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Annual Report

2009/2010

Stabilize

Preserve

Revitalize


Calvin L. Holmes President

John Tuohy, Esq. Chairman


Dear Friends: We hope that you will enjoy reading this year’s annual report. John Tuohy, CCLF’s board chair, and I are excited to share stories about the critical lending and technical assistance services that CCLF is providing to help preserve, stabilize and revitalize Chicagoland communities, especially in the midst of a challenging economic climate. Please allow me to share a personal experience. I have commuted to the office and other places this summer on my bicycle, and it has been a wonderful way to stay in touch with our communities. In addition to lowering my own carbon footprint, I rode through neighborhoods devastated by foreclosures, through communities where new retail spaces sit idle, and past promising parcels left unfulfilled by partiallybuilt structures. I talked with homeowners who have seen their home values plummet , many of whom had just experienced positive net worth for the first time in their lives. I spoke with community leaders and developers who worry that all of the transformational development completed over the past 30 years is being undone by the deep and stubborn recession eroding wealth, health, commerce, safety and hope in our lower wealth communities. This closer contact has translated into urgency: a call to action here at CCLF.

John and I want you to know that CCLF is partnering with the City of Chicago’s Neighborhood Stabilization Program to rehabilitate hundreds of homes to help stabilize communities. We have stepped up our activities in the Cook County Preservation Compact to work with developers to preserve affordable rental housing. We have added more social enterprise and commercial/retail financing to our work to bring more jobs, businesses and goods and services to our communities to spur revitalization. CCLF understands that conditions are still less than ideal in our communities – national unemployment rates remain over 9%, while unemployment rates in communities of color are even higher, between 12 and 14%. With foreclosure rates continuing to rise, property abandonment continuing and small businesses struggling, CCLF is continuing to provide responsive loans and technical assistance. We need to be there for the communities we care about the most; to give people a chance to succeed. Your investments, grant support, donations, referrals and partnership create opportunities for us to serve. This support is now, more than ever, helping us to help create communities where people thrive! Calvin L. Holmes President

John Tuohy Chairman CCLF Annual Report | 01


Project

Woodlawn Park

Developer: Preservation of Affordable Housing

A developer in Woodlawn is working for transformation— transformation of a housing development, a block, a neighborhood and a community.

Preservation Compact

The Preservation Compact brings together the region’s public, private and nonprofit leaders to address the loss of affordable rental housing stock in Cook County.

02 | CCLF Annual Report

Preservation of Affordable Housing (POAH) is a development company that has taken on the task of redeveloping the aging Grove Parc Plaza, a 504-unit apartment complex in Woodlawn that residents and the surrounding community agree is ready for transformation. A primary goal of POAH’s redevelopment plan is to preserve the existing Section 8 subsidies—both in the new, renamed Woodlawn Park and in the surrounding community. “Over 300,000 units of housing have been lost in the last 5 years due to termination of projectbased Section 8 contracts—we’re committed to helping residents stay in their community,” says Dan Burke, Chicago POAH Director.

CCLF provided a $750,000 predevelopment loan to POAH as a part of our participation in the Cook County Preservation Compact Gateway Fund. CCLF’s predevelopment lending covers critical early-stage costs and gives projects the stability they need to attract the additional layers of financing that help community development projects succeed. The plans for the $135 million development of Woodlawn Park include a comprehensive redevelopment that will provide improved transportation and pedestrian access, two major anchor retail stores and other commercial development, mixed-income housing and community amenities. Burke believes that POAH’s Woodlawn Park can be a key element in creating an overall revitalization of the Woodlawn community, giving the leg up that they need to funnel more investment into the community: “POAH expects the project to stimulate broader reinvestment and development in Woodlawn, bringing broad renewal to the community.”


Photos and renderings courtesy of POAH

“We’re committed to helping residents stay in their community.” Dan Burke, Chicago POAH Director

Sustainable Strategies The plans for Woodlawn Park include LEED certification, which will implement a variety of sustainability features: High-efficiency furnaces High R-value insulation Advanced air sealing

Preserve

Storm water management with bioretention planters

CCLF Annual Report | 03


“I let them know I’m from the community, and we want to change lives.” Sustainable Strategies

Melvin Bailey, Executive Director of CMEP

NSP homes are rehabs, which require fewer new materials and have less negative environmental impact than new construction. City of Chicago NSP aims for a minimum of a 2-star environmental rating for each property using the Chicago Green Homes Program. Some properties have incorporated: Energy-efficient windows Rain barrels Solar water heating systems

