family homes in the Grand Crossing/

for-profit developers, who were working in distressed neighborhoods,

Avalon Park neighborhood on the South Side. This project, the

having difficulty acquiring “seed” capital for projects that benefit

Estates of Avalon Park, promotes homeownership and a mixed-income

low– and moderate-income people.

economic development approach to community revitalization.

Are there really for-profit developers who are doing “the

Who are buying these homes? The Williamses, for example, are

good work”? Yes. Lennox Jackson, for example, describes himself

proud, first-time homeowners on their friendly, tree-lined street. He is

as a “capitalist with a conscience.” His fervent belief in the free market

a buyer for a university hospital, and she works at home raising their

is balanced by his desire to help revitalize urban communities. His

three children. They took advantage of the purchase price assistance

firm, Urban Equities Inc., has built over 90 new homes throughout

provided by the New Homes for Chicago program to buy a home large

Chicago and most of the new owners are low to moderate – income

enough to accommodate their growing family.

families. Mr. Jackson is emphatic that he builds quality housing — no matter who the buyer is or where the homes are built.

The Williamses are proud first-time homeowners

14|15


What is “green” development? Green development incorporates

Are any CCLF borrowers building green? Yes. Mission

energy-efficient standards and environmentally friendly, “green”

Metamorphosis, a new social service agency in North Lawndale,

materials into the design of affordable housing or community facilities.

received grants from the Illinois Department of Commerce and Community Affairs (DCCA) to support a “green” supportive housing

Isn’t building green too expensive for community

facility that will provide a less toxic environment for homeless

developments? No. Green materials and products may often (though

teenage mothers and their children to live and grow in while they

not always) add to a project’s construction cost. However, these initial

get back on their feet.

costs are usually offset by the operating efficiencies gained by lower utility and maintenance costs once the building is brought online.

Are there economic benefits of green development for

Why is green development important? Especially given the

such as Mission Metamorphosis has lower energy costs, the services

recent spike in energy prices, housing and community facilities

are more affordable. Likewise a low-income renter/owner who does

that cost less to operate will stay in service longer, be more

not have to spend as much for utilities has more disposable income

financially healthy, and minimize strain on the regional power grid

for childcare, education and other critical household needs.

people in the community? If a daycare or social service facility

and the environment.

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mission metamorphosis in north lawndale will provide a “green” environment for

mission metamorphosis

homeless teenage mothers and their children to live and grow in while they get back on their feet

Mission Metamorphosis will be the only agency of its kind in Chicagoland to serve homeless teenagers with children

Mission Metamorphosis founding executive director Paula Taper


What is so special about your Technical Assistance (TA)

What is your vision of the loan fund 10 years from now?

program? The Gateway to Community Development program was

Over the next 10 years, CCLF would like to grow into a stronger,

designed specifically for new and emerging organizations, who often

increasingly creative institution that remains responsive and relevant

do not know where to start. Part of the program is a “scared straight”

to the changing needs in the community development arena.

session that helps groups figure out whether or not they are ready to Why does CCLF need to grow? Scale permits relevance: the more

go forward.

products and larger loan amounts we can provide, the more flexible we Do organizations already have to be CCLF borrowers to

can be on pricing and features, such as offering subordinated debt or

receive TA help? No. Any organization is welcome to call us for

very low pricing.

development advice or referrals; to attend our Project Readiness Workshops; and workshop graduates can take advantage of our

Why is self-sufficiency a long-term goal for the fund? Moving

Customized Development Assessments (CDAs). TA services are often

toward self-sufficiency allows us to be more sustainable, which gives

deeply discounted or free.

us the opportunity to better serve our borrowers and the communities that we care about. For example, reducing fundraising hours would

What do you mean CCLF does “high touch” lending? CCLF

give staff and volunteers more time to focus on lending and technical

often sheperds borrowers through the incredibly complex and often

assistance.

harrowing process of developing real estate. When a project gets in What do you consider key measures of CCLF’s success?

trouble, we will bend over backward to help get it to the finish line.

