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
2|3
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.
4|5
6|7
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.
16|17
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
18|19
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
20|21
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
22|23
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
24|25
26|27
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