CCLF’S NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 1st Quarter/2014
In This Issue
Page 2: We always hope you enjoy learning more about • Three Organizations Share $5 positive developments in Chicagoland’s lower wealth Million Grant to Spur Redevelopment communities. In addition to great features about of Chicago Neighborhoods our many dynamic customers and partners, we also • First Quarter Loans Set Pace for the Year ask you to celebrate a new milestone with us in this • CCLF’s Annual Stakeholders Meeting issue: by the end of the first quarter of this year, • CDFI Coalition Marks 20 Years of CCLF grew to $50 million in assets! We certainly Investing in Poor Neighborhoods didn’t achieve this milestone without a great deal of assistance. Deeply committed investors such as PNC Page 3: Bank (highlighted in this issue), Wintrust Financial • Interfaith Housing Opens Grove Corporation (including several of its charter banks), Apartments Chase (also highlighted in this issue), Bank of Ameri- • Donna G. Gambrell Says Farewell to the CDFI Fund ca, Northern Trust, BMO Harris, U.S. Bancorp, Calvert Foundation, Charter One Bank, First Savings Bank of Hedgewisch, the CDFI Page 4-5: Fund of the U.S. Treasury and the Chicago City Treasurer, as well as several • CCLF Borrower Spreads the LUV to religious organizations and individual investors among a total of 77 entities, South Suburban Youth pooled their capital in CCLF to help us stay the course in supporting smaller, • PNC Steps Up as CCLF’s Largest local organizations and initiatives as well as innovative social enterprises Investor that can be harder to underwrite. • 10th Anniversary National Worker Cooperative Conference • Upcoming CCLF Workshops These investors (with more capacity provided by our many donors) also helped CCLF respond to emerging needs by expanding our Neighborhood Page 6: Investor Lending Program, which is extending loans to community real es• Preserve Access to Wealth for the tate firms (non-profit and for-profit) that are stabilizing 1-4 unit residential Middle and Working Classes properties compromised by the lingering foreclosure crisis; increasing our • Three CCLF Borrowers Win lending to commercial real estate for the provision of better goods and serCommunity Development Award vices and local jobs in underinvested retail corridors; and helping disadvan• Donate to CCLF taged contractors secure the upfront working capital they need to complete Page 7: public works projects through our Small Contractors Bridge Program. CCLF • CCLF to be Honored with is not growing just for the sake of it. We are assembling more resources Community Investment Award to accelerate development in a more comprehensive way in Chicagoland’s • Southland Community Developemerging communities because we know that when they are stronger, more ment Fund Makes First Loan able to contribute to the regional economy, Chicagoland, as a whole, will • CCLF Noteworthy have a brighter future and be a better, safer place for us all to live, work and • CCLF Board of Directors play. We thank our many partners for investing in us the tools that we need Page 8: to invest in you! • Credit Memos • CCLF Staff Calvin L. Holmes, President
Three Organizations Share $5 Million Grant to Spur Redevelopment of Chicago Neighborhoods The JP Morgan Chase Foundation (NYSE: JPM) announced a $5 million grant to an innovative partnership of three well-established Community Development Financial Institutions (CDFIs) to spur redevelopment of distressed properties in Chicago’s low- and moderate-income (LMI) neighborhoods. “JPMorgan Chase views community development financial institutions as critical change-agents in underserved communities,” said Matt Reilein, SVP in charge of CDFI and NMTC lending for Chase. “Our $5 million commitment in Chicago is part of the $33 million made through our new CDFI Collaboratives program that will help our partners serve more people in need, as well as catalyze investment in lowand middle-income communities across the US.” CDFIs are designated by the US Treasury to provide loans, investments, financial services and technical assistance to underserved populations and communities. The three CDFIs, Community Investment Corporation (CIC); Chicago Community Loan Fund (CCLF); and Neighborhood Housing Services of Chicago (NHS) are committed to stabilize neighborhoods hit hard by foreclosures and vacancies resulting from the recent recession. CIC, CCLF and NHS will coordinate acquisition and lending activities in LMI communities throughout the Chicago area to: • Expedite acquisition of 1-4 unit properties shackled with back taxes or stalled in the foreclosure process; • Finance redevelopment of acquired 1-4 unit properties for rental housing; and • Finance needed improvements for owner-occupied 1-4 unit properties that improve building conditions and enhance affordability of the properties. “This new initiative provides CCLF’s Neighborhood Investor Lending Program with needed capital to support lending activity for investors who acquire and rehab vacant 1-4 unit buildings to help redevelop low- and moderate-income neighborhoods,” said CCLF President Calvin L. Holmes. “CCLF applauds JP Morgan Chase for opening an opportunity to partner with peer CDFIs, CIC and NHS, in a way that complements each of our specialty areas of work, while providing a more comprehensive financing option to areas hit hardest through foreclosure.”