One, how much access to capital we provide. Two, how many projects How might CCLF enhance its services in the future? We would

(particularly on the predevelopment side) we fund, and that they get

like to provide better, deeper, richer TA — to care for our borrowers

done. Three, when we can see that people’s lives and their larger

more explicitly. Once we bolster our portfolio management unit,

communities have been transformed, then we know we’ve done a good

we imagine CCLF serving as a kind of “business consultant” for our

day’s work.

borrowers so that we can help them strategize before problems arise

moving ahead June 3, 1998 Calvin L. Holmes promoted to executive director

Project Readiness Workshop trainer Larry Pusateri of Pusateri Development Associates

June 15, 1998 Received Corporate Partner Award from Chicago Mutual Housing Network

December 9, 1998 Awarded a Community Impact Honorable Mention from Bank of America

March 25, 1999 Reached $4 million in capital under management

September 30, 2000 Awarded first CDFI Fund Core Component investment

December 28, 2000 Closed 60th community loan: to the Gaia-Movement, Living Earth, Green World Action, USA

July 24, 2001 Surpassed $8 million in capital under management

September 19, 2001 Celebrated our 10th anniversary at the Chicago Cultural Center

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Skokie Blvd

EVANSTON

CCLF’s Current Portfolio

SKOKIE

and/or board review each loan, evaluating the community benefit, project feasibility,

Interfaith Housing Development Corporation - North Shore* Acquisition/rehabilitation of affordable rental housing Loan amount: $220,000 Location: South Evanston

OK Share & LakeShore New Homes LLC Construction financing for new, forsale housing under New Homes for Chicago program Loan amount: $300,000 Location: North Oakland

management capacity, collateral and ability to repay. CCLF has established a comprehensive monitoring system to allow its staff to identify and assist projects facing challenges.

Clair Christian United Methodist Church* Predevelopment/acquisition for affordable senior housing Loan amount: $216,575 Location: North Lawndale

Lake Shore/North Washington Park, JV Land acquisition for new, for-sale housing development Loan amount: $92,500 Location: North Washington Park

To diversify risk, CCLF sets a maximum loan size for any one project and any single

Faith Tabernacle Baptist Church* Landbanking for future community center Loan amount: $234,000 Location: Stony Island Park

6% individuals $372,016 7% trade assn. $375,000

loan. As an additional financial cushion, CCLF

Freedom Road Cooperative** Acquisition/mini-permanent mortgage for cooperative housing Loan amount: $450,000 Location: Uptown

maintains a permanent capital fund of no less than 15% of all assets under management. These funds ensure further protection for 28% foundations $1,625,000

investors in the event that losses exceed collateral and loan loss reserves. Further

The Gaia-Movement, Living Earth, Green World Action, USA* Acquisition of clothes collection boxes (equipment) Loan amount: $25,000 Location: City-wide

15% religious $870,000

information is available in the prospectus. To receive a copy, contact the CCLF office at 312.252.0440, ext. 204. other $21,598

19% net assets $1,097,317 CCLF capitalization December 31, 2000: Total capital under management = $5.88 million

26% corporations $1,524,136

Geneva Foundation* Acquisition/rehabilitation of group home for troubled youths Loan amount: $281,000 Location: West Humboldt Park Gorham United Methodist Church Foundation Predevelopment expenses for rehabilitating two multifamily buildings Loan amount: $85,931 Location: Washington Park

WECAN’S third project: the Butler-Lindon Apartments

Ashland

Black Metropolis Convention & Tourism Council Predevelopment expenses for rehabilitating historic Supreme Life Building Loan amount: $5,000 Location: Bronzeville

Lawndale Christian Development Corporation Facility acquisition/rehab for nonprofit offices and program space Loan amount: $145,000 Location: North Lawndale Southwest Urban Ministries (née Low End Adventures) Line of credit to acquire/rehabilitate HUD homes Loan amount: $250,000 Location: Marquette Park/Chicago Lawn

