2014 q1 for print

COMMUNITY BLUEPRINT: CCLF’S NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES

1st Quarter/2014

Page 2:• Three Organizations Share $5

Million Grant to Spur Redevelopment of Chicago Neighborhoods

• First Quarter Loans Set Pace for the Year

• CCLF’s Annual Stakeholders Meeting• CDFI Coalition Marks 20 Years of Investing in Poor Neighborhoods

Page 3:• Interfaith Housing Opens Grove

Apartments• Donna G. Gambrell Says Farewell

to the CDFI Fund

Page 4-5:• CCLF Borrower Spreads the LUV to

South Suburban Youth• PNC Steps Up as CCLF’s Largest

Investor• 10th Anniversary National Worker

Cooperative Conference• Upcoming CCLF Workshops

Page 6:• Preserve Access to Wealth for the

Middle and Working Classes• Three CCLF Borrowers Win

Community Development Award• Donate to CCLF

Page 7:• CCLF to be Honored with

Community Investment Award• Southland Community Develop-

ment Fund Makes First Loan• CCLF Noteworthy

• CCLF Board of Directors

Page 8:• Credit Memos

• CCLF Staff

President’s MessageWe always hope you enjoy learning more about positive developments in Chicagoland’s lower wealth communities. In addition to great features about our many dynamic customers and partners, we also ask you to celebrate a new milestone with us in this issue: by the end of the first quarter of this year, CCLF grew to $50 million in assets! We certainly didn’t achieve this milestone without a great deal of assistance. Deeply committed investors such as PNC Bank (highlighted in this issue), Wintrust Financial Corporation (including several of its charter banks), Chase (also highlighted in this issue), Bank of Ameri-ca, Northern Trust, BMO Harris, U.S. Bancorp, Calvert

Foundation, Charter One Bank, First Savings Bank of Hedgewisch, the CDFI Fund of the U.S. Treasury and the Chicago City Treasurer, as well as several religious organizations and individual investors among a total of 77 entities, pooled their capital in CCLF to help us stay the course in supporting smaller, local organizations and initiatives as well as innovative social enterprises that can be harder to underwrite. These investors (with more capacity provided by our many donors) also helped CCLF respond to emerging needs by expanding our Neighborhood Investor Lending Program, which is extending loans to community real es-tate firms (non-profit and for-profit) that are stabilizing 1-4 unit residential properties compromised by the lingering foreclosure crisis; increasing our lending to commercial real estate for the provision of better goods and ser-vices and local jobs in underinvested retail corridors; and helping disadvan-taged contractors secure the upfront working capital they need to complete public works projects through our Small Contractors Bridge Program. CCLF is not growing just for the sake of it. We are assembling more resources to accelerate development in a more comprehensive way in Chicagoland’s emerging communities because we know that when they are stronger, more able to contribute to the regional economy, Chicagoland, as a whole, will have a brighter future and be a better, safer place for us all to live, work and play. We thank our many partners for investing in us the tools that we need to invest in you! Calvin L. Holmes, President

In This Issue

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 Finan-cial 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 low- and 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 com-mitted 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 com-munities 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 im-prove 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 neighbor-hoods,” 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 compre-hensive financing option to areas hit hardest through foreclosure.”

First Quarter Loans Set Pace for the YearCCLF 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 develop-ment organizations and social enterprises totals just over $25 million. From this pipeline, CCLF closed on 16 loans totaling $8.9 million for projects providing af-fordable 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. “We have a strong number of projects in the pipeline, including partnering to bring a healthy foods grocery store to Englewood and have begun our Neighborhood 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 our customers we will provide financing for their projects that will produce a sig-nificant social impact in their community.”

CDFI Coalition Marks 20 Years of Investing in Poor

Neighborhoods

It was twenty years ago that legislation established the Com-munity 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 ac-cessible to underserved

communities.

The CDFI Coalition is the uni-fied national voice of community

development financial institu-tions. In 2013, CDFI Fund grant-ees made investments totaling

almost $2 billion, creating scores of jobs, affordable housing

and more.

Chicago Community Loan Fund is one of the CDFIs featured in the report, which can be accessed at http://www.cdfi.org/wp-content/

uploads/2014/03/20th-Anniversa-ry-Report_FINAL.pdf.

CCLF’s Annual Stakeholders Meeting

CCLF will host its 2nd Annual Stakeholders Meeting on Thurs-

day, 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 8:00-10:30 a.m. at the Federal Reserve Bank of Chicago, 230 South La-

Salle Street.

For more information, contact Juan Calixto at

[email protected] or (312) 252-0424.

