http://cclfchicago.org/sites/default/files/sponsors/cclf_annual_2008_FINAL_

Community Visionaries Chicago Community Loan Fund 2007-2008 Annual Report

Dear Friends:

A

t the Chicago Community Loan Fund (CCLF), we always cherish the opportunity to learn from and be inspired by the work of our customers. In 2007, we closed loans that will support over 850 housing units and 80,000 square feet of retail space as well as leverage nearly $59 million into communitybased development efforts in 10 communities.

We are very proud of this achievement and thank all of our funders, investors and other partners for helping us lead so much capital into these opportunity communities!

In this report, rather than focusing specifically on our loan production per se, we highlight the vision of three (out of many) of the leaders of the organizations that we work with. We share with you the depth of commitment, spirit and tenacity and the power of a certain brand of optimism that they all possess. These are the qualities that motivate us to continuously refresh our loan products and services and expand our capital resources to help them transform our neighborhoods.

Ken Dunn (Resource Center), Laura Lane (Fund for Community Redevelopment and Revitalization) and Joe Williams (Granite Development) are community visionaries who are showing us how our neighborhoods can be sustainable while developing innovative housing and providing retail options that make a positive impact on our lives. We listen and respond to these and other community visionaries who in turn show us why challenging projects can work and should be supported.

It is also important for us to note that our support of the work of our community visionaries and their organizations is more critical than ever. With the current crisis in the housing and financial markets and subsequent tightening of credit standards, we underwrite prudently while remaining flexible. We continue to assist our borrowers with low-cost loans and project-specific technical assistance so that our communities can move forward and the hard-won, real progress achieved in past decades is not undone.

Our unique flexibility and creativity allow us to facilitate a variety of developments including those that support environmental stewardship, preserve community retail amenities, and foster closer integration of low- and middle-income households while revitalizing neighborhoods.

CCLF understands that today’s community visionaries are orchestrating community redevelopment with a multifaceted approach and we are evolving to meet their needs.

We hope that you will draw as much inspiration as we do from this sampling of the many community visionaries that CCLF is proud to partner with!

Rafael M. Leon, Chairman

Calvin L. Holmes, Executive Director

1

Ken Dunn Resourceful Visionary

2

D

riving on crowded North Clybourn Avenue just north of Division Street in Chicago, one would not guess such an urban neighborhood houses an innovative organic garden that sells produce to various area restaurants. That, however, is exactly what sits at 1241 North Clybourn: a garden that serves as a testament to one organization and its dynamic commitment to sustainability. The garden is a project of the Resource Center, a nonprofit organization that has demonstrated a myriad of ways to recycle and reuse materials in Chicago for more than 30 years.

“We start by taking food waste from restaurants and cooking schools,” says Ken Dunn, founder and executive director of the Resource Center.

“We compost it and use that compost to help grow vegetables that are desired by the same restaurants.

They buy the vegetables and trim them as necessary.

We pick up the waste to complete the cycle.”

It’s that kind of process—efficient, enterprising, patient, and environmentally sound all at once—that reflects how the Resource Center and Ken Dunn have developed and achieved a vision for improving the quality of life in Chicago. Whereas others might look up and see a coffee shop, a traffic light, or a tall building on North Clybourn, Dunn looks at the urban terrain and sees a place to grow tomatoes, beans, peas, garlic, carrots, and numerous other crops.

He also sees a world that can be sustained by better use of human and material resources. Dunn passionately says sustainability is about “living so we do not diminish the possibility of future generations to enjoy a high quality of life. The decline in the quality can be caused by exploiting the planet—and exploiting people.”

In concrete terms, sustainability is also about an organization that has grown dramatically since the 1970s and now has 38 full-time employees as well as 15 full-time high school and college students who work for it in the summer. The Resource Center’s range of creative projects tells a story of the many ways its philosophy is being applied. Key efforts include recycling programs; a prepared- and perishable-food recovery project; and a creative-use warehouse that collects overruns, rejects, and byproducts that business and industry treat as “waste,” and then redistributes the materials as valuable educational and artistic resources appropriate for reuse. In addition, the Center’s work has led to a spinoff project: a South Side retail community bike shop, the Blackstone Bicycle Works, that employs many neighborhood youth.

Through hard work and innovation, the Resource Center continues to create programs that have a positive impact on our environment. Dunn adds, however, that building the infrastructure of a sustainable society also requires capital. “We don’t pretend to be able to satisfy the needs of all of our projects. The investment of CCLF has made a big difference to the Resource Center.”

CCLF supports the Resource Center’s innovative commitment to a green and sustainable Chicago.

Specifically, in 2007, CCLF provided the organization with a much-needed equipment/ working capital loan for $30,000. The loan covers the cost of equipment and operations for the recycling program that the Resource Center operates at Chicago Housing Authority communities. CCLF has also made two other successful loans to the Resource Center in the last decade.