First Quarter Loans Set Pace for the Year CCLF completed fiscal year 2013 breaking new records in total dollars financed, reaching $18.8 million. The bar was set high going into 2014, but the challenge was just what low-income communities were seeking. The volume of requests for financing in the first quarter of 2014 from non- and for-profit community development organizations and social enterprises totals just over $25 million. From this pipeline, CCLF closed on 16 loans totaling $8.9 million for projects providing affordable housing, community facilities and one social enterprise. How can CCLF keep up with this growing demand for credit from its customers? The solution is by raising more capital. In 2012, the CCLF Board of Directors set a strategic goal to grow CCLF’s total assets to $50 million by 2016. Thanks to CCLF’s investors, that goal was reached at the close of the first quarter of 2014 - a full two years ahead of schedule. This gives the CCLF lending team more resources to help revitalize entire communities, one project at a time.
CCLF’s Annual Stakeholders Meeting CCLF will host its 2nd Annual Stakeholders Meeting on Thursday, June 12 to share agency highlights and strategic vision. Existing and potential funders and investors, as well as public agency partners, are welcome. The event will be held from 8:0010:30 a.m. at the Federal Reserve Bank of Chicago, 230 South LaSalle Street. For more information, contact Juan Calixto at firstname.lastname@example.org or (312) 252-0424.
CDFI Coalition Marks 20 Years of Investing in Poor Neighborhoods It was twenty years ago that legislation established the Community Development Financial Institutions (CDFI) Fund. To mark the occasion, the CDFI Coalition published a report on the impact of CDFIs nationwide and examples of their work to ensure financial services are accessible to underserved communities. The CDFI Coalition is the unified national voice of community development financial institutions. In 2013, CDFI Fund grantees made investments totaling almost $2 billion, creating scores of jobs, affordable housing and more.
Chicago Community Loan Fund is “We have a strong number of projects in the pipeline, including partnering to bring one of the CDFIs featured in the report, which can be accessed at a healthy foods grocery store to Englewood and have begun our Neighborhood http://www.cdfi.org/wp-content/ Investor Lending Program, targeting financing for 1-4 housing units,” stated Rob Rose, Vice President of Lending. “We need the additional capital to be able to tell uploads/2014/03/20th-Anniversaour customers we will provide financing for their projects that will produce a sigry-Report_FINAL.pdf. nificant social impact in their community.”