Warren

Cermak

N

47th

CHICAGO 63th

71st

People’s Reinvestment & Development Effort (PRIDE)++ Predevelopment expenses for low-income senior housing Loan amount: $60,000 Location: Austin Positive Systematic Transformation, Inc. (PST III)++ Predevelopment expenses for an affordable, new-homes development Loan amount: $5,000 Location: Waukegan Resource Center Acquisition of buyback recycling site Loan amount: $55,000 Location: Uptown

Marketplace: Handwork of India Working-capital line of credit Loan amount: $50,000 Location: Skokie

Salsedo Press III++ Printshop equipment purchases/refinance Loan amount: $140,000 Location: East Garfield Park

Mission Metamorphosis* Predevelopment expenses for supportive housing facility serving homeless teen mothers and their children Loan amount: $55,000 Location: North Lawndale

Stone Soup Cooperative* Acquisition/mini-permanent mortgage for cooperative housing Loan amount: $355,000 Location: Uptown

Mustard Seed of Chicago Acquisition of social service program facility Loan amount: $349,500 Location: Old Town

North

Chicago

Urban Equities, Inc.* Predevelopment/construction line of credit for new single-family homes Loan amount: $75,000 Location: Grand Crossing/Avalon Park

79st

Yates

CCLF’s professional staff, loan committee

Lawrence

Belmont

CG

of excellence.

Pulaski

North American Students of Cooperation Code compliance for student co-op housing Loan amount: $45,000 Location: Hyde Park

Og de n

CCLF is held accountable to high standards

and the value of collateral is less than the

Becker House Acquisition of supportive living facility for women Loan amount: $135,000 Location: Rogers Park

Interfaith Housing Development Corporation of Chicago** Predevelopment loan for supportive SRO and family housing Loan amount: $350,000 Location: East Garfield Park

Western

Association (NCCA), ensuring that

Howard

Devon

Kedzie

standards of the National Community Capital

aside in the event that a loan cannot be paid

Near Northwest Arts Council Facility acquisition for low-income arts/housing co-op Loan amount: $299,000 Location: Logan Square/Bucktown

Central

ing and portfolio management policies on the

borrower. Loan loss reserves are routinely set

Ignatia House Acquisition/renovation of supportive living facility Loan amount: $144,000 Location: Avondale

Ambassadors for Christ* Predevelopment line of credit for affordable rental housing Loan amount: $100,000 Location: Auburn Gresham & East Garfield Park

Chicago Community Loan Fund bases its lend-

Halsted

CCLF Lending Policies

87th 95th

CCLF 2000/2001 Financed Projects Throughout Chicagoland One borrower in Waukegan not shown

WECAN IV*++ Gap construction financing for affordable rent-to-own housing Loan amount: $25,000 Location: Woodlawn Youth Service Project Equipment/working capital for music store start-up (youth job creation/training) Loan amount: $45,000 Location: Humboldt Park * New loan in 2000 ** New loan in 2001 ++ Repeat borrower

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CCLF Audited Financials

Statement of Financial Position

Statement of Activities and Changes in Net Assets

Year ending December 31, 2000, with comparative totals for December 31, 1999

Year ending December 31, 2000, with comparative totals for 1999

2000 Operating

Unrestricted Fixed Assets Loan Fund

Total

Restricted Temporarily Permanently

Total All Funds

1999 Comparative Totals

2000 Operating

Unrestricted Fixed Assets Loan Fund

Total

Restricted Temporarily Permanently

Total All Funds

1999 Comparative Totals

Assets

Cash and cash equivalents Interest receivable Grants and other receivables Investments Notes receivable, net of allowance of $169,380 in 2000 and $119,380 in 1999 Office equipment, net of accumulated depreciation of $30,576 in 2000 and $25,058 in 1999 Deposits and other Total assets

$ 222,621 38,665 13,678

15,549

15,549

4,546

Revenue and Support

1,637,318

836,601 $ 703,341 38,665 24,514 136,178 52,500 1,637,318 1,519,343

3,218,858

3,218,858

Total revenue and support

609,434

122,500

15,549 1,898

1,898 238,197

222,621 38,665 13,678

38,665

292,411

15,549 1,898 127,046

5,465,610

5,885,067

2,263,629

11,675 9,146 4,584,148

Grants and contributions Net assets released from restriction Linked deposits Interest income Other

