2 0 0 8 / 2 0 0 9 A N N UAL REPORT
Dear Friends, We are happy to report that we are continuing to invest in our communities more than ever—even during the recession. In fact, CCLF’s loan volume increased by 67% from year-end 2007 to year-end 2008, from $3.3 million to $5.5 million. The additional public- and private-sector dollars leveraged by our financing in this time period also grew by 94%, from $97 million to $188 million. Through these tough times when many financing sources have dried up, our hardworking staff continues to underwrite loans that will leverage the talents and vision of community builders throughout the region. We want our communities to thrive because we want the people that live in them to prosper. We want our communities to thrive because we know that, by creating and maintaining vibrant communities, our region will remain globally competitive. We are partnering with a broad array of customers and stakeholders to work creatively and flexibly to unlock the potential of our emerging communities. We hope you will look closely at the photo essays presented in this report. These are images of dynamic Chicagoland communities that we all care about—images that show the resilience, spirit and optimism of the people that live there. We share these images with you because we want you to see the many great assets that these communities enjoy and offer. Even though they face significant challenges, especially in today’s economy, we’re there—giving local visionaries the tools they need to create stable, strong communities. Although we are only highlighting 3 communities, CCLF is investing in over 50 communities across our metropolitan area.
As you see on the cover, this year we also redesigned our logo and tagline to reflect our renewed commitment to serving our communities better by improving customer service, introducing new products and services and promoting well-designed, sustainable development. The design of the logo, inspired by city blocks and green space, supports our new tagline: Helping create communities where people thrive. We are passionate about the role we can play in supporting this vision of Chicagoland through financial investment and technical assistance. We remain committed to helping supply resources to create communities where people thrive. We thank you for your partnership and support and look forward to building additional relationships as we move forward!
Rafael M. Leon, Chairman
Calvin L. Holmes, Executive Director
1
We’re There
H U M B O L DT PA R K
A rich history of community action defines Humboldt Park, a neighborhood marked by passionate leaders and active residents. CCLF’s lending in and around Humboldt Park supports this passion by financing projects that range from a worker-owned cooperative enterprise to the preservation of affordable housing to providing space for artists to live and work. C C L F I M PACT I N A N D A R O U N D H U M B O L DT PA R K : • 3 6 loans since 1991 • Over $5.5 million invested in community development • More than $44 million in additional public- and private-sector financing leveraged • Projects supporting housing, cooperatives, economic development, artist space, educational initiatives and supportive services • 15,250 square feet of commercial and retail space • 173,582 square feet of nonprofit facilities space • 425 jobs created or retained • 3 59 units of affordable housing created or retained 2
P R O J ECT P R O FI L E: Project: Borinquen Bella Apartments Borrower: Latin United Community Housing Association (LUCHA) Location: Humboldt Park/West Town Loan type: Predevelopment/Preservation Loan amount: $225,000 Housing affordability: at or below 50% AMI (area median income) Rental housing units: 47 CCLF’s loan helped to fund the preservation of high-quality family rental units in Humboldt Park. Increasing the availability of affordable rental housing aids community stabilization. Through local advocacy and housing programs, LUCHA has formed strong connections with residents and community organizations.
3
We’re There
G R E AT E R B R O N Z E V I L L E
Housing cooperatives. Community centers. Childcare. Restaurants. The pieces of a thriving community are unique and diverse. In Greater Bronzeville, CCLF’s loans are helping to create new commercial revitalization, stable mixed-income housing and opportunities for youth. CCLF’s flexibility allows us to fund a wide variety of projects, leveraging the capabilities and creativity of strong community organizations. C C L F I M PACT I N G R E AT E R B R O N Z E VI L L E: • Over 50 loans since 1991 • Nearly $15 million invested in community development • More than $390 million in additional public- and private-sector financing leveraged • Projects supporting housing, cooperatives, economic development, medical facilities, childcare, community centers and supportive services • 139,000 square feet of commercial and retail space • 99,000 square feet of nonprofit facilities space • Nearly 150 jobs created or retained • 3,380 units of affordable housing created or retained