Interfaith Housing Opens Grove Apartments From L-R; Gladys Jordan (IHDC,President), Toni Preckwinkle (Cook County President), Clarence Smith (IHDC, Chairman), Ed Solan (Housing Authority of Oak Park), Adam Salzman (Trustee, Village of Oak Park), Bryan Zises (IL Housing Development Authority, Asst. Executive Director)
CCLF borrower Interfaith Housing Development Corporation (IHDC) along with the Oak Park Housing Authority held a ribbon cutting ceremony for Grove Apartments located at 442 S. Grove in Oak Park, IL on January 23. CCLF provided $800,000 in financing to assist in the acquisition of a two-story, vacant Comcast building and convert the structure into a four story supportive housing facility for low income adults with 5,223 square feet of retail space on the first level. Grove Apartments now offers 51 units of affordable housing for single low-income individuals or individuals with one minor child. “This project celebrates a fair housing legacy that began in 1968 through the Fair Housing Ordinance. It is fitting that it should be in Oak Park, one of the most CCLF Vice President of Lending Rob Rose successfully diverse communities in the speaks to Christophe Adams, a Grove Apartnation. This project reaffirms the comments resident munity’s commitment to diversity and fairness,” said Clarence Smith, Chair of the IHDC Board. This project was successful in leveraging additional funding with $14 million in Low Income Housing Tax Credits and $2 million in HOME funds from Cook County. Cook County Board President Toni Preckwinkle referenced the role CCLF and other lending institutions played in this project: “The toughest part of a deal like this is the layered financing, and there are certainly many layers in this deal. Without all of the partners, it would not have been the success that it is.” Seventeen of the units are equipped for residents with disabilities. Christophe Adams, one of the residents of Grove Apartment, spoke at the opening ceremony, “I’ve lived in Oak Park for five years and in the place I was living before, I was basically confined to the living room. I used to dream about living in a building like this. Now, not only do I have an accessible unit, I have a view of the rooftop garden.” The renovated structure contains several green elements including a geothermal heating and air condition system and energy efficient lighting, windows, insulation and appliances. The building is also LEED Certified.
Donna G. Gambrell Says Farewell to the CDFI Fund After six years as the Director of the U.S. Department of the Treasury CDFI Fund and a long career in the public financial industry, Donna G. Gambrell has retired. Under her leadership, the CDFI Fund has seen significant growth, more than doubling funding under its flagship CDFI Program. Ms. Gambrell has also overseen the implementation of several new programs that have broadened the CDFI Fund’s ability, including creating the CDFI Fund’s Capacity Building Initiative, which has increased training and technical assistance opportunities for CDFIs nationwide. CCLF President Calvin L. Holmes was one of the speakers at her appreciation ceremony, commenting, “Donna has been a stalwart leader for the CDFI industry, campaigning for increased investment in low- to moderate-income communities throughout the country. She has been a good friend to me and mentor that will leave behind a stronger CDFI Fund and even stronger partners of the CDFI Fund.” Former Director of the U.S. Department of the Treasury CDFI Fund Donna G. Gambrell
CCLF applauds Ms. Gambrell as a champion of the CDFI industry and will continue to support the legacy she leaves behind. Grove Apartments before (left) and after (right) renovation
CCLF Borrower Spreads the LUV to South Suburban Youth
PNC Steps Up as CCLF’s Largest Investor
Story and photos by Alyce Eaton The majority of CCLF loans support affordable housing, but CCLF also lends to PNC Bank has made $8 million in nonprofit organizations for facility upgrades or equipment and working capital. investments in CCLF, making them The Love, Unity & Values (LUV) Institute, who received a $50,000 equipment/work- the agency’s largest investor as of ing capital loan from CCLF in February, is one such borrower. 3/31/2014. The mission statement of the LUV Institute is “to transform high risk, under-served PNC Bank had been an investor at youth into tomorrow’s leaders while providing an impact in workforce develop$2 million since 2010 but recently ment and social, emotional and educational counseling.” Cosette Nazon Yisrael, increased their investment by the founder of the LUV Institute, said that she was struck with the idea for this oranother $3 million and also added ganization while attending a luncheon featuring the then-head of the Department a $3 million revolving line of credit of Children and Family Services. to finance CCLF’s final stage of the City of Chicago’s Neighborhood “He said in his speech, ‘My kids have an issue with social and emotional confiStabilization Program. dence.’ A light bulb went off in that moment and he took a meeting with me; I presented an idea for a workshop that he loved… We had huge success with his kids,” Yisrael said. “They put 150 students in our first program and we haven’t stopped since. We had an 87% job placement rate and 72% of our students actually stayed in their jobs for over 120 days.” The LUV Institute served 500 people last year and will likely serve 1,000 this year. One of their successes was a summer program at Dirksen Middle School in Calumet City, where 97% of students were African-American. The LUV Institute was then selected to run an after-school program during the school year at Dirksen – but there was one problem. “We had gotten the opportunity to do this, but they said, ‘We’re instituting your program but you’re going to have to wait sixty days for your first check,’” Yisrael said. “I wanted to say yes but I was like, ‘How are we going to do it?’ We’re a small agency. How was that going to happen?”