04 | CCLF Annual Report

Stabilize


Project

Neighborhood Stabilization Program

Developer: Community Male Empowerment Project

Melvin Bailey is helping put his neighborhood to work, and inspiring and empowering along the way. Bailey is the Executive Director of the Community Male Empowerment Project (CMEP), one of the qualified developers that are working with the City of Chicago’s Neighborhood Stabilization Program (NSP) to rehabilitate foreclosed properties in targeted neighborhoods. The City has been awarded three federal grants totaling more than $169 million for the program, which aims to mitigate the foreclosure crisis and prevent neighborhood decline, as blighted buildings are refashioned into homes. CMEP is a nonprofit with a mission to build public/private partnerships that help people rise above often troubled pasts. For NSP, Bailey has hired sub-contractors and workers from the surrounding neighborhood, some of whom live on the same block as the project site in East Garfield Park.

“I let them know I’m from the community, and we want to change lives…we want our workers to look, ask questions, build skills and learn the process, so they can move on to even more success,” says Bailey. CCLF is partnering with the City of Chicago NSP and Mercy Portfolio Services, using our experience and infrastructure to provide construction financing. So far, CCLF has provided three construction loans to CMEP and almost 20 loans to other NSP developers, with many more to come. Bailey says that the homes CMEP has worked on have created a watershed effect. “I’ve met everyone on the block, in the neighborhood. They all come by to see what’s happening here, and seeing progress made in their neighborhood makes a difference.”

CCLF Annual Report | 05


Project

Wilson Yard

Developer: Holsten Real Estate Development Corporation

Kristy Butler and Yolanda Holmes are longtime residents of Chicago’s Uptown neighborhood. Because of an exciting new development, they now have opportunities they had never thought possible. Wilson Yard, a mixeduse development in Uptown built by Holsten Real Estate Development Corporation, promises to revitalize a commercial corridor, and includes 178 affordable senior and family apartments and over 30,000 square feet of commercial space, including Target and Aldi stores. Holmes has lived in Uptown for 12 years, but in three different homes. She is one of the first residents of Wilson Yard, and as the owner of a neighborhood salon, Holmes is also excited about the new commercial developments, saying, “I believe Wilson Yard will attract a lot of new business for small business owners in the community.”

06 | CCLF Annual Report

Butler has grown up in the community, but commuted to her job at Target in Evanston each day. She has now transferred to the new store in Uptown, saying, “I can now live and work in my community.” The Wilson Yard Target has hired over 300 employees, with 80% living within a two-mile radius. Attractive and accessible retail in a community provides goods and services, jobs, stability and peace of mind for residents. CCLF made a $1 million early-stage loan for Wilson Yard, part of financing from more than 20 public and private sources. Celebrating the project’s grand opening, Alderman Helen Shiller said, “Wilson Yard will have a dramatic impact on the 46th Ward.” Chicago’s Mayor Richard Daley added, “Making key investments in our neighborhoods—developing sites for new retail stores and preserving affordable housing—makes for a more stable and secure community.”


“I can now live and work in my community.� Kristy Butler, Resident

Sustainable Strategies Holsten Real Estate Development Corporation has made sure to incorporate a wide range of sustainable building techniques throughout Wilson Yard. The development is currently projected to achieve a Silver certification from the U.S. Green Building Council. Wilson Yard includes: Green roof over Target and Aldi stores Access to bus and train lines, as well as I-GO car sharing vehicles Water-efficient landscaping

Revitalize

LEED-compliant carpet, paint, coatings and sealants Construction waste management

CCLF Annual Report | 07


OHARE

DUNNING

EVANSTON

PORTAGE PARK

LINCOLN SQUARE

WEST RIDGE

AVONDALE

IRVING PARK

ALBANY PARK

NORTH PARK

FOREST GLEN

JEFFERSON PARK

NORWOOD PARK

EDISON PARK

CCLF’s lending spans the six-county Chicago metropolitan region. The community development loans in our portfolio include a wide variety of projects: affordable housing, community facility space, commercial

LAKE VIEW

EDGEWATER

ROGERS PARK

UPTOWN

As of December 31, 2009

real estate, mixed-use projects, social enterprises and other economic development projects.