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. Hol-mes was one of the speakers at her appreciation ceremony, commenting, “Donna has been a stalwart leader for the CDFI industry, campaigning for in-creased investment in low- to

moderate-income communities throughout the country. She has been a good friend to me and mentor that will leave be-hind a stronger CDFI Fund and even stronger partners of the

CDFI Fund.”

CCLF applauds Ms. Gambrell as a champion of the CDFI industry and will continue to support the

legacy she leaves behind.

Interfaith Housing Opens Grove Apartments

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, va-cant Comcast building and convert the structure into a four story supportive hous-ing 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 successfully diverse communities in the nation. This project reaffirms the com-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 Ad-ams, 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.

CCLF Vice President of Lending Rob Rose speaks to Christophe Adams, a Grove Apart-

ments resident

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 Hous-ing Development Authority, Asst. Executive Director)

Former Director of

the U.S. Department of

the Treasury CDFI Fund Donna G. Gambrell

Grove Apartments before (left) and after (right) renovation

CCLF Borrower Spreads the LUV to South Suburban Youth

The majority of CCLF loans support affordable housing, but CCLF also lends to nonprofit organizations for facility upgrades or equipment and working capital. The Love, Unity & Values (LUV) Institute, who received a $50,000 equipment/work-ing capital loan from CCLF in February, is one such borrower.

The mission statement of the LUV Institute is “to transform high risk, under-served youth into tomorrow’s leaders while providing an impact in workforce develop-ment and social, emotional and educational counseling.” Cosette Nazon Yisrael, the founder of the LUV Institute, said that she was struck with the idea for this or-ganization while attending a luncheon featuring the then-head of the Department of Children and Family Services.

“He said in his speech, ‘My kids have an issue with social and emotional confi-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 actu-ally 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 Calu-met 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?”

At this point, Yisrael called the chairman of the LUV Institute Board of Directors, Calvin Williams. She wondered how they would be able to hire the staff needed for the program. On Williams’ recommendation, Yisrael called Rob Rose, CCLF’s Vice President of Lending, the next day, and the loan proceeded quickly from there.

“You guys made it hugely easy for us. We were able to meet our first payroll… It was not a lot of drama,” Yisrael said. “I had gone to banks and asked for a line of credit and they said ‘Oh, you’re too new.’”

Chelsi Cicekoglu, a consulting lender with CCLF, underwrote the LUV Institute loan. She emphasizes that such loans are key to CCLF’s mission.

“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

PNC Steps Up as CCLF’s Largest Investor

PNC Bank has made $8 million in investments in CCLF, making them the agency’s largest investor as of

3/31/2014.

PNC Bank had been an investor at $2 million since 2010 but recently

increased their investment by another $3 million and also added a $3 million revolving line of credit to finance CCLF’s final stage of the

City of Chicago’s Neighborhood Stabilization Program.

Thurman “Tony” Smith, SVP Com-munity Development Bank - Market Manager stated, “The recovery of

vacated housing stock and the capi-talizing small businesses, particu-

larly in under-served communities, are both critical components of an equitable economic recovery. CCLF

has been a terrific and effective partner in this strategy and a way for PNC Bank to help leverage the strategies of the city to reach more

families and entrepreneurs who too often have sat on the periph-

ery of inclusion.”

CCLF is grateful to PNC Bank as well as all of its investors for part-nering with us to meet the credit

needs of our customers.

Tony Smith, PNC Bank

Debra Earl, Cosette Nazon

Yisrael and Rhonda Gray

work on the LUV Institute’s Tree of Life mural at Dirksen Middle

School

Story and photos by Alyce Eaton

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, physi-cal, 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 along-side 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 opportu-nities for boys of color. On the coattails of that announcement, the Opportunity Fi-nance 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 bet-tering 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 first-generation 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.

10th Anniversary National Worker

Cooperative Conference

CCLF is a sponsor of the Na-tional 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 busi-

nesses supporting the coopera-tive economy. Mark Fick, CCLF’s

Senior Loan/Program Officer and resident expert on cooper-atives, is serving as a local host

and facilitator.

To register, visit: http://conference.coop/

registration/.

The Tree of Life mural features

“hero tiles” for figures

such as Nelson

Mandela

Upcoming CCLF Workshops

Being a landlord and prop-erty 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://cclfchica-go.org/assistance/workshops.

Donate to CCLF

We need your financial support to provide targeted technical and financial assistance that empowers community-based

developers to help create com-munities where people thrive.

To support our work with a secure online donation, please

visit http://cclfchicago.org/support-us.