$ 289,253 89,074

289,253 89,074

7,094 17,442

342,079

349,173 17,442

402,863

342,079

744,942

115,000 (89,074)

25,926

105,000

105,000

509,253

$268,887

349,173 17,442

16,500 298,392 10,300

875,868

594,079

Expenses

Program Administrative Fund raising

302,579 117,795 36,924

3,642 1,435 441

179,899

486,120 119,230 37,365

486,120 119,230 37,365

313,727 107,317 29,114

Total expenses

457,298

5,518

179,899

642,715

642,715

450,158

36,355

36,355

(54,435) 175,317 97,050

(5,518) 9,392 11,675

198,535 (184,709) 23,506

138,582

25,926

105,000

269,508

94,755

132,231

101,120

594,458

827,809

733,054

$ 217,932

15,549

37,332

270,813

127,046

699,458

1,097,317

$827,809

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Liabilities and Net Assets

Accounts payable and accrued expenses Commercial loans payable Senior loans payable Subordinated loans payable Deferred revenue Total liabilities

Net assets Total liabilities and net assets

16,829

1,333

18,162

18,162 3,696,652 1,069,500

3,436

3,436

20,265

3,696,652 1,069,500 3,436

10,067 5,410 2,860,652 847,500 32,710

1,333

21,598

4,766,152

4,787,750

3,756,339

217,932

15,549

37,332

270,813

127,046

699,458

1,097,317

827,809

$ 238,197

15,549

38,665

292,411

127,046

5,465,610

5,885,067

$ 4,584,148

Gain (loss) on investments Change in net assets Transfers Net assets, beginning of year Net assets, end of year

36,355

(49,166)


Ten Years of CCLF Partners

Board of Directors Chair Rev. Donald L. Sharp Faith Tabernacle Baptist Church Vice Chair Patricia Y. McCreary Seaway National Bank Treasurer Edward J. Hoynes Edward J. Hoynes, CPA Ltd. Secretary Eugene J. Callahan Interfaith Housing Development Corporation of Chicago (retired) Anthony E. Cascino Jr., Esq. Warrior Insurance Group Toya Horn Howard Fannie Mae Ed Jacob Northside Community Federal Credit Union Susan Kaplan, Esq. Community Economic Development Law Project Rafael M. Leon Chicago Metropolitan Housing Development Corporation Stephen J. Gladden Illinois Housing Development Authority Rhonda R. McFarland The RM Group LLC Raymond S. McGaugh, Esq. McGaugh & Associates Nancy Radner The Partnership to End Homelessness Kathryn Tholin Community Energy Cooperative Nancy Wilkin-Sutherland ShoreBank (retired) Board Alumni Board Chairs Sara Jo Light (1991/94) Kathy Tholin (1994/97) David Erickson-Pearson (1997/99) Patricia McCreary (1999/2000)

Founding board member and former board chair Kathy Tholin

Board Members* Arvis Averette John Ayers Bruce Baker, Esq. Kay Berkson Carolyn Blackwell Daniel Broughton Thomas Boyle Esperanza Caraballo Cortez Carter Lynne Cunningham Caliph Daley Valerie Denney Sondra Ford Tamar Frolichstein-Appel Paul Ginger Fred Gougler Ismael Guerrero Anne Hallett Carlos Hernandez Alan Jacobsen Gregory Jeffries Gwen Jordan Val Jordan Paul Lippert Jean Mitchell Mary Nelson Julia Parzen Jean Pogge Gerald Prestwood Teresa Prim Raul Raymundo Arthur Rasch Elspeth Revere Lisa Richter Sister Patricia Rogers, OP Jacqueline Schad Donna Smithey Luther Snow Tayani Suma Jeanine Wall Anne Wieboldt Yittayih Zelalem * Includes members of CCLF’s Organizing Committee and Social Investment Vehicle Working Group