CCLF Portfolio

NORTH CHICAGO

N

NORTH CENTER


CHICAGO LAWN

MOUNT

BEVERLY

1

2

Mixed Use

CCLF Focus Corridors 0

Housing

Chicago Community Areas

3

Miles

BORROWER TYPE Facility

EAST SIDE

HEGEWISCH

SOUTH DEERING

PULLMAN

CALUMET HEIGHTS

SOUTH CHICAGO

CCLF Focus Communities

VILLAGE OF RIVERDALE

WEST PULLMAN

SOUTH SHORE

AVALON PARK

RIVERDALE

CHATHAM

ROSELAND

WASHINGTON HEIGHTS

AUBURN GRESHAM

GREATER GRAND CROSSING

WOODLAWN

HYDE PARK

KENWOOD

OAKLAND

Enterprise

GREENWOOD

NEW CITY

DOUGLAS

NEAR SOUTH SIDE

LOOP

NEAR NORTH SIDE

BRIDGEPORT

MCKINLEY PARK

MORGAN PARK

GAGE PARK

ASHBURN

WEST LAWN

WEST ELSDON

ARCHER HEIGHTS

BRIGHTON PARK

SOUTH LAWNDALE

LOWER WEST SIDE

NEAR WEST SIDE

WEST TOWN

New Communitites Program (NCP) Areas*

BRIDGEVIEW

CLEARING

GARFIELD RIDGE

NORTH LAWNDALE

EAST GARFIELD PARK

HUMBOLDT PARK

HERMOS

*NCP neighborhoods are part of a long-term, citywide comprehensive community development initiative

KEY

MAYWOOD

AUSTIN

ENGLEWOOD

WEST GARFIELD PARK

LINCOLN PARK

ARMOUR SQUARE FULLER PARK

LOGAN SQUARE

GRAND WASHINGTON

BELMONT CRAGIN

WEST ENGLEWOOD

BLVD

PARK

MONTCLARE

BURNSIDE


Portfolio in 2009

Construction Loan

I-GO Alternative Transportation: $500,000 for program expansion and vehicle purchase

Chicago Metropolitan Housing Development Corporation: $250,000 for renovation of mixed-income rental properties in Washington Heights, Ashburn, Chicago Lawn and Albany Park

Neighborscapes NFP: $128,000 for a summer youth employment program in south suburban Cook County

Five Points Economic Development Corporation: $383,798 for a mixed-use office/retail complex in North Chicago, IL Genesis Housing Development Corporation 2: $281,000 for rehabilitation of property for NSP in South Shore Mount Vernon Missionary Baptist Church: $50,000 for a community center in North Lawndale OK Share & LakeShore New Homes LLC: $300,000 for new, for-sale housing in North Oakland

Equipment/Working Capital Loan Ahadi Early Learning Center: $30,000 for a childcare center in South Shore 10 | CCLF Annual Report

Resource Center: $30,000 for a citywide recycling program Salsedo Press, Inc.: $184,198 for printshop equipment in East Garfield Park and Humboldt Park

Housing Cooperative Loan Freedom Road Cooperative: $619,468 for limited equity cooperative housing in Uptown Good News Partners (The Bosworth): $354,000 for cooperative housing in Rogers Park Good News Partners (The Phoenix): $350,000 for cooperative housing in Rogers Park Hesed House Cooperative: $250,000 for limited equity cooperative housing in Little Village HUB Housing Cooperative: $615,000 for limited equity cooperative housing in Little Village


Logan Square Cooperative: $512,000 for limited equity cooperative housing in Logan Square

Breaking Ground, Inc. 3: $50,000 for landbanking in North Lawndale

NASCO Properties, Inc.: $1,022,495 for student limited equity cooperative housing in Hyde Park

Chicago Mutual Housing Network 2: $125,000 for acquisition/build-out of nonprofit office space in Logan Square/East Humboldt Park

Spaulding Collective Partnership: $185,000 for cooperative housing in Logan Square Stone Soup Cooperative 1: $355,000 for limited equity cooperative housing in Uptown Stone Soup Cooperative 2: $165,000 for limited equity cooperative housing in McKinley Park

Community TV Network 2: $139,500 for program and office space in Logan Square/East Humboldt Park East Lake Management & Development Corporation: $184,814 for affordable housing in Grand Boulevard Geneva Foundation: $410,000 for a group home for youth in West Humboldt Park

Minipermanent Mortgage Loan

Growing Home, Inc.: $250,000 for facility space at a year-round urban farm in Englewood

