CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 4th Quarter /2011
Bold. Tenacious. Flexible.
CCLF celebrates 20 years of community development finance CCLF thanks everyone who helped us celebrate our 20th anniversary on November 3rd! We particularly thank our sponsors, partners and customers for their continuing support. The event was very successful, and raised funds to support CCLF's work.
In This Issue 20th Anniversary Event $2MM Grant from Chase CCLF Noteworthy LEED Green Associate Training
CCLF & USGBC-IL Offer LEED Cohort in 2012
CCLF board members pose with 20th Anniversary Celebration event speakers and sponsors. Photo: beckermedia.com
More than 300 community development leaders attended, including Cook County Board President Toni Preckwinkle and Chicago Commissioner of Housing and Economic Development Andrew Mooney. The program was emceed by Christian Farr from NBC5 News, and concluded with the presentation of the Fannie Lou Hamer Award for Grassroots Community Development to Lisa Boone of the Geneva Foundation, a CCLF borrower. Opportunity Finance Network CEO Mark Pinsky and CDFI Fund Director Donna Gambrell shared remarks. Our co-lead sponsors also shared remarks: Helen Hammond Redding and Laura Sparks of Citi Community Development and Matthew Reilein of JPMorgan Chase.
Capacity building opportunity for community developers! CCLF, USGBC-IL and Alliance for Environmental Sustainability, in partnership with Northern Trust Charitable Trust, are offering a unique sustainability training opportunity for community development organizations. In 2012, a cohort of 25 participants will study for and take the USGBC LEED Green Associate exam, free of charge.
Woodlawn Park Ribbon-Cutting Ceremony
CCLF Board Chair John Tuohy and CCLF President Calvin Holmes present the Fannie Lou Hamer Award for Grassroots Community Development to Lisa Boone, Executive Director of the Geneva Foundation, a CCLF borrower. Photo: beckermedia.com
Thanks again to all of our event sponsors: Visionaries: JPMorgan Chase, Citi Community Development; Innovators: BMO Harris Bank, Northern Trust; Leaders: US Bank, Advocates: Bank of America, ComEd, PNC Bank,Supporters: ComPay Payroll Solutions, First Midwest Bank, Holsten Real Estate Development Corp., Inner-City Underwriting Agency, Lake Forest Bank, Marquette Bank, Net-Telligence Group, The PrivateBank, John & Anne Tuohy, Urban Partnership Bank
CCLF Receives $2 Million From Chase At CCLF's 20th Anniversary Celebration on November 3rd, Chase announced an important new partnership that will support CCLF's lending. Chase's $2 million donation will help provide much-needed financing for preservation work in Chicago. The $2 million permanent capital award will be used to support lending for the preservation of affordable housing in Chicagoland neighborhoods hardest hit by the foreclosure crisis, for both large multi-family and smaller 1-4 unit buildings. CCLF's preservation and stabilization lending will help protect decades of community investments that are at risk due to prolonged economic weakness, while helping small developers and contractors stay in business.
CCLF borrower Preservation of Affordable Housing (POAH) has completed work on the first phase of their development effort in Woodlawn, and a federal grant will help to continue their work. At a ribbon-cutting ceremony in late August, Secretary Shaun Donovan, U.S. Department of Housing and Urban Development, announced that POAH would be awarded one of the first-ever "Choice Neighborhoods Initiative" grants. The $30.5 million grant is expected to leverage $270 million in investment for the project, which is transforming the 504-unit Grove Parc Plaza Apartments into Woodlawn Park, a new mixed-income development that will be the anchor of the Woodlawn redevelopment efforts.
2010-2011 Annual Report Online
CCLF's 2010-2011 Annual Report is a retrospective on our last 20 years. You can view it online at www.cclfchicago.org.
Chase presents CCLF with a $2 million permanent capital grant. L to R: Dudley Benoit (Senior Vice President, Community Development Banking, JPMorgan Chase), Calvin Holmes, Matthew Reilein (Senior Vice President, New Markets Tax Credits), John Tuohy Photo: beckermedia.com
"CCLF is very pleased that Chase is stepping up to provide critical permanent capital during a time when funding for CDFIs, including government sources, is more uncertain than ever. We hope that other institutions will follow Chase's lead in the future to boost the capacity of CDFIs like CCLF to finance innovative community development projects that spur job creation, economic growth and quality affordable housing," says Calvin L. Holmes, CCLF President.