Committee Members Robert D. Bronstein The Scion Group LLC Daniel Broughton ShoreBank Leslie Davis SB Partners LLC David Knopp Amalgamated Bank Lynn Sasamoto Citigroup Paul Peterson LaSalle Bank NA

NCS Consulting Services Virginia Peoples Pinzke Design Rene Pomerleau Shorebank Advisory Services Carol Spartz Greg White Chicago Community Loan Fund staff

Former CCLF investors, Herb Fried and Howard Landau

Elizabeth Reyes Claretian Associates

Summer Associates Tom Altpeter Stacy Ligamfelter

Committee Alumni Kevin Augustyn Gary Collins Stephanie Hayes Irma Lopez-Heredia Peter Levavi Staff Executive Director Calvin L. Holmes Portfolio Manager Debra Houghtaling Senior Loan Officer Issa Barrett Office Manager Rose Seremala Program Associate Cat Dean Program Assistant Christophe Ringer Graduate Fellow Matthew Hickey Summer Associate Shige Sakaki Summer Associate Whit Champagne Robert Morris College Clerical Interns Latretta Blossom Indrea Burrell Dijonna Durham Tawyanna Dugger Taneka Hampton Patricia McMicheal-Longstreet Jessica Sydnor LaKeysha Vaughn Natasha Webb Staff Alumni Founding Executive Director Kate Pravera (1991/1998) Dan Alexander Nicquel Chavers Tony Crumpton Tamar Frolichstein-Appel Joan Frost Susan Gartner Barbara Johnson Lori Scott Matthew Valentini Stephen Williams Patricia Wood

RMC Clerical Interns Ramiro Arroyo Nelson Carruthers Latrese Lipscomb Chente Lozano Wadie Lussi Shamika McGee Temaka Moore Lillian Ngo Paulette Pitts Lorena Reyes Yumika Stigler Leticia Taylor Esmeralda Tovar Consultants Robert K. Brehm Technical Assistance for Community Organizations Larry Pusateri Pusateri Development Associates Greg Pickett IT Support Services, Inc. Robin Phillips, Photographer (pro bono) Steven Gross & Associates Studio Consultant Alumni Estelle Carol Design Lynn Cooper Tony Crumpton Lynne Cunningham Valerie Denney Communications Georgetta Hairston Pam Hallett Maureen Hestoft Hill Taylor & Company Greg Jeffries Peter Levavi Janice Martin Laurie Michalowski, SSSF Patrick Miner Mark McDaniel Margie McDermott Jennifer Miller

Photography Kay Berkson Bill Bonner Juan Calixto Joyce Dickerson Rachel Donofire Mark Harris Karen Kring Olga Yolanda Lopez Mark Pokempner Victor Powell Matthew Valentini Start-up Technical Assistance Boston Community Loan Fund Community Economic Development Law Project Delaware Valley Reinvestment Fund Chuck Matthei National Community Capital Association Kenneth O’Hare Stuart Rock, CPA (pro bono) Schiff Hardin & Waite (pro bono) Woodstock Institute CCLF Investors Corporate Investors Amalgamated Bank of Chicago Bank One Corporation Calvert Social Investment Group Ron Freund & Associates, Inc. LaSalle Community Development Corporation Chicago City Bank & Trust Company Manufacturer’s Bank Marshall & Ilsley Corporation Cole Taylor Bank Debley, Inc. The Northern Trust Company Household Bank fsb The Private Bank & Trust Company Firstar Corporation Old Kent Financial Corporation Marquette National Bank First Security Trust & Savings Bank Charter One Bank

Foundation Investors The John D. & Catherine T. MacArthur Foundation Wieboldt Foundation Prince Charitable Trusts Harris Bank Foundation Calvert Social Investment Foundation Threshold Foundation The Mayer & Morris Kaplan Family Foundation Herbert & Goldyne Heyman Family Foundation Religious Investors Catholic Health Initiatives First United Church of Oak Park School Sisters of St. Francis Wisconsin Episcopal Community Investment Fund SSM International Finance Wheaton Franciscan Sisters Corporation Sisters of St. Agnes Sisters of Mercy of the Americas Sisters of Charity of the Incarnate Word Healthcare System Congregation of the Sisters of Charity of the Incarnate Word Sinsinawa Dominicans Episocopal Diocese of Iowa Sisters of Charity Passionist Fathers Sisters of Charity of Saint Elizabeth Evangelical Lutheran Church of America Sisters of the Presentation of the Blessed Virgin Mary Other Investors CDFI Fund (US Dept. of Treasury) Illinois Housing Development Authority National Community Capital Association Individual Investors In 2000/01, CCLF managed capital from 40 individual investors.