4832 S. Vincennes, LP: $684,000 for a low- to moderate-income apartment building in Grand Boulevard

Ignatia Foundation: $144,000 for a supportive-living facility in Avondale

Arab American Family Services: $380,000 for a social service program and office building in Bridgeview, IL Breaking Ground, Inc. 1: $250,000 for a mixed-use property (nonprofit offices and interim housing) in North Lawndale

Mustard Seed of Chicago, Inc.: $349,500 for a social service program facility in Near North Side The Resurrection Project: $54,086 for affordable rental housing in Pilsen

CCLF Annual Report | 11


Rimland Services 1: $252,938 for housing for adults with disabilities in Evanston, IL

Featherfist Development Corporation: $193,000 for a social service facility in South Shore

Rimland Services 2: $125,400 for housing for adults with disabilities in Maywood, IL

Fellowship Educational and Economic Development Corporation: $250,000 for a retail development and community center in Chatham

Rimland Services 3: $180,000 for housing for adults with disabilities in Evanston, IL Rimland Services 4: $117,000 for housing for adults with disabilities in Evanston, IL Southside Preservation Portfolio, LLC: $1,000,000 for affordable housing in Auburn Gresham, Chatham, Roseland and South Shore

Good Shepherd Community Service Organization: $250,000 for affordable single-family homes in Washington Park

Tri-Fund Development: 600,000 for a shopping center in North Kenwood

Greater Bethlehem Community Development Corporation: $250,000 for mixed-income for-sale homes in East Garfield Park

Predevelopment Loan

Greater Riverdale Industrial Partnership: $250,000 for mixed-income for-sale homes in Riverdale, IL

Arches Retail Development LLC: $400,000 for mixeduse housing and a medical center in Oakland

Latin United Community Housing Association (LUCHA): $225,000 for rehabilitation of affordable homes in West Town

Back of the Yards Neighborhood Council: $295,000 for mixed-use office space and a community center in Brighton Park 12 | CCLF Annual Report

Genesis Housing Development Corporation: $125,000 for single-family and two-flat homes in Washington Park and Bronzeville.

Mission Metamorphosis, Inc.: $75,000 for a supportive housing facility in North Lawndale


New Pisgah Missionary Baptist Church: $100,000 for affordable senior housing in Auburn Gresham Oakwood Shores Terrace Associates LP: $200,000 for a mixed-use residential and medical facility in Oakland People’s Community Development Association of Chicago: $250,000 for affordable townhomes in East Garfield Park Quad Communities Arts & Recreation Center, LLC: $500,000 for a community arts center in North Kenwood/ Oakland Voice of the People in Uptown, Inc.: $250,000 for affordable rental housing in Uptown Wisdom Bridge Arts Project: $429,000 for a community arts center and housing in Rogers Park

Predevelopment/Construction Loan: CHA Transformation Granite Partners for Oakwood Boulevard Phase II, LLC: $500,000 predevelopment loan for mixed-income housing in Kenwood/Oakland Jazz on the Boulevard 1A/1B: $310,000 construction loan for mixed-income homeownership, rental and public housing in Kenwood

For-Profit Predevelopment/ Construction Loan 300 East 51st Street LLC (Urban Junctures): $400,000 predevelopment loan for commercial development project in Bronzeville AA Holdings, LP/UAS Development Group: $286,000 predevelopment loan for mixed-use property rehabilitation in Roseland

CCLF Annual Report | 13


Alliance Property Group of Illinois II, LLC: $875,000 predevelopment loan for mixed-use and affordable senior housing in North Kenwood/Oakland Bronzeville Emporium LLC: $450,000 construction loan for a mixed-use commercial rehabilitation in Bronzeville/ Grand Boulevard Englewood Housing Group II, LP: $375,000 construction loan for affordable rental housing in Englewood Keeler-Roosevelt Road LP: $500,000 construction loan for affordable mixed-use housing in North Lawndale King Legacy LLC: $85,000 predevelopment loan for affordable mixed-use housing in North Lawndale Lawndale Douglas LLC: $300,000 construction loan for rental housing rehabilitation in North Lawndale Logan Square Kitchen: $250,000 construction loan for kitchen incubator and event space in Logan Square Oakwood Shores Senior Apartments LP: $500,000 predevelopment loan for affordable senior housing in North Kenwood/Oakland

14 | CCLF Annual Report

Parkside Nine: $250,000 predevelopment loan for mixed-income rental housing in Near North Preservation of Affordable Housing: $750,000 predevelopment loan for mixed-use affordable housing in Woodlawn Racine Courts Cooperative: $400,000 for affordable cooperative housing in Morgan Park Sixteen Hundred Investment Group: $50,000 predevelopment loan for affordable senior housing in Roseland


First Midwest Bank

Catholic Health Initiatives

SSM International Finance, Inc.