For Dunn, the organization’s work hearkens back to the reason why the Resource Center was founded in the first place. “When we took our name, we thought our society is not using its resources well.

We can do better.”

3

“ We start by taking food waste from restaurants and cooking schools. We compost it, and use that compost to help grow vegetables that are desired by the same restaurants. They buy the vegetables, and trim them as necessary. We pick up the waste to complete the cycle.�

4

“ Revitalizing a neighborhood is not always about how many rooftops you have, but how you work with retailers.�

Laura Lane Retail Renews Community

T

he sight of a viable and attractive retail center is something many people take for granted; it’s just a few blocks from home and feels like it’s always been there. For many residents who live near Lake Park Place Shopping Center on 47th Street, though, the knowledge that nearby retail centers have not always been quite that available is a given.

Community leaders in North Kenwood–Oakland, Hyde Park and Woodlawn are not only committed to the shopping center—they’ve had the vision, and resources, to ensure that it remains under community control. In 2007, The Fund for Community Redevelopment and Revitalization, (also known as The Fund), based in Woodlawn, bought out their equity partner to maintain a controlling interest in the Lake Park Place Shopping Center, thus reclaiming The Fund’s role as majority owner and decision-maker regarding the

operation of the property. The deal was especially significant: had The Fund not purchased controlling interest in the center, such ownership interest almost certainly would have been purchased by a private company with no mandate to consider the community’s preferences regarding the property’s tenant mix.

While having a vision for this community involves pursuing a range of projects, for Laura Lane it also means making sure the community has a seat at the table. “One of the most important things about this project is that we are able to consult with community partners,” says Lane, who is executive director of The Fund and whose family has roots in Woodlawn. “Our job includes listening to the community and saying there is a market here.”

Now, Lane says, access to a retail center is making a difference to people who live in the community and to those who want to move there. “In this case, retail helps the housing market,” says Lane. “Revitalizing a neighborhood is not always about how many rooftops you have, but how you work with retailers.”

The Chicago Community Loan Fund played a major role in making this deal happen. In a very

short time frame, ShoreBank was prepared to make a loan to The Fund but reached the maximum amount it could lend on this project. At that point, CCLF made an additional partnering investment of $600,000 to make the deal work. “We had a collateral shortfall, and we couldn’t do the whole deal by ourselves,” says Kaushik Shah, senior loan officer at ShoreBank. “It was critical that CCLF participated. Organizations such as CCLF provide the opportunity to complete deals like this one that we wouldn’t be able to do conventionally. In addition to that, their expertise was outstanding.”

CCLF’s participation was significant in terms of showing support for community-based developers and filling in an important gap at a critical time— a time made more challenging by the loss of the center’s anchor tenant, which The Fund expects to replace in the near future. “CCLF’s support shows that it sees how neighborhood revitalization is tied to a healthy retail environment,” says Lane.

With a range of major leaseholders, including Coldwell Banker, Walgreens, and Citibank, Lake Park Place is a fixture in the community. The current challenge, according to Lane, is to use this project for further community development efforts in the area. “Our vision,” she says, “is to use equity from the shopping center to develop commercial and residential properties in Woodlawn.”

Meanwhile, Fourth Ward Alderman Toni Preckwinkle vividly recalls what was at the site before the shopping center. “That corner has been transformed,” says Preckwinkle.

“There used to be this unending row of liquor establishments on that stretch. Now we have a modern shopping center, and it’s been a real plus for the community.”

5

Joe Williams Oakwood Shores: Building a Neighborhood

6

O

akwood Shores, a sweeping effort to build 3,000 mixedincome units of housing, is the largest development in the Chicago Housing Authority’s transformation plan. An area once defined by CHA high-rises is now one of the most dynamic and ambitious redevelopment projects on the city’s South Side. CCLF is providing critical predevelopment financing for the project.

Joe Williams, surveying the site where several hundred units of housing have gone up in recent years with many more on the way, expresses an even grander vision of what Oakwood Shores can become. The real story, he says, is not just about bricks and mortar in a CHA transformation site. it’s about building a new neighborhood.

Williams heads Chicago-based Granite Development Corporation, a for-profit, South Side focused firm that is partnering with The Community Builders (TCB), a national nonprofit urban housing developer, on the master development plan for this project. Granite and TCB are partnering to bring new-construction rental and for-sale housing to Oakwood Shores.

“For me, Oakwood Shores is about human sustainability and trying to build a neighborhood that creates great spaces for people to live in, walk to, and be a part of,” Williams says from the project’s sales center on the 3700 block of South Cottage Grove Avenue. “We are developing a neighborhood that is anchored by accessible public transit, excellent schools, arts and recreation, and medical centers, as well as early childcare and seniorcare centers, churches, and retail.” Meanwhile, Oakwood Shores will also incorporate major green features, including roof-mounted solar collectors, insulated roofs and walls, and high-efficiency furnaces in low-rise buildings.