Bobbi Hargleroad of First United Church of Oak Park and Kate Pravera, CCLF’s founding executive director

Taken as a whole, their capital represented nearly 7% of all funds under management. Investor Alumni Comerica Bank Loomis Federal Savings & Loan Association Network of Real Estate Professionals Progressive Investment Group Jewish Council on Urban Affairs Community Ventures Program Herbert Fried Herbert Heyman Howard Landau Linked Deposit Former State Treasurer Patrick Quinn City Treasurer Miriam Santos Amalgamated Bank Bank Hapoalim Pioneer Bank Seaway National Bank ShoreBank 2000/01 Funders The John D. & Catherine T. MacArthur Foundation CDFI Fund (U.S. Dept. of Treasury) The F.B. Heron Foundation Chicago Community Trust Polk Bros. Foundation Steans Family Foundation Citigroup Foundation Bank One Corporation The Richard H. Driehaus Foundation The Mayer & Morris Kaplan Family Foundation Lloyd A. Fry Foundation The Northern Trust Company Harris Bank Foundation ComEd Fannie Mae Foundation Household Bank fsb

Sister Sharon Fitzpatrick and Erin McGown at Becker House in 1995

LaSalle Bank NA Bank of America Foundation Marquette National Bank Allstate Foundation Seed Capital Development Fund/ Ford Foundation Manufacturer’s Bank TCF Bank Taubman Company/Sara Jo Light The Private Bank & Trust Company Whistler Fund/Mr. and Mrs. Lawrence Howe Jean Kaplan Trinity United Church of Christ Charter One Bank Numerous annual campaign contributors 10th Anniversary Donors Bank One Corporation Harris Trust & Savings Bank LaSalle Bank NA The Northern Trust Company Household Bank fsb Citibank Fannie Mae Brooks, Faucett & Robertson LLP Gene Callahan Chapman & Cutler Chicago Community Development Corp. Cole Taylor Bank Community Accounting Services Marquette National Bank McGaugh & Associates Payless Shoe Source The RM Group LLC Ruzicka & Associates Seaway National Bank ShoreBank John Tuohy, Esq.

Cabrini Green Legal Aid Clinic staff in 1993

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Donor/Funder Alumni Anonymous American Friends Service Committee American National Bank Foundation Bell Federal Savings Burling Bank Catholic Campaign for Human Development Chicago Tokyo Bank Community Savings Bank Continental Bank The Crossroads Fund Emanuel Congregation Felician Sisters, Mother of Good Counsel Province Fel-Pro Mecklenburger Foundation Firstar Bank Gore Bronson Bancorp Great Lakes Advisors Illinois Founders Insurance Company Mantellate Sisters McCormick Tribune Foundation Midwest Bridges Missionary Sisters Servants of the Holy Spirit Northwestern Federal Savings New Prospect Foundation Premonstratensian Fathers Prince Charitable Trusts Saints Faith Hope and Charity Parish Springfield Sisters Tides Foundation Trans Union Corporation University National Bank Wieboldt Foundation Winston & Strawn Woods Charitable Fund 1991/01 Pro Bono Counsel Chapman & Cutler John Tuohy, Esq. Liza Diaz, Esq. Willie Lewis, Esq. John Hitt, Esq. Bob Tucker, Esq. David Ebroon, Esq. Lisa Engel, Esq. Babara Klabacha, Esq.