$3 million +

First Savings Bank of Hegewisch

Congregation of the Passion

Trinity Health

First Security Trust & Savings Bank

Congregation of the Sisters of Charity of the Incarnate Word

Wheaton Franciscan Sisters Corp.

Congregation of Sisters of St. Agnes

Other Investors

Domestic & Foreign Missionary Society of the Protestant Episcopal Church

Opportunity Finance Network

HSBC - North America U.S. Department of Treasury CDFI Fund

Marquette Bank The PrivateBank Ron Freund & Associates, Inc.

Gold Investors $2 million + Charter One

Seaway Bank & Trust Company US Bancorp Community Development Corp.

Episcopal Dioceses of Iowa

Foundation Investors

First United Church of Oak Park

Harris Bank N.A.

Silver Investors $1 million +

Calvert Social Investment Foundation

The John D. and Catherine T. MacArthur Foundation

The Mayer & Morris Kaplan Family Foundation

The Northern Trust Company

Orange County Community Foundation/Sperry Van Ness Legacy Foundation Fund

JPMorgan Chase & Co

Corporate Investors

Federal Home Loan Bank of Chicago First Personal Bank

Our Lady of Victory Missionary Sisters Passionist Fathers Racine Dominicans School Sisters of St. Francis Sinsinawa Dominicans, Inc.

At the end of 2009, CCLF managed capital from 32 individual investors. Taken as a whole, their capital represented approximately 2.3% of funds in the lending pool.

Funders Bank Leumi USA Bank of America Foundation Builders Bank

Wieboldt Foundation

Sisters of Charity of the Blessed Virgin Mary, Dubuque, Iowa

Threshold Foundation

Sisters of Charity of Saint Elizabeth

Citi Foundation

Sisters of Mercy of the Americas Regional Community of Chicago

First Midwest Bank

Adrian Dominican Sisters

Sisters of the Presentation of the Blessed Virgin Mary

HSBC - North America

Basilian Fathers of Toronto

Sisters of St. Benedict

Amalgamated Bank of Chicago Cole Taylor Bank

Evangelical Lutheran Church in America

Individual Investors

Religious Investors

Charter One Foundation

Grand Victoria Foundation The John D. and Catherine T. MacArthur Foundation CCLF Annual Report | 15

2009-2010 Partners

Platinum Investors


JPMorgan Chase Foundation Marquette Bank MB Financial Bank The Northern Trust Company The Partnership for New Communities PNC Foundation

2009-2010 Partners

Polk Bros. Foundation The PrivateBank The Richard H. Driehaus Foundation Searle Funds at The Chicago Community Trust ShoreBank Taproot Foundation US Bancorp Foundation

Pro Bono Counsel Chapman & Cutler LLP Mark O’Meara Kaitlin Corkran Adam Henkel DLA Piper US LLP Peter B. Ross Holland & Knight Jeff Kuta 16 | CCLF Annual Report

Katten Muchin Rosenman LLP Geoff AuYeung Ari Krigel

Winston & Strawn LLP Devin Swaney Susan Wyse

Teresa R. Prim, Prim Lawrence Group

Kirkland & Ellis LLP Garry Jaunal Mercedes McFarland Natalia Sokolova

Auditor

Rummel Associates, Inc.

Mayer Brown LLP Robert Baptista Christopher Ellis Geeta Kharkar Stack Nadav Klugman Rachel Kulpers Bates Kristin Rylko McDermott, Will & Emery LLP Gerald Castro Ted Tuerk Sonnenschein Nath & Rosenthal LLP Tara M. Reedy Vedder Price P.C. Mark Diomede Robert Dixon William Hadler Wildman, Harrold, Allen & Dixon LLP Jeffrey Gray Kate Price

Desmond & Ahern, Ltd. Hugh Ahern, CPA

Consultants Albert, Whitehead P.C. Joy Aruguete, Bickerdike Redevelopment Corp.

Jay Readey, MetroAlliance Consulting, Inc. Seyfarth Shaw LLP Taproot Foundation Service Grant Team Urban Equities, Inc.

