CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 2nd Quarter /2011
Dr. King Legacy Apartments Open in North Lawndale Community celebrates housing located where Dr. King once lived
In This Issue Dr. King Legacy Apartments Communities at Work Fund Credit Memos Sustainability 101
Elected officials and community leaders participating in the ribbon-cutting included Alderman Sharon Dixon, IL State Representative La Shawn K. Ford, LCDC's Kim Jackson, LISC's Joel Bookman, IL State Representative Arthur Turner, Mayor Richard M. Daley, U.S. Senator Richard Durbin, U.S. Representative Danny K. Davis and Cook County Board President Toni Preckwinkle (Photo: Gordon Walek, LISC/Chicago
Community leaders and officials gathered recently to celebrate the opening of the Dr. King Legacy Apartments in North Lawndale. The project was developed by the Lawndale Christian Development Corporation, and includes 45 affordable, energy-efficient units of rental housing, commercial space, a partial green roof and open green space. "It is developments like these that help our neighborhoods grow stronger," said Mayor Daley, "and demonstrate how working together, we can collectively provide affordable housing and economic opportunities citywide."
CCLF is pleased to introduce our newest staff member, Finance & Administration Associate Jessica Wozniak. Jessica will work with accounting and investor relations at CCLF. A Wisconsin native, she most recently worked as a product manager at Victoria's Secret and an accounting assistant at the Kohl Children's Museum. She holds a degree in Accounting from Northeastern Illinois University.
The Dr. King Legacy Apartments are located on a site where Dr. King once lived in North Lawndale (Photo: Gordon Walek, LISC/Chicago)
Senator Richard Durbin (D-Illinois) noted that he wished federal lawmakers who seek budget cuts could see the ribbon-cutting. "I say to them, 'Come to Lawndale' and see what happened when we brought together federal, state and local, plus financial institutions, and most importantly, a neighborhood that will never give up!" said Durbin. Congressman Danny K. Davis, a long-time west side Chicago resident, noted that "out of death comes life," as the ceremony was held on the 43rd anniversary of Dr. King's death, on a site that had been burned in the 1968 riots following the assassination. CCLF provided an $85,000 predevelopment loan for the project in 2009.
Communities at Work Fundâ„˘ Visits Chicago CDFI loans for social enterprise supported by new program Citigroup CEO Vikram Pandit visited Chicago in February, and CCLF's Calvin L. Holmes and Jane I. Ames had the opportunity to speak about the work that CDFIs like CCLF are doing to promote social enterprise and small business growth in the region. The meeting explored the opportunities opened up by Citi's partnership with Calvert Foundation and Opportunity Finance Network, called the Communities at Work Fundâ„˘.
CCLF President Calvin L. Holmes recently joined the Green Time Zone Advisory Committee for the South Suburban Mayors & Managers Association. The committee will help to structure an investment fund and land bank for the sustainable redevelopment of Chicago's southern suburbs.
Funders and Investors For their recent grants, CCLF thanks Citi Foundation, The Richard H. Driehaus Foundation, ComEd, The Northern Trust Company, The PrivateBank, Bank Leumi USA, First Midwest Bank and MB Financial. For their recent investments and renewals, CCLF thanks Marta A. Santiago and Norman and Betty Gene Elkin.
Board of Directors John L. Tuohy, Esq. Chair Chapman and Cutler (retired) Susan Kaplan, Esq., Vice Chair The Law Project (retired) Charles Walls, Treasurer ComEd Avril Greenberg, Anthony Reinert, John Pfeiffer, Lisa Hall, Calvin L. Holmes, Vikram Pandit, Harry Rhodes and Jane Ames at Inspiration Kitchen's new facility
The Communities at Work Fundโข has approved over $100 million in loans to more than 20 CDFIs across the country, including $500,000 to CCLF to make loans to social enterprises, worker-owned cooperatives and womanand minority-owned real estate development businesses. CCLF also received $500,000 from the Chicago City Treasurer Small Business Development Loan Program, which will supplement this effort.