Latham & Watkins Lenora Smith, Esq. Kirkland & Ellis Paul F. Van Houten, Esq. Mayer Brown & Platt Richard M. Assmus, Esq. Colin C. Clement, Esq. McDermott, Will & Emery Jeff Jung, Esq. Mishel Keta, Esq. Michael Boykins, Esq. Minor, Barnhill & Galland Laura Tilly, Esq. Neal Gerber & Eisenberg Miranda Mandel, Esq. Piper Marbury Rudnick & Wolfe David Kayner, Esq. Jennifer Homer, Esq. Nick Helmer, Esq. Sidley Austin Brown & Wood Chuck Schrank, Esq. John Chamberlin, Esq. Andy Massman, Esq. Kari B. Shienfeld, Esq. David Zampa, Esq. Skadden, Arps, Slate, Meagher & Flom Farhad Patel, Esq. Stephanie Burch, Esq. Todd Carpunky Schiff Hardin & Waite Kate Bensen, Esq. Mark Kosminskas, Esq. Carter Culver, Esq. Steve Friedland, Esq. Larry Gold, Esq. Andrea Friedman, Esq.

Two Salsedo Press worker-owners, Gilberto Martinez and Chris Burke

Becky Margolin, Esq. Mary A.M. Walters, Esq. Janet Angstadt, Esq. Suzanne Sarvada, Esq. Lauren Robinson, Esq. Sonnenschein Nath & Rosenthal David Friedman, Esq. Vedder, Price, Kaufman & Kammholz Richard L. Williams III, Esq. Alina Evangelou, Esq. Shawn Magee, Esq. Donal O’Brien, Esq. Jim Williams, Esq. Joseph H. Kye, Esq. Winston & Strawn Cullen Davis, Esq. Todd Bloomquist, Esq. Damon DiCasti, Esq. Bill Ralph, Esq. Helen D. Shapiro, Esq. Wildman, Harrold, Allen & Dixon Jeff Gray, Esq. Geoff Cockrell, Esq. Mary Manthy, Esq. Kari Sanderson, Esq. Marsha Klenk, Esq. Robin Lake, Esq. Susan Magar, Esq. David Ambers, Esq. Ada Skyles, Esq. Wolin & Rosen Lewis Matuszewich, Esq. Project CONSAF Chicago Community Loan Fund Chicago Jobs Council Nonprofit Financial Center

Diane Brzezinski Alderman Walter Burnett (27th Ward) Bill Case Nicquel Chavers Chicago Jobs Council Gary Collins Community Economic Development Law Project Charles Daas Jerome Daguio Valerie Denney Sondra Ford Caroline Goldstein Bob Hood Jean Kaplan Susan Kaplan, Esq. Debby Kasemeyer Greg Jeffries Yvette LeGrand Rhonda McFarland Karen McGee Amy Moss Yoo Jin Na Nonprofit Financial Center Lauren Robinson Lenora Smith, Esq. David Oser Kate Pravera Jack Robertson John Tuohy, Esq. Anne Willmore Julius Yacker In Memoriam CCLF Investors Michael Ann Dean Judith Frolichstein Herbert and Goldyne Heyman Howard Landau Accountant Brooks, Faucett & Robertson LLP

Special Thanks Jody Adler, Esq. Angela Boer

Auditor Ruzicka & Associates

Atneada Nance at Lawndale Christian Development Corporation’s property management office

Tutoring program run by Cabrini Green Legal Aid Clinic in 1995

nearly half of cclf’s investors are individuals; taken as a whole, their capital represents nearly 7% of all funds under management


Chicago Community Loan Fund 29 East Madison Street, Suite 1700 Chicago, Illinois 60602-4412 Tel 312.252.0440 Fax 312.252.0099 e-mail ccclf@aol.com

CCLF 2000/01 annual report celebrating 10 years

Writer/Editor Cat Dean CCLF Voice Calvin L. Holmes Graphic Designer Patricia Kelly Adviser Valerie Denney Proofreader Charlotte Koelling Printing The Northern Trust Company Photography Robin Phillips, Steven E. Gross & Associates Studio; Kay Berkson Photography

Nonprofit Org. Postage

PAID Permit No. 6510 Chicago, IL


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