Tony Smith, PNC Bank
Thurman “Tony” Smith, SVP Community Development Bank - Market Manager stated, “The recovery of At this point, Yisrael called the chairman of the LUV Institute Board of Directors, vacated housing stock and the capiCalvin Williams. She wondered how they would be able to hire the staff needed for talizing small businesses, particuthe program. On Williams’ recommendation, Yisrael called Rob Rose, CCLF’s Vice larly in under-served communities, President of Lending, the next day, and the loan proceeded quickly from there. are both critical components of an equitable economic recovery. CCLF “You guys made it hugely easy for us. We were able to meet our first payroll… It has been a terrific and effective was not a lot of drama,” Yisrael said. “I had gone to banks and asked for a line of partner in this strategy and a way credit and they said ‘Oh, you’re too new.’” for PNC Bank to help leverage the Chelsi Cicekoglu, a consulting lender with CCLF, underwrote the LUV Institute loan. strategies of the city to reach more families and entrepreneurs who She emphasizes that such loans are key to CCLF’s mission. too often have sat on the periphery of inclusion.” “The LUV Institute provides skills and opportunities to at-risk youth in low-income families and neighborhoods,” Cicekoglu said. “As a part of our mission at CCLF, we strive to support projects where we can build healthy and strong communities CCLF is grateful to PNC Bank as well as all of its investors for partnering with us to meet the credit Debra Earl, needs of our customers. Cosette Nazon Yisrael and Rhonda Gray work on the LUV Institute’s Tree of Life mural at Dirksen Middle School
not only by investing in brick and mortar projects, but also by investing in people in those communities, and that’s exactly what the LUV Institute is doing with these kids; educating and investing in our future.” With CCLF funding, the LUV Institute was able to operate its after-school program at Dirksen while waiting for funds to come in. The program served forty middle school students, instructing them on narrative and persuasive writing as well as capoeira and yoga. “The foundation of our programs focuses on six tenets: social, emotional, physical, financial, environmental and value clarification. This program was a little bit different … we [also] did some literacy because we saw that it was a pathway for students to connect and improve their writing…” Yisrael said. “We noticed that when we focus on social and emotional confidence first, that it helps kids reduce their acting out behaviors.” When the LUV Institute had run its summer program at Dirksen, the students had completed a mural, known as the Tree of LUV. This time around, the program staff and participants and parents made a new mural, tentatively entitled the Tree of Life. Both call to mind the logo of the LUV Institute, which features the baobab tree. Rhonda Gray, the artist with whom The LUV Institute collaborated on each of these murals, noted that the Tree of Life features words of empowerment alongside prominent figures in history. CCLF’s loan to the LUV Institute closed just weeks before President Barack Obama announced the My Brother’s Keeper Initiative, intended to provide further opportunities for boys of color. On the coattails of that announcement, the Opportunity Finance Network, a network of community development financial institutions (CDFIs), of which CCLF is a member, pledged $1 billion specifically to benefit youth of color. CCLF has taken the pledge to provide loans to organizations that serve youth of color, particularly Black/Latino males, and will be seeking out and tracking such loans. The LUV Institute is a great example of a loan that aids such youth by bettering their educational outcomes. Although this program wrapped up before spring break, the LUV Institute is still going strong and already has plans for future programming, including another summer session at Dirksen, as well as a program at Chicago State University that will also be benefiting from this loan. “Something really unique happened this year: we got a grant to work with firstgeneration college students at Chicago State University and we’re really excited about that program,” Yisrael said, “because we are able to take all the stuff that we’ve learned about how kids behave and put that in the program and actually have these young people connect to careers and provide them with the support such that they will be more successful.” CCLF was proud to help the LUV Institute launch their program when they were in need of capital to get started, and will continue to fill financial gaps for other organizations that help youth of color reach their full potential. The Tree of Life mural features “hero tiles” for figures such as Nelson Mandela
10th Anniversary National Worker Cooperative Conference CCLF is a sponsor of the National Worker Cooperative Conference being held May 30th - June 1st at the University of Illinois, Student Center East 750 S. Halsted, Chicago, IL. The conference will have over 400 of the U.S.’s leading lenders, funders, educators and businesses supporting the cooperative economy. Mark Fick, CCLF’s Senior Loan/Program Officer and resident expert on cooperatives, is serving as a local host and facilitator. To register, visit: http://conference.coop/ registration/.