CCLF Noteworthy Thank You to Funders and Investors
For their recent grants, CCLF thanks JPMorgan Chase Foundation and HSBC. For their recent investments and renewals, CCLF thanks Susan Lloyd, Irene D. Ginger, Trinity Health, Richard and Phyllis Tholin and Marta Santiago.
Staff News
CCLF Vice President of Technical Assistance and Sustainability Elizabeth Richards has recently joined the board of the NHS Redevelopment Corporation (NHSRC), an NHS-affiliated nonprofit corporation that strengthens neighborhoods and provides high-quality, affordable housing opportunities for low- and moderateincome families by developing properties throughout the City of Chicago.
Credit Memos: CCLF lends $4.1 million
Celadon-Kimbark, LLC received a $583,000 construction loan to rehab a property in Greater Grand Crossing for the City of Chicago NSP. KMW Communities, LLC received $551,000, $514,000 and $343,000 construction loans to rehab 3 properties in Humboldt Park for the City of Chicago NSP. Chicago Neighborhood Initiatives received $260,500, $265,750, $270,000 and $266,750 loans to rehab 4 properties in Pullman for the City of Chicago NSP.
Board of Directors John L. Tuohy, Chair Chapman and Cutler (retired) Susan Kaplan, Vice Chair The Law Project (retired) Charles Walls, Treasurer ComEd Mohammed M. Elahi, Secretary Andes Capital Group LLC Charles F. Daas City Solutions Toya Horn Howard Real Estate Attorney Edward J. Hoynes, CPA Community Accounting Services Ed Jacob Neighborhood Housing Services of Chicago Rafael M. Le贸n Chicago Metropolitan Housing Dev. Corp. Patricia Y. McCreary Consultant Raymond McGaugh McGaugh Law Group Steven Quasny Harris Bank Nancy Radner Ounce of Prevention Fund
Chicago Pre-College Science and Engineering Program received a $100,000 loan to bridge committed funds from the National Science Foundation for a K-3 science and engineering education program serving Bronzeville, Englewood, Hyde Park, Little Village and North Lawndale. This loan is a part of the City of Chicago Treasurer's Small Business Development Fund and the Communities at Work Fund. Thanks to Maria Alevras-Chen, Jennifer Kratochvil and Robert Baptista of Mayer Brown LLP for serving as CCLF's counsel on this transaction. Jeffery Towers Apartments LLC received an $800,000 predevelopment loan for the acquisition and preservation of a 135-unit affordable rental building in South Shore. This loan is a part of the Cook County Preservation Compact. Thanks to Michael Boykins and David Neville of McDermott Will & Emery LLP for serving as CCLF's counsel on this transaction. Greater Chicagoland Fellowship Club received an $86,250 construction/minipermanent loan for the renovation of a 2-flat affordable rental housing building in Aurora, IL. Thanks to Jeffrey Gray and Anne Holman of Wildman, Harrold, Allen & Dixon LLP for serving as CCLF's counsel on this transaction. Bulletproof Films, Inc. received a $100,000 minipermanent mortgage for office and production space in West Town. This loan is a part of the City of Chicago Treasurer's Small Business Development Fund and the Communities at Work Fund. Thanks to Maria Alevras-Chen, Robert Baptista, Ryan Green, Jennifer Kratochvil and Lonneke Purucker of Mayer Brown LLP for serving as CCLF's counsel on this transaction.
Matthew R. Reilein JPMorgan Chase & Co. Kathryn Tholin Center for Neighborhood Technology
Staff Calvin L. Holmes President Jane I. Ames Vice President, Finance & Administration Elizabeth Richards Vice President, Technical Assistance & Sustainability Mark Fick Senior Loan/Program Officer Paul Gakhal Senior Loan/Program Officer Clarice Norin Loan Closing/Portfolio Officer Emily Moen External Relations Officer Juanita Walker Office Manager Kate McInerney Lending & Portfolio Management Associate Jessica Wozniak Finance & Accounting Associate
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.
Lincoln Stannard Program Assistant Anuraag Bhadana Finance & Administration Assistant Kallie Rollenhagen Program Assistant
Credits Editor Emily Moen Printer Salsedo Press
Chicago Community Loan Fund (CCLF) | 29 East Madison St, Suite 1700 | Chicago | IL | 60602