Special Thanks Jody Adler, Esq.

Steve Becker, SB Media Inc.

Victor Agusta

Community Accounting Services (pro bono)

David Arfa

Erickson-Pearson Search

Deborah Bennett

Great Realty Advisors

Sara Benson

Huckstep and Associates

Michelle Bibbs

Integrated Realty & Property Management

Elida Brooks

Lopez-Martin Associates, Inc.

Sylvia Arnold

Elyse D. Cherry

William O. McCollum

Center for Neighborhood Technology

Net-Telligence, Inc.

Chicago Community Ventures

NIA Architects

Chicago Jobs Council

Heather Parish


Chicago Rehab Network

Gregory Jeffries

Adam Natenshon

Brenda Vance

Joel Chupack

Tracie Johnson

Mary Jo Noriega

Livia Villarreal

Allison Clark

Rachel Johnston

David Oser

Ujjval Vyas

Community Accounting Services

Gladys Jordan

Partners for the Common Good

Jennifer Wang

The Law Project

Susan Kaplan, Esq.

Kevin Pierce

Gregory Whitehead

Jesse Davis

Sandra Kerr

Mark Pinsky

Woodstock Institute

Beth Dever

Susan King

David-Anthony Powell

Elise Zelechowski

Delta Institute

Warren King

Alderman Toni Preckwinkle

Alderman Pat Dowell

Gloria King-Wright

Dory Rand

Edwin F. Mandel Legal Aid Clinic

Deborah Kramer

Mike Regan

Ignacio Esteban

Jeff Kuta

Matthew Reilein

Nora Ferrell

Randy Rice

Nancy Firfer

Lake County Affordable Housing Commission

Art Fleming

Rafael León

Susan Rollins

Joel Freehling

Sara Jo Light

Salsedo Press

Stephen Gladden

Peter Ludwig

Lynn Sasamoto

Theresa Handley

Lutheran Volunteer Corps

Rachel Scheu

Growing Home

Carl Malone

Debra Schwartz

Housing Action Illinois

Glenn Mazade

Jim Shannon

Andrew Hubbard

Raymond McGaugh

Thurman “Tony” Smith

Eric Hudson

William A. Miceli

Geoff Smith

Karis Jackson

Zina Murray

Djuane Stoakley

Kevin Jackson

North American Students of Cooperation

John Tuohy

Allen A. Rodriguez

CCLF Annual Report | 17


Financials

CCLF maintained a high level of subordinate debt, with 33% of total assets in this category. CCLF’s capital and subordinate investments totaled 64% of total assets under management. By increasing overall resources and expanding permanent and subordinate capital—as credit became even scarcer for small and midsized community developers—CCLF closed 18 loans, an increase of 20% over 2008, for a total of $5.7 million. Cumulative investments leveraged increased from $775 million in 2008 to $906 million in 2009, a 17% increase. This is a 109% increase since 2005. CCLF saw a 93% increase in housing units supported through our lending, from 700 in 2008 to 1349 in 2009. However, as the housing and credit markets contracted severely, CCLF prudently increased loan loss reserves and devalued some assets on our balance sheet. In light of market conditions, CCLF also expanded our underwriting and due diligence while remaining flexible, and continued to monitor our portfolio closely.

CUMULATIVE INVESTMENTS LEVERAGED $906 $775 $538 $434

$479

In millions of dollars

2005

2006

2007

2008

HOUSING UNITS SUPPORTED

1,349

997 852 376

599

2009

1,325 700

522 613 Affordable and mixed income homes Affordable homes

344 2005 18 | CCLF Annual Report

2006

2007

2008

2009


CCLF grew total capital under management by 11%, from $23.6 million to $26.2 million, in 2009. The increase over the past five years is 70%. The composition of CCLF’s lending pool, separate from operating assets, is 55% ($13 million) from corporate sources, 25% from our internally generated funds and 20% from foundations, religious organizations, public funds, individuals and other. CCLF’s loan portfolio includes $5.8 million for minipermanent loans, $5.3 million in predevelopment loans and $3.5 for housing cooperatives, with $1.2 million in construction, permanent and equipment/working capital loans.