Upcoming CCLF Workshops Being a landlord and property manager requires specific knowledge and training, even for people experienced in other areas of real estate. Learn the basics from experts in the field at Community Investment Corporation’s Foundations of Property Management course, hosted by CCLF on May 27. Other upcoming events include: Project Readiness Workshop: June 10, November 11 Building for Sustainabililty: September 11-12 Housing Cooperatives and Communities: August, date TBD Sustainable Builders Working Group: Every other month, beginning in February Learn more at http://cclfchicago.org/assistance/workshops.
Preserve Access to Wealth for the Middle and Working Classes
Homeownership is the primary asset for building wealth among the middle and working class, and more than half the total number of households in the United States have directly benefited from the existing affordable home ownership or affordable rental housing goals set for GSEs over the past ten years. (This total was derived by the National Community Reinvestment Coalition by aggregating the data reported by Fannie Mae and Freddie Mac from 2001-2012 in their required Annual Housing Activities Reports to Congress). GSE stands for Government Sponsored Enterprise, which are intended to ensure all credit-worthy borrowers have access to financing, while reducing the risk to investors and other suppliers of credit. Fannie Mae and Freddie Mac are GSEs that have been subject to affordable housing goals that have supported lending to all credit-worthy borrowers to become successful homeowners, but they are both slated to be eliminated in the new GSE reform bills being proposed in Washington. Given the recent housing crisis and expontential level of foreclosures in lowerincome neighborhoods, some legislators believe that Freddie and Fannie led to the meltdown of the housing market. This has caused a big push for reform and the elimination of Fannie Mae and Freddie Mac. Several economists have studied the housing crisis and concluded the private market was at fault. Wall Street firms packaged high-risk mortgage loans, which were falsely rated as low-risk, into securities and when they failed the crisis began. “It was the poor performance of the loans in these ‘private-label’ securities - those not owned or guaranteed by Fannie and Freddie - that led to the financial meltdown,” according to the bipartisan Financial Crisis Inquiry Commission, among other indepdendent researchers (by John Griffith, “7 Things You Need to Know About Fannie Mae and Freddie Mac.” Center for American Progress. September 6, 2012. http://www.americanprogress. org/issues/housing/report/2012/09/06/36736/7-things-you-need-to-know-aboutfannie-mae-and-freddie-mac/) Congress is convinced that reform of Fannie Mae and Freddie Mac are needed. This is the time for housing and economic justice advocates to take action to ensure the new Government Sponsored Enterprise that is created will continue to have affordable housing goals. Fannie and Freddie had affordable housing goals and it led to purposeful investment in building the wealth of low- to moderateincome Americans through home ownership. A 2012 study on the percentage of gross assets of the middle class showed home ownership accounted for 67% of total assets (see chart at left). Without specific affordable housing goals being tied to the government guarantee legislation, the private market will not have a big incentive for lending to all credit worthy borrowers, making it more difficult for the low and middle classes to accumulate wealth. To learn more about what you can do to ensure low- and moderate-income families have access to credit in any new GSE reform legislation that is adopted, visit: http://www. ncrc.org/get-involved/hot-issuestake-action/item/935-spotlighton-housing-finance-reform.