Charles F. Daas City Solutions Toya Horn Howard, Esq. Real Estate Attorney
The meeting also included Lisa Hall, President and CEO of Calvert Foundation, Trinita Logue, President of IFF, and Joe Neri, CEO of IFF, as well as CCLF borrower Growing Home's Harry Rhodes, who shared the story of their successful social enterprise. More than 200 people have participated in Growing Home's job training program. Their 2/3-acre urban farm in Englewood produced over 10,500 pounds of produce in 2010, with sales of over $43,000. By comparison, the average income on a conventional corn or soybean farm in Illinois is only $300 per acre.
Edward J. Hoynes, CPA Community Accounting Services Ed Jacob Neighborhood Housing Services of Chicago Rafael M. Leรณn Chicago Metropolitan Housing Dev. Corp.
Growing Home Executive Director Harry Rhodes (Photo: Sam Levitan)
The gathering took place at the new facilities of Inspiration Corporation, a Chicago-based nonprofit whose restaurant business supports their social services while providing vital job-skills training for their workers. Inspiration Corporation has a long history of receiving development support from CDFIs. Their staff attended CCLF's Project Readiness Workshops in 2002 and 2003, laying the groundwork for their success in assembling financing for their restaurant, catering and job training space in East Garfield Park. They received a loan from IFF, another CDFI.
CCLF Noteworthy Credit Memos: CCLF Lends $1.5 million Cambridge Manor Tenant Council received a $265,000 predevelopment loan for the preservation of 312 units of senior cooperative housing in Douglas. This loan is a part of the Gateway Fund of The Preservation Compact. Thanks to Howard Richard and Cara Hanson of Katten Muchin Rosenman LLP for serving as CCLF's counsel on this transaction. DMR Investments, Inc. received $366,000 and $353,000 construction loans to rehab properties in Avalon Park as part of the City of Chicago NSP. Team4 Development LLC received $200,250, $165,500 and $163,000 construction loans to rehab properties in Pullman and Roseland as part of the City of Chicago NSP. Cambridge Manor
Mohammed M. Elahi, Secretary Andes Capital Group LLC
Glenn M. Mazade Charter One Bank Patricia Y. McCreary Seaway National Bank Raymond McGaugh, Esq. Kiwanja Redevelopment Fund Steven Quasny Harris Bank Nancy Radner, Esq. Chicago Alliance to End Homelessness Matthew R. Reilein JPMorgan Chase & Co. Kathryn Tholin Center for Neighborhood Technology
Staff Calvin L. Holmes President Jane I. Ames Vice President, Finance & Administration Rhonda McFarland Vice President, Lending Elizabeth Richards Vice President, Technical Assistance & Sustainability Mark Fick Senior Loan/Program Officer Paul Gakhal Senior Loan/Program Officer
New Workshop Series: Sustainability 101 Three-part workshop series for community practitioners CCLF is excited to announce our new three-part workshop series, Sustainability 101. Designed for community practitioners, the series will cover topics like integrated design and affordable green building, LEED and Enterprise Green Communities criteria, best practices in good design and operations, and community engagement. Built to expand upon our two-day Building for Sustainability workshop, this new three-part series format will allow for more case studies and in-depth conversation. Continuing Education credits will be available through the American Institute of Architects (AIA).
Clarice Norin Loan Closing/Portfolio Officer Juanita Walker Office Manager Emily Moen External Relations Associate Kate McInerney Lending Program Associate Jessica Wozniak Finance & Administration Associate
Sustainability 101 DATES: May 20 - Introduction to Integrated Design and Principles June 17 - Operations and Implementation July 15 - Programs, Practices and Resources TIME: 8:45 am - 4:30 pm COST: $160 for the complete series ($65 per workshop). Scholarships are available.
Benjamin Gorsky Lending Program Assistant Lincoln Stannard Finance & Administration Assistant
Credits Editor/Layout Emily Moen Printer Salsedo Press
To register for the workshop series, please visit www.cclfchicago.org/assistance. If you have more questions, please contact us at 312-252-0437 or email the workshop coordinator.
CCLF provides low cost, flexible financing and technical assistance to community development organizations engaged in affordable housing, social service and economic development initiatives that benefit low- and moderate- income neighborhoods and households throughout metropolitan Chicago.
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