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 re-quired 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 afford-able 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 lower-income 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 se-curities 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 Fan-nie 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-about-fannie-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 moderate-

income Americans through home ownership. A 2012 study on the percentage of gross as-sets 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 legisla-tion, 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 ac-cumulate 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-issues-take-action/item/935-spotlight-on-housing-finance-reform.

Three CCLF Borrowers Win Community

Development Award

Local Initiatives Support Corpo-ration 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, architec-

ture, community organizing and individual achievements in a

variety of areas.

CCLF congratulates all the win-ners 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 Resur-

rection Project and Voice of the People in Uptown.

The CNDAs bestowed to CCLF borrowers are another indi-cator that these community

development organizations and advocates’ focused projects

and initiatives are a model for others to follow.

Read more at http://www.lisc-

cnda.org/index.html.

CCLF Board of Directors

John L. Tuohy, ChairChapman and Cutler LLP (retired)

Matthew R. Reilein, Vice ChairChase

Charles S. Walls, TreasurerComEd

Mohammed M. Elahi, SecretaryConsultant

Jody AdlerThe Law Project

Robert G. ByronBlue Vista Capital Management, LLC

Charles F. DaasUniversity of Illinois at Chicago

Thomas P. FitzGibbon, Jr.Talmer Bank and Trust

Erik L. Hall

Grosvenor Capital Management, L.P.

Ailisa HerreraMB Financial Bank

Edward J. Hoynes

Community Accounting Services

Ed Jacob Neighborhood Housing Services

of Chicago

Patricia Y. McCreary Consultant

Raymond S. McGaughMcGaugh Law Group LLC

Eric S. PhillipsVillage Bank & Trust (a Wintrust

Community Bank)

Nancy Radner Consultant

Mark C. SpearsThe PrivateBank

Kathryn Tholin

Center for Neighborhood Technology

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 develop-ment driver for the greater Englewood area. It will also serve as a community contact point for the Whole Foods develop-ment that will be coming to the area and has received the endorsement of Mayor Rahm Emanuel.

Congratulations to Mark Fick and CCLF Board Member Ed Ja-cob for being selected to speak at the Urban Innovation Sym-posium 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.

CCLF Staff & Board News

Thank You to Funders and InvestorsFor 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 Noteworthy

Mark Fick, Senior Loan/Program Officer

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 estab-lished 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 infor-mation on the SCDF, contact Torrence Moore at [email protected].

CCLF Honored with Community Investment AwardWoodstock Institute honored Chicago Community Loan Fund for providing access to credit for com-munity 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 recipi-ents 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-nizations that align with their mission of helping low-er-wealth people and communities of color achieve 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 pro-viding financing and technical assistance for community development and stabili-zation projects that revitalize low- and moderate-income communities.”

Dory Rand, President of Woodstock Institute, and

Calvin L. Holmes, CCLF President

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.

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. Fellowship Educational and Economic Development Corporation (FEED) re-ceived a $2,000,000 predevelopment loan to finance soft costs for FEED’s Legacy Project, which will house a charter school and a health center in the Chatham com-munity area. Thanks to Jessica Simons and Bradley Ritter of Paul Hastings LLP for 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 con-struction loan to bridge the funding of a grant from Illinois Public Museum Capital Grants Program for renovations to the museum in the Humboldt Park Commu-nity Area. Thanks to Christine McKillip of Chapman and Cutler LLP for serving as CCLF’s counsel on this transaction. 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. Oak Street Wisdom Village LP received a $500,000 predevelopment loan to build af-fordable 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. 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.

CCLF Staff

Calvin L. HolmesPresident

Rob Rose Vice President, Lending

Jane I. Ames

Vice President, Finance & Administration

Juan CalixtoVice President, External Relations

Mark FickSenior Loan/Program Officer

Lycrecia Parks

Senior Portfolio Management Officer

Wendell HarrisSenior Loan/Program Officer

Evelyn Turner

Loan Closing Officer

Kallie RollenhagenTechnical Assistance Program Officer

Bettye ClaggetteFinance & Accounting Associate

Elizabeth GinsbergPortfolio Management Associate

Lincoln StannardLending Associate

Deborah SabolOffice Manager

Alyce EatonProgram Assistant

Consultants

Torrence MooreSenior Consultant - Special Initiatives

Chelsi Cicekoglu

Lender

Newsletter Credits

Compiled by:Juan CalixtoAlyce Eaton

Printed by:Salsedo Press

@cclfchicago

Contact us: [email protected]

Credit Memos: CCLF lends $8.9 million in 1st Quarter