LENDING POOL CAPITAL Total: $23,729,230

Other $227,160, 1% Individuals $405,800, 2% Public $300,000, 1% Religious $1,925,000, 8%

Foundation $1,925,000, 8%

Net Assets $5,926,635, 25%

Corporate $13,019,636, 55% PORTFOLIO BY LOAN PRODUCT

TOTAL CAPITAL UNDER MANAGEMENT 2005-2009, In Millions of Dollars

$26.2 $23.6

2005

Construction $916,561.30, 5.8% Predevelopment $5,318,878.69, 33.6%

$17.0

2006

Permanent $238,842.71, 1.5% Equipment/Working Capital $56,796.95, 0.4%

$21.0 $15.4

Minipermanent $5,809,819.06, 36.7%

2007

2008

2009

Housing Cooperatives $3,495,763.98, 22%

CCLF Annual Report | 19


Statement of Financial Position As of December 31, 2009 (with comparative totals for 2008)

Operating

Lending Capital

2009 Total All Funds

2008 Total All Funds

ASSETS Current Assets Cash and cash equivalents

2,564,731

237,380

2,802,111

5,257,867

Investments

0

8,652,508

8,652,508

5,952,257

Notes receivable (net)

0

2,656,237

2,656,237

2,216,159

Grants and contributions, interest and others receivable

171,377

6,637

178,014

1,300,517

Property held for sale

120,001

120,001

275,000

20,212

20,212

10,262

Prepaids, deposits and other assets Interfund transactions Total current assets

(382,492)

382,492

0

0

2,373,828

12,055,255

14,429,083

15,012,062

Long-Term Assets 0

11,673,975

11,673,975

Fixed assets and other assets

Notes receivable (net)

86,770

0

86,770

87,395

Total long-term assets

86,770

11,673,975

11,760,745

8,556,195

2,460,598

23,729,230

26,189,828

23,568,257

Total Assets

Desmond & Ahern, Ltd., Certified Public Accountants, audited the financial statements for the fiscal year ended December 31, 2009 in accordance with generally accepted accounting principals and expressed an unqualified opinion. The audit was 20 | CCLF Annual Report

8,468,800

accepted by the CCLF Board of Directors and is available upon request (email invest@cclfchicago.org). CCLF remains committed to strengthening our financial position so that we can continue helping create communities where people thrive.


Statement of Financial Position (Cont) As of December 31, 2009 (with comparative totals for 2008)

Operating

Lending Capital

2009 Total All Funds

2008 Total All Funds

LIABILITIES Current Liabilities Accounts payable and other Notes and loans payable Total current liabilities Long-Term Notes and Loans Payable Total Liabilities

195,344

2,160

197,504

179,967

0

6,245,136

6,245,136

2,941,692

195,344

6,247,296

6,442,640

3,121,659

0

11,555,300

11,555,300

12,356,800

195,344

17,802,596

17,997,940

15,478,459

Net Assets Unrestricted

2,117,213

4,156,171

6,273,384

148,041

45,145

193,186

730,480

0

1,725,318

1,725,318

1,700,318

Total Net Assets

2,265,254

5,926,634

8,191,888

8,089,798

Total Liabilities and Net Assets

2,460,598

23,729,230

26,189,828

23,568,257

Temporarily restricted Permanently restricted

5,659,000

Notes: 1. Loan loss reserve allowance was $1,506,450 and $1,332,511 in 2009 and 2008, respectively. 2. Statement of financial position is condensed for presentation purposes only.

CCLF Annual Report | 21


Statement of Activities Operating

For the year ended December 31,2009 (with comparative totals for 2008)

Lending Operations

Unrestricted

Technical Assistance

Temporarily Unrestricted Restricted

Temporarily Restricted

Total

Revenue and support Grants and contributions

417,090

175,000

42,698

5,000

-

-

2,985

-

2,985

Donated services

300,093

-

-

-

300,093

Notes receivable interest income

831,315

-

-

-

831,315

Contracted services and workshop

Loan closing fees Investment income Unrealized/realized gain (loss) on investments

52,222

-

-

-

52,222

384,583

-

-

-

384,583

-

-

-

-

-

Loss on disposal of fixed assets Other Net assets released from restrictionssatisfaction of program restrictions Total public support and revenue

639,788

-

-

-

409

-

409

169,612

(169,612)

45,985

(45,985)

-

2,155,324

5,388

91,668

(40,985)

2,211,395

Expenses Program Administrative Fundraising Total expenses Change in net assets

1,175,235

-

149,033

-

1,324,268

437,483

-

-

-

$437,483

84,861

-

-

-

84,861

1,697,579

-

149,033

-

1,846,612

5,388

(57,365)

(40,985)

364,783

Net assets, beginning of year

1,716,833

124,223

59,415

1,900,471

Net assets, end of year

2,174,578

129,611

18,430

2,265,254

22 | CCLF Annual Report

457,745

(57,365)


Lending Capital

Unrestricted

Temporarily Restricted

Permanently Restricted

2009 Total All Funds

2008 Total All Funds

350,000

1,993,991

Revenue and Support Grants and Contributions

25,000

1,014,788

Contracted services and workshop

-

-

-

2,985

2,760

Donated Services

-

-

-

300,093

216,549

Notes Receivable interest income

-

-

-

831,315

784,294

Loan Closing Fees

-

-

-

52,222

77,295

Investment Income

-

-

-

384,583

342,230

Unrealized/realized gain (loss) on investments

(101,904)

-

-

(101,904)

65,380

Loss on disposal of fixed assets

-

-

-

-

(1,403)

Other

-

-

-

409

484

Net assets released from restrictionssatisfaction of program restrictions

501,697

(501,697)

-

-

-

Total Public Support and Revenue

749,793

(501,697)

25,000

2,484,491

3,481,580

Expenses Program

535,789

-

-

1,860,057

1,567,234

Administrative

-

-

-

437,483

457,818

Fundraising

-

-

-

84,861

72,316

535,789

-

-

2,382,401

2,097,368

Total Expenses Change in Net Assets

214,004

(501,697)

25,000

102,090

1,384,212

Net Assets, Beginning of Year

3,942,167

546,842

1,700,318

8,089,798

6,705,586

Net Assets, End of Year

4,156,171

45,145

1,725,318

8,191,888

8,089,798 CCLF Annual Report | 23


Staff President Calvin L. Holmes Vice President – Finance and Administration Jane I. Ames Vice President – Lending Rhonda McFarland Vice President – Technical Assistance and Sustainability Elizabeth C. Richards Senior Loan/Program Officer Mark Fick Senior Loan/Program Officer Paul Gakhal Senior Portfolio Management Officer N. Paul Elue Loan Closing/Portfolio Officer Clarice Norin Office Manager Juanita Walker External Relations Associate Emily Moen

Staff & Credits

Finance and Administration Associate Angela Bennett Lending Program Assistant Kate McInerney LVC Program Assistant Nga Nguyen

Credits Editor Emily Moen Design Tamarack Media, tamarackmedia.com Photography Steve Becker, beckermedia.com All photos taken by Steve Becker, unless otherwise noted.


CHAIR John L. Tuohy, Esq. Chapman and Cutler (retired) VICE CHAIR Susan Kaplan, Esq. The Law Project TREASURER Edward J. Hoynes Community Accounting Services, LLC SECRETARY Mohammed M. Elahi Andes Capital Group LLC Charles F. Daas Cambodian American Heritage Museum Toya Horn Howard, Esq. Real Estate Attorney Ed Jacob Neighborhood Housing Services of Chicago

Rafael M. Le贸n Chicago Metropolitan Housing Development Corporation Glenn M. Mazade Charter One Bank Patricia Y. McCreary Seaway Bank and Trust Company Raymond S. McGaugh, Esq. Finance Attorney Kay McNab, Esq. Winston & Strawn Richard S. Peabody Home Helpers Network Nancy Radner, Esq. Chicago Alliance to End Homelessness Matthew R. Reilein JPMorgan Chase & Co. Kathryn Tholin Center for Neighborhood Technology

Charles Walls ComEd

Allen Rodriguez Charter One Bank

COMMITTEE MEMBERS Leslie Davis ShoreCap Management

Lynn Sasamoto Community Representative

Stephen J. Gladden Illinois Housing Development Authority

Mark Spears Fifth Third Bank Brian Worth TLC Management Company

Charles Goetze Harris Bank

Board of Directors

Board of Directors

Charles Hall Builders Bank Cynthia Hall New Century Bank Erik L. Hall Citi Markets & Banking Gladys Jordan Interfaith Housing Development Corporation of Chicago DuWarn Porter Chicago Housing Authority

CCLF Annual Report | 25


Chicago Community Loan Fund 29 East Madison Street, Suite 1700, Chicago, IL 60602 phone: 312.252.0440 | fax: 312.252.0419 info@cclfchicago.org


http://cclfchicago.org/sites/default/files/sponsors/CCLF_AR1