Three CCLF Borrowers Win Community Development Award Local Initiatives Support Corporation Chicago (LISC Chicago) celebrated its 20th Chicago Neighborhood Development Awards (CNDA) ceremony on February 20. Ten award winners were acknowledged for their significant achievements in real estate development, architecture, community organizing and individual achievements in a variety of areas. CCLF congratulates all the winners of these coveted awards, especially those that are or have been CCLF customers: Theaster Gates, Director of Arts and Public Life Initiative at the University of Chicago; Raul Raymundo, CEO of The Resurrection Project and Voice of the People in Uptown. The CNDAs bestowed to CCLF borrowers are another indicator that these community development organizations and advocates’ focused projects and initiatives are a model for others to follow. Read more at http://www.lisccnda.org/index.html.
Donate to CCLF We need your financial support to provide targeted technical and financial assistance that empowers community-based developers to help create communities where people thrive. To support our work with a secure online donation, please visit http://cclfchicago.org/ support-us.
CCLF Honored with Community Investment Award Woodstock Institute honored Chicago Community Loan Fund for providing access to credit for community development projects in predominately African-American and Latino neighborhoods that have suffered from abandonment at its Community Investment Awards & Film Screening on Friday, May 9, 2014 from 4:30 to 7:30 p.m. at Instituto Cervantes in Chicago. Accepting the award on behalf of CCLF was Calvin L. Holmes, President. Other award recipients included: Illinois State Senator Daniel Biss and reporters Alby Gallun, Micah Maidenberg and David Matthew from Crain’s Chicago Business. Woodstock annually recognizes individuals and orga-
Dory Rand, President of nizations that align with their mission of helping lowWoodstock Institute, and er-wealth people and communities of color achieve Calvin L. Holmes, CCLF President
economic security and prosperity. “The Community Investment Award recognizes the accomplishments of community champions who exemplify what it means to work locally with a national impact,” said Dory Rand, President of Woodstock Institute. “We are excited to honor CCLF’s history of providing financing and technical assistance for community development and stabilization projects that revitalize low- and moderate-income communities.”
Southland Community Development Fund Makes First Loan The Southland Community Development Fund (SCDF) recently closed on its first loan, providing a $250,000 predevelopment loan to Meadow View Apartments in Blue Island, IL. The loan closed on January 30, 2014 as part of the South Suburban Mayors and Managers Association’s new initiative to encourage transit oriented developments along the south suburban transportation hubs, including Metra and Pace stations. The SCDF is managed by CCLF and Enterprise Community Partners and was established to provide financing for predevelopment and land acquisition costs. Meadow View Apartments is an affordable 1 and 2 bedroom apartment complex located near 1-57 and I-294 and conveniently located near the Metra train station. For more information on the SCDF, contact Torrence Moore at email@example.com.
Thank You to Funders and Investors
For their recent grants, CCLF thanks First Midwest Bank and Marquette Bank. For their recent investments and renewals, CCLF thanks PNC Bank, Northern Trust, Marta Santiago and the First Savings Bank of Hegewisch.
CCLF Staff & Board News Mark Fick, Senior Loan/Program Officer, is now a member of the Steering Committee of Grow Greater Englewood. This community group will focus on supporting urban agriculture and other healthy food businesses as an economic development driver for the greater Englewood area. It will also serve as a community contact point for the Whole Foods development that will be coming to the area and has received the endorsement of Mayor Rahm Emanuel.
CCLF Board of Directors John L. Tuohy, Chair Chapman and Cutler LLP (retired) Matthew R. Reilein, Vice Chair Chase Charles S. Walls, Treasurer ComEd Mohammed M. Elahi, Secretary Consultant Jody Adler The Law Project Robert G. Byron Blue Vista Capital Management, LLC Charles F. Daas University of Illinois at Chicago Thomas P. FitzGibbon, Jr. Talmer Bank and Trust Erik L. Hall Grosvenor Capital Management, L.P. Ailisa Herrera MB Financial Bank Edward J. Hoynes Community Accounting Services Ed Jacob Neighborhood Housing Services of Chicago Patricia Y. McCreary Consultant Raymond S. McGaugh McGaugh Law Group LLC Eric S. Phillips Village Bank & Trust (a Wintrust Community Bank) Nancy Radner Consultant
Mark Fick, Senior Loan/ Program Officer
Congratulations to Mark Fick and CCLF Board Member Ed Jacob for being selected to speak at the Urban Innovation Symposium held in January. They provided creative ideas to address the “back to the city movement” as it grapples with how to repurpose Chicago with its aging infrastructure.