Williams’ vision embodies what Granite, TCB, and others are planning to do to transform this community. “Impoverished” is a word that has often described this stretch of the South Side. Williams is working to help build a different reality, one defined by revitalization of this long underdeveloped area that rests between downtown and Hyde Park. Along the way, Williams knows that he’s battling not only poverty but also negative perceptions about the South Side.

Transformation will also mean mixed-income housing that will help lead to a diverse community.

“The reason The Community Builders is excited about Oakwood Shores is that it creates the ability to market to families across the entire spectrum— including public housing renters, homebuyers

purchasing market-rate homes, and many others,” says Bill Goldsmith, director of the Midwest Region for The Community Builders. “We believe this project is making a long-term, multigenerational commitment to this neighborhood.”

Williams, who grew up on the South Side, points to the key role the Chicago Community Loan Fund has played in the development of Oakwood Shores.

In 2007, CCLF extended a loan of $350,000 to cover predevelopment costs related to the second phase of rental housing for the project as well as a separate $500,000 predevelopment loan for the second phase of for-sale housing. All told, CCLF has invested $2.75 million in the Oakwood Shores project across seven loans.

Williams says CCLF has been a “critical partner” that understands the risk and challenges associated with developing a project in low- and moderateincome communities. “It can be tough financing deals in these neighborhoods, and CCLF is a trailblazer in figuring out how to make that happen.

They simply understand what this kind of project will need on the financial side if it’s going to work.

CCLF had been a terrific and flexible short-term lender—a lender that believes in the neighborhood.”

7

“ For me, Oakwood Shores is about human sustainability—and trying to build a neighborhood that creates great spaces for people to live in, walk to and be a part of.”

NORTH CHICAGO

Portfolio

$

SKOKIE $

Housing

EVANSTON +

$

Enterprise Facility

ROGERS PARK

EDISON PARK

CCLF focus communities and corridors

WEST RIDGE FOREST GLEN

NORWOOD PARK

These New Communities Program (NCP) neighborhoods are part of a long-term, citywide comprehensive community development initiative.

EDGEWATER

NORTH PARK JEFFERSON PARK

LINCOLN SQUARE ALBANY PARK

$+ UPTOWN

OHARE

IRVING PARK

PORTAGE PARK

NORTH CENTER

DUNNING

LAKE VIEW

AVONDALE MONTCLARE

BELMONT CRAGIN

LOGAN SQUARE HERMOSA

8

LINCOLN PARK

$

HUMBOLDT PARK

NEAR NORTH SIDE

WEST TOWN

$ $

AUSTIN

+

$+

EAST GARFIELD PARK

LOOP

NEAR WEST SIDE

$+ NEAR SOUTH SIDE

NORTH LAWNDALE

LOWER WEST SIDE

SOUTH LAWNDALE

BRIDGEPORT

BRIGHTON PARK ARCHER HEIGHTS

P O RT F O L I O S N A P S H O T B Y S E C T O R As of December 31, 2007

GARFIELD RIDGE

Total: $12.6 million

HOUSING Conventional Ownership $1.07 million 9%

ENTERPRISE* $53 thousand 0.4%

NEW CITY

WEST ELSDON

$

$

CHICAGO LAWN

WEST ENGLEWOOD

OAKLAND

GRAND BLVD. KENWOOD WASHINGTON PARK

GAGE PARK

CLEARING WEST LAWN

DOUGLAS

FULLER PARK

MCKINLEY PARK

LAKE MICHIGAN

ARMOUR SQUARE

WEST GARFIELD PARK

MAYWOOD

HYDE PARK

WOODLAWN

ENGLEWOOD

SOUTH SHORE

GREATER GRAND CROSSING ASHBURN

COMMERCIAL RETAIL $1.77 million 14%

AUBURN GRESHAM CHATHAM

AVALON PARK

SOUTH CHICAGO

CALUMET HEIGHTS BURNSIDE BEVERLY

FACILITY $2.55 million 20%

WASHINGTON HEIGHTS

HOUSING RENTAL $4.24 million 34%

ROSELAND

MOUNT GREENWOOD

PULLMAN

MORGAN PARK

EAST SIDE

SOUTH DEERING

WEST PULLMAN

HOUSING Co-op Ownership $2.91 million 23%

RIVERDALE HEGEWISCH

$

RIVERDALE

CONSTRUCTION LOAN Five Points Economic Development Corp.

Construction loan for mixed-use office/retail complex Loan amount: $409,400 Location: North Chicago, IL Low End Adventures

Line of credit to acquire/rehabilitate HUD homes Loan amount: $250,000 Location: Marquette Park OK Share & LakeShore New Homes LLC

Construction loan for new, for-sale housing Loan amount: $300,000 Location: North Oakland

Rebirth of Englewood CDC

Construction loan for affordable single-family homes Loan amount: $184,000 Location: Englewood WECAN 4 +

Gap construction loan for affordable rental housing Loan amount: $25,000 Location: Woodlawn Youthbuild Lake County Inc.

Development of single-family home through job-training program Loan amount: $71,000 Location: North Chicago EQUIPMENT/WORKINGCAPITAL LOAN Ahadi Early Learning Center

Equipment/working-capital loan for childcare center Loan amount: $30,000 Location: South Shore Marketplace: Handwork of India

Working-capital line of credit Loan amount: $50,000 Location: Skokie, IL

Resource Center +*

Working-capital loan for recycling program Loan amount: $30,000 Location: Citywide Salsedo Press 4 +

Printshop equipment purchase Loan amount: $90,000 Location: East Garfield Park/ Humboldt Park Salsedo Press 5 +

Printshop equipment purchase Loan amount: $184,198 Location: East Garfield Park/ Humboldt Park WECAN 5 +

Equipment/working-capital loan Loan amount: $35,000 Location: Woodlawn HOUSING COOPERATIVE LOAN

Logan Square Cooperative 1A/1B +

Minipermanent mortgage for cooperative housing Loan amount: $512,000 Location: Logan Square/Avondale Lots in Common +

Acquisition/minipermanent mortgage for student cooperative housing Loan amount: $300,000 Location: Hyde Park Spaulding Collective Partnership

Minipermanent mortgage for cooperative housing Loan amount: $185,000 Location: Logan Square

Stone Soup Cooperative 1 +

Acquisition/minipermanent mortgage for cooperative housing Loan amount: $355,000 Location: Uptown Stone Soup Cooperative 2 +

Ellis Cooperative

Acquisition/minipermanent mortgage for cooperative housing Loan amount: $165,000 Location: McKinley Park

Freedom Road Cooperative

MINIPERMANENT MORTGAGE LOAN

Gap financing Loan amount: $350,000 Location: Oakland Acquisition/minipermanent mortgage for cooperative housing Loan amount: $619,468 Location: Uptown Good News Partners 1 +

Minipermanent mortgage for cooperative housing (The Bosworth) Loan amount: $354,000 Location: Rogers Park

Breaking Ground 2 +

Acquisition/rehabilitation of mixed-use property (nonprofit offices and interim housing) Loan amount: $250,000 Location: North Lawndale Chicago Mutual Housing Network 2 +

Faith Tabernacle Baptist Church

Landbanking for future community center Loan amount: $234,000 Location: Stony Island Park 4832 S. Vincennes, L.P. *

Refinance of existing construction mortgage debt on a low-to-moderate income apartment building Loan Amount: $684,000 Geneva Foundation +

Acquisition/rehabilitation of group home for youth Loan amount: $410,000 Location: West Humboldt Park Ignatia House

Acquisition/renovation of supportive-living facility Loan amount: $144,000 Location: Avondale Mustard Seed of Chicago

Acquisition of social service program facility Loan amount: $349,500 Location: Near North Near Northwest Arts Council 1B +

Acquisition/rehabilitation of bed-and-breakfast enterprise Loan amount: $42,995 Location: Logan Square/East Humboldt Park Rimland Services 1 +

Acquisition/rehabilitation of group home for adults with autism Loan amount: $252,938 Location: Evanston, IL

Good News Partners 2 +

Minipermanent mortgage for cooperative housing (The Phoenix) Loan amount: $350,000 Location: Rogers Park

Acquisition/build-out of program/ nonprofit office space Loan amount: $135,000 Location: Logan Square/East Humboldt Park

Rimland Services 2 +

HUB Housing Cooperative +

Community TV Network +

St. John Community Outreach Organization

Minipermanent mortgage for cooperative housing Loan amount: $615,000 Location: Little Village

Acquisition/build-out of program/ office space Loan amount: $139,500 Location: Logan Square/East Humboldt Park

Acquisition/rehabilitation of group home for women with autism Loan amount: $125,400 Location: Maywood, IL

Acquisition/rehabilitation of supportive rental housing Loan amount: $600,000 Location: Grand Boulevard + Repeat borrower * New loan in 2007

9

Tri Fund Development *

Participation loan/increased nonprofit ownership of shopping center Loan amount: $600,000 Location: North Kenwood PREDEVELOPMENT LOAN Back of the Yards Neighborhood Council

Predevelopment loan for mixed-use office and community center building Loan amount: $295,000 Location: Brighton Park Featherfist Development Corp.

10

Predevelopment loan for social service agency’s new administrative facility Loan amount: $193,000 Location: South Shore Genesis Housing Development Corp.

Predevelopment loan for new construction of single-family and two-flat homes Loan amount: $125,000 Location: Washington Park Good Shepherd Community Service Organization

Predevelopment loan for affordable single-family homes Loan amount: $250,000 Location: Washington Park Greater Bethlehem Community Development Corp.

Predevelopment loan for mixed-income for-sale homes Loan amount: $250,000 Location: East Garfield Park Greater Riverdale Industrial Partnership (GRIP)

Predevelopment loan for industrial corridor planning Loan amount: $250,000 Location: Riverdale, IL Mission Metamorphosis, Inc.

Predevelopment loan for supportive housing facility serving homeless teen mothers and their children Loan amount: $75,000 Location: North Lawndale

New Pisgah Missionary Baptist Church*

Oakwood Boulevard Associates, LLC +

Bronzeville Emporium LLC

People’s Community Development Assn. of Chicago

Oakwood Shores Phase 2A Associates LP +*

Historic Pacesetter LP +

Predevelopment loan for affordable rental housing Loan amount: $350,000 Location: Kenwood/Oakland

Predevelopment loan for acquisition/ rehabilitation of mixed-income housing Loan amount: $1,200,000 Location: Riverdale, IL

Riverdale Family Housing LP +

Jazz on the Boulevard 1A/1B +

Safeway Keeler Inc. +

Predevelopment loan for 80 units of very affordable senior housing Loan Amount: $100,000 Location: Auburn Gresham

Predevelopment loan for affordable new townhomes Loan amount: $250,000 Location: East Garfield Park Predevelopment/acquisition loan for affordable rental building Loan amount: $500,000 Location: Riverdale, IL Sixteen Hundred Investment Group Ltd. *

Predevelopment loan for newconstruction rental apartments Loan amount: $50,000 Location: Englewood TCB-Lorington Apartments LP

Predevelopment loan for acquisition/ preservation of affordable rental housing Loan amount: $200,000 Location: Logan Square Voice of the People in Uptown

Predevelopment loan for affordable rental housing Loan amount: $250,000 Location: Uptown Wisdom Bridge Arts Project

Predevelopment/landbanking loan for community arts center and housing Loan amount: $429,000 Location: Rogers Park PREDEVELOPMENT/ CONSTRUCTION LOAN: CHA TRANSFORMATION Granite Partners for Oakwood Blvd Phase 2A, LLC +*

Predevelopment loan for 344 units of mixed-income and affordable housing Loan Amount: $500,000 Location: Kenwood /Oakland

Predevelopment loan for mixed-income homeownership units Loan amount: $350,000 Location: Kenwood/Oakland

Construction loan for mixed-income homeownership, rental, and public housing units Loan amount: $310,000 Location: Kenwood PREDEVELOPMENT/ CONSTRUCTION LOAN: LAWNDALE RESTORATION The FAT Group

Predevelopment/rehabilitation loan for affordable rental housing Loan amount: $85,000 Location: North Lawndale Lawndale Douglas LLC

Construction loan for rehabilitation of rental housing Loan amount: $300,000 Location: North Lawndale Racine Courts Cooperative *

Preservation of affordable cooperative housing Loan Amount: $400,000 Location: Morgan Park

FOR-PROFIT PREDEVELOPMENT/ CONSTRUCTION LOAN AA Holdings, LP/UAS Development Group

Predevelopment loan for rehabilitation of mixed-use housing/commercial property Loan amount: $286,000 Location: West Pullman

Financing for mixed-use commercial rehabilitation of historic townhome Loan amount: $450,000 Location: Bronzeville/Grand Boulevard

Predevelopment loan for mixed-use property (affordable rental housing and commercial space) Loan amount: $300,000 Location: North Lawndale 6608 S. Maryland LLC +

Construction loan for new mixed-income condominium housing Loan amount: $125,000 Location: Woodlawn Urban Equities, Inc.

Predevelopment/construction loan for new single-family homes Loan amount: $75,000 Location: Grand Crossing/Avalon Park Wilson Yard Development 1 LLC +

Predevelopment loan for mixed-use housing and commercial development Loan amount: $500,000 Location: Uptown Woodlawn Renaissance Partners

Predevelopment loan for affordable condominium housing Loan amount: $594,000 Location: Woodlawn + Repeat borrower * New loan in 2007

Financials

TOTAL CAPITAL UNDER MANAGEMENT 2003–2007 $25 million

The Chicago Community Loan Fund (CCLF) experienced significant growth in its fiscal year ending December 31, 2007.

In 2007, net assets and total capital under management increased 20% and 23%, respectively, in comparison with 2006.

Furthermore, while CCLF’s loan portfolio was essentially stable at $12.6 million, its total capital under management ($21 million)

$21 million

$20 million $17 million $15.4 million

$15 million $13.2 million $10.4 million

$10 million

$5 million

represented a record achievement for the agency.

0

CCLF’s combined equity and equity-equivalent (or subordinate) loan capital represented approximately 77% of total capital under

2003

2004

2005

2006

11

CUMULATIVE INVESTMENTS LEVERAGED 2003-2007 $600 million

management in 2007, allowing the fund to better meet the needs of its borrowers by making more flexible and/or longer-term loans.

CCLF remains committed to strengthening its financial position in order to continue providing more resources to community visionaries.

2007

$538 million

$500 million

$479 million $434 million

$400 million

$373 million

$300 million

$200 million $176 million

$100 million

$0

LENDING POOL CAPITAL Total: $19,272,877

RELIGIOUS $1,590,000 8%

OTHER INDIVIDUALS $253,041 $399,800 1% 2% PUBLIC $800,000 4%

2004

2005

2006

2007

HOUSING UNITS LEVERAGED PER YEAR 2003–2007 1200 997

1000

FOUNDATIONS $1,900,000 10%

852

800

CORPORATE (Banks) $9,143,636 47% NET ASSETS $5,186,400 27%

2003

Affordable and mixed-income homes

600

599

521

200

0

522

376

400 374

289 242

344

Affordable homes

2003

2004

2005

2006

2007

S TAT E M E N T O F F I N A N C I A L P O S I T I O N As of December 31, 2007 (with comparative totals for 2006)

Operating

Lending Capital

2007 Total All Funds

2006 Total All Funds

ASSETS Current Assets Cash and cash equivalents Investments Notes receivable 12

Other current assets Total Current Assets

1,700,107

1,741,233

3,441,340

1,690,117

0

2,757,853

2,757,853

2,695,545

192,883

3,833,694

4,026,577

5,351,204

(277,519)

3,251,857

2,974,338

646,536

1,615,471

11,584,637

13,200,108

10,383,402

0

7,688,240

7,688,240

6,560,045

Long-Term Assets Notes receivable Other long term assets Total Long-term Assets Total Assets

99,297

0

99,297

80,199

99,297

7,688,240

7,787,537

6,640,244

1,714,768

19,272,877

20,987,645

17,023,646

LIABILITIES Current Liabilities Accounts payable and accruals Notes and loans payable Total Current Liabilities Long-Term Notes and Loans Payable Total Liabilities

155,206

28,041

183,247

136,349

10,260

1,906,436

1,916,696

847,798

165,466

1,934,477

2,099,943

984,147

30,116

12,152,000

12,182,116

10,454,877

195,582

14,086,477

14,282,059

11,439,024 3,922,169

Net Assets 1,407,693

3,124,687

4,532,380

Temporarily restricted

111,493

411,395

522,888

62,135

Permanently restricted

0

1,650,318

1,650,318

1,600,318

Unrestricted

Total Net Assets

1,519,186

5,186,400

6,705,586

5,584,622

Total Liabilities and Net Assets

1,714,768

19,272,877

20,987,645

17,023,646

Notes: 1. Loan loss reserve allowance was $1,082,511 and $808,575 in 2007 and 2006, respectively.

2. Statement of financial position is condensed for presentation purposes only.

3. Financial statements were audited by Desmond & Ahern Ltd.

S TAT E M E N T O F A C T I V I T I E S As of December 31, 2007 (with comparative totals for 2006)

OPERATING Lending Operations Unrestricted

LENDING CAPITAL

Technical Assistance

Temporarily Restricted

Unrestricted

Temporarily Restricted

Total

Unrestricted

Temporarily Restricted

Permanently Restricted

2007 Total All Funds

2006 Total All Funds

Revenue and Support Grants and Contributions

297,432

21,300

—

128,200

446,932

304,524

767,500

50,000

1,568,956

987,560

Contribution allocation to TA support

(47,771)

—

47,771

—

0

—

—

—

0

—

—

—

—

—

0

—

—

—

0

69,097

Donated Services

130,505

—

—

—

130,505

—

—

—

130,505

134,975

Notes Receivable interest income

867,171

—

—

—

867,171

—

—

—

867,171

868,369

Loan Closing Fees

59,247

—

5,010

—

64,257

—

—

—

64,257

36,287

Investment Income

225,306

—

—

—

225,306

—

—

—

225,306

181,294

Unrealized/realized loss on investments

—

—

—

—

0

77,504

—

—

77,504

(774)

3,035

—

—

—

3,035

—

—

—

3,035

10,974

13,150

(13,150)

39,900

(39,900)

0

403,197

(403,197)

—

0

—

1,548,075

8,150

92,681

88,300

1,737,206

785,225

364,303

50,000

2,936,734

2,287,782

Program

913,610

—

92,681

—

1,006,291

446,742

—

—

1,453,033

1,148,922

Administrative

255,072

—

—

—

255,072

—

—

—

255,072

250,784

Special event

Other Net assets released from restrictions— satisfaction of program restrictions Total Public Support and Revenue

Expenses

Fundraising Total Expenses Change in Net Assets

107,665

—

—

—

107,665

—

—

—

107,665

110,713

1,276,347

0

92,681

0

1,369,028

446,742

0

0

1,815,770

1,510,419

271,728

8,150

—

88,300

368,178

338,483

364,303

50,000

1,120,964

777,363

Net Assets, Beginning of Year

1,135,965

7,043

—

8,000

1,151,008

2,786,204

47,092

1,600,318

5,584,622

4,807,259

Net Assets, End of Year

1,407,693

15,193

—

96,300

1,519,186

3,124,687

411,395

1,650,318

6,705,586

5,584,622

13

Partners 2007/2008

Platinum Investors

$3 million +

Corporate Investors

Foundation Investors

Sinsinawa Dominicans Inc.

Amalgamated Bank of Chicago

Calvert Social Investment Foundation

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

Orange County Community Foundation/Sperry Van Ness Legacy Foundation Fund

Sisters of Charity of Saint Elizabeth

Cole Taylor Bank Federal Home Loan Bank of Chicago

14

First Midwest Bank

Gold Investors

$2 million +

Harris Bank N.A.

First Personal Bank

The Mayer & Morris Kaplan Family Foundation

First Savings Bank of Hegewisch

Threshold Foundation

First Security Trust & Savings Bank

Wieboldt Foundation

HSBC – North America

Religious Investors

Marquette Bank

Adrian Dominican Sisters

$1 million +

The Private Bank & Trust Co.

Catholic Health Initiatives

The John D. and Catherine T. MacArthur Foundation

Ron Freund & Associates, Inc.

Congregation of the Sisters of Charity of the Incarnate Word

Silver Investors

The Northern Trust Company U.S. Department of Treasury CDFI Fund Washington Mutual Bank

US Bancorp Community Development Corp.

Congregation of the Sisters of St. Agnes Domestic & Foreign Missionary Society of the Protestant Episcopal Church Episcopal Dioceses of Iowa Evangelical Lutheran Church in America First United Church of Oak Park Our Lady of Victory Missionary Sisters Passionist Fathers School Sisters of St. Francis

Sisters of Mercy of the Americas Sisters of the Presentation of the Blessed Virgin Mary Sisters of St. Benedict Sisters of St. Dominic SSM International Finance. Inc. Trinity Health Wheaton Franciscan Sisters Corporation Other Investors

Opportunity Finance Network Individual Investors

At the end of 2007, CCLF managed capital from 35 individual investors. Taken as a whole, their capital represented approximately 2.1% of funds in the lending pool.

Permanent Capital Investors

Chicago Rehab Network City of Chicago Linked Deposit Fifth Third Bank Grand Victoria Foundation Harris Bank Foundation The Herbert & Goldyne Heyman Family Foundation Illinois Housing Development Authority JPMorgan Chase & Co. The John D. and Catherine T. MacArthur Foundation

Funders

Pro Bono Counsel

Auditor

Bank Leumi USA

Albert Whitehead, P.C. Pat Hollands, Esq.

Desmond & Ahern, Ltd.

Chapman and Cutler LLP Susan Rollins, Esq. Julia J. Singh , Esq. Edward V. Sommer , Esq.

Consultants

Bank of America Charter One Bank Chicago Community Foundation Citigroup Community Summer Intern Program Citi Foundation The Richard H. Driehaus Foundation Fannie Mae First Midwest Bank Grand Victoria Foundation

National City Bank

HSBC – North America

Polk Bros. Foundation

JPMorgan Chase Foundation

State of Illinois Linked Deposit

LaSalle Bank

Urban Enterprise Fund

The Mayer & Morris Kaplan Family Foundation

U.S. Department of Treasury CDFI Fund

MB Financial Bank

The Walter and Mary Tuohy Foundation

National City Bank

Washington Mutual Bank

Polk Bros. Foundation

Wieboldt Foundation

The Private Bank & Trust Co.

Northern Trust

Taproot Foundation US Bank U.S. Department of Treasury CDFI Fund Washington Mutual Bank

McDermott Will & Emery LLP Jerry Castro, Esq. Vedder Price, Kaufman & Kammholz, P.C. Nicholas Harned, Esq. Richard L. Williams III, Esq. Caroline McConnie, Esq. Robert Dixon, Esq. Wildman Harrold Allen & Dixon LLP Jeffrey Gray, Esq. Helen Suh, Esq. Mark Vaughen, Esq.

Joy Aruguete, Bickerdike Redevelopment Corp.

Dan Baron, Writer Charles Daas, City Solutions Community Accounting Services (pro bono) Forward Design Gwen Gaston-Gray, Gaston Gray Consulting Joe Kohli, Kohli Consulting Lumity Mari Gallagher Research Group Net-Telligence Group Inc. Opportunity Finance Network Consulting Taproot Foundation Service Grant Team (pro bono) Teresa R. Prim, Prim Lawrence Group Thomas Rubey & Associates, Ltd. Tony V. Martin Photography Valerie Denney Communications

15

Board of Directors

Committee members

Special Thanks

Eric Hudson

CHAIR

Jody Adler

Jody Adler, Esq.

Kevin Jackson

Victor Agusta

Gregory Jeffries

Rafael M. León

Chicago Metropolitan Housing Development Corporation

Andrea Anderson

Rachel Johnston

ShoreBank

Sylvia Arnold

Gladys Jordan

Leslie Davis

Patrick Bayard

Susan Kaplan, Esq.

Stephen Bell

Deborah Kasemeyer

Deborah Bennett

Sandra Kerr

Joan Berry

Susan King

Illinois Housing Development Authority

Michelle Bibbs

Alex Kotlowitz

Secretary

Charles Hall

Dan Broughton

Builders Bank

Donnie Brown

Lake County Affordable Housing Commission

Chapman and Cutler (Retired)

Cynthia Hall

Malcolm Bush

Vice Chair

Susan Kaplan, Esq.

Community Economic Development Law Project

Treasurer

Edward J. Hoynes

Community Accounting Services

John L. Tuohy, Esq. 16

Community Economic Development Law Project

Charles F. Daas City Solutions

Mohammed M. Elahi

Andes Capital Group, LLC

Daniel Broughton

ShoreCap International

Jodi Gingiss

Deloitte Services LP

Stephen J. Gladden

New Century Bank

Gladys Jordan

Interfaith Housing Dev. Corp. of Chicago

LaSalle Bank/Bank of America

Chapman & Cutler LLP

Rafael León

Chicago Center for Green Technology

Sara Jo Light Lutheran Volunteer Corps

Toya Horn Howard, Esq.

Allen Rodriguez

Chicago Community Ventures

Raymond McGaugh

Charter One Bank

Chicago Jobs Council

Ambar Mentor

Ed Jacob

Lynn Sasamoto

Chicago Rehab Network

Much Shelist

Allison Clark

Saurabh Narain

Citigroup Summer Intern Program

Partners for the Common Good

Community Accounting Services

Kevin Pierce

Community Economic Development Law Project

Mark Pinsky

Real Estate Attorney

North Side Community Federal Credit Union

Rev. Dr. B. Herbert Martin

Progressive Community CenterThe People’s Church

Community Representative

Mark Spears

Fifth Third Bank

Brian Worth

Related Management

Glenn M. Mazade Charter One Bank

Patricia Y. McCreary

Committee Alumni

Seaway National Bank

Jeremy Addis

Kay S. McNab, Esq.

Robert Bronstein

Winston & Strawn

Charles Goetze

Raymond S. McGaugh, Esq.

Paul Peterson

Dykema Gossett

Richard S. Peabody, Jr.

Susan Rollins, Esq.

Matt Cooper Charles Daas Pam Daniels-Halisi Bryony Edwards David Erickson-Pearson Fast Company Magazine Nora Ferrell

Chase Bank - Elk Grove Village

Joel Freehling

Nancy Radner, Esq.

Chicago Alliance to End Homelessness

Genesis Housing Development Corporation

Matthew R. Reilein

Stephen Gladden

JPMorgan Chase & Co.

Maria Saldaña

Duncan-Williams, Inc.

Kathryn Tholin

Center for Neighborhood Technology

Lawrence Grisham Rob Grossinger Matt Hickey Housing Action Illinois

Matthew Reilein Regina Rice Allen A. Rodriguez Salsedo Press Lynn Sasamoto Lisa Tapper William Townsell John Tuohy Village of Riverdale Janiece Waters James Weier Greg Whitehead Sharon Wolfson Woodstock Institute

S TA F F Calvin L. Holmes Executive Director

Jane Ames

Director of Finance and Administration

Rhonda McFarland Director of Lending

Mark Fick

Senior Loan/Program Officer

Juanita Walker Office Manager

Emily Moen

External Relations Associate

Angela Bennett

Finance and Administration Associate

Kate McInerney

LVC Program Assistant

America Lewis Receptionist

Editor & Writer Dan Baron Design Judy Sickle Forward Design Proofreader Charlotte Koelling The Critical Difference

Photography Tony V. Martin Tony V. Martin Photography

Chicago Community Loan Fund 29 East Madison Street, Suite 1700 Chicago, Illinois 60602-4115 Tel 312.252.0440 Fax 312.252.0419 info@cclfchicago.org www.cclfchicago.org A member of the Opportunity Finance Network