Mark C. Spears The PrivateBank Kathryn Tholin Center for Neighborhood Technology
Credit Memos: CCLF lends $8.9 million in 1st Quarter New Homes by New Pisgah received a $50,000 construction loan through CCLF’s Neighborhood Investor Lending Program to renovate a single-family home in Dolton.
CCLF Staff Calvin L. Holmes President
Fellowship Educational and Economic Development Corporation (FEED) reRob Rose ceived a $2,000,000 predevelopment loan to finance soft costs for FEED’s Legacy Vice President, Lending Project, which will house a charter school and a health center in the Chatham comJane I. Ames munity area. Thanks to Jessica Simons and Bradley Ritter of Paul Hastings LLP for Vice President, Finance & Administration serving as CCLF’s counsel on this transaction. The Love, Unity & Values (LUV) Institute received a $50,000 working capital loan to bridge funds from the Dolton School District to conduct an after-school empowerment program. Thanks to Darwin Conner of Winston & Strawn LLP for serving as CCLF’s counsel on this transaction. Karry L. Young Development LLC received $472,000, $397,000, $358,000 and $573,000 constructions loans to rehab six total units of affordable housing in the East Garfield Park, Auburn Gresham and Chatham community areas. These loans are part of the City of Chicago’s Neighborhood Stabilization Program. West Pullman Redevelopment received a $388,000 construction loan to rehab one unit of affordable housing in the West Pullman community area. This loan is part of the City of Chicago’s Neighborhood Stabilization Program. KMW 2, LLC received $455,000, $636,000, $498,000 and $603,000 construction loans to rehab six total units of affordable housing in the Auburn Gresham community area. These loans are part of the City of Chicago’s Neighborhood Stabilization Program. The Institute of Puerto Rican Arts & Culture (IPRAC) received a $500,000 construction loan to bridge the funding of a grant from Illinois Public Museum Capital Grants Program for renovations to the museum in the Humboldt Park Community Area. Thanks to Christine McKillip of Chapman and Cutler LLP for serving as CCLF’s counsel on this transaction.
Juan Calixto Vice President, External Relations Mark Fick Senior Loan/Program Officer Lycrecia Parks Senior Portfolio Management Officer Wendell Harris Senior Loan/Program Officer Evelyn Turner Loan Closing Officer Kallie Rollenhagen Technical Assistance Program Officer Bettye Claggette Finance & Accounting Associate Elizabeth Ginsberg Portfolio Management Associate Lincoln Stannard Lending Associate Deborah Sabol Office Manager
Sankofa Cultural Arts & Business Center received a $430,000 mini-permanent loan to refinance an existing community center in the Austin community area. Thanks to George Houhanisin and Emily Knurek of McDermott Will & Emery LLP for serving as CCLF’s counsel on this transaction.
Alyce Eaton Program Assistant
Oak Street Wisdom Village LP received a $500,000 predevelopment loan to build affordable housing for seniors in the Near North community area. This loan is part of the Cook County Preservation Compact. Thanks to George Houhanisin and Emily Knurek of McDermott Will & Emery LLP for serving as CCLF’s counsel on this transaction.
Torrence Moore Senior Consultant - Special Initiatives
LUCHA (Tierra Linda LLC) received a $1,030,909 predevelopment loan to provide affordable housing in the Humboldt Park community area. Thanks to Priya Gupta of Jones Day for serving as CCLF’s counsel on this transaction.
Chelsi Cicekoglu Lender
Newsletter Credits Compiled by: Juan Calixto Alyce Eaton Printed by: Salsedo Press
The mission of the Chicago Community Loan Fund is to provide flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.
@cclfchicago Contact us: firstname.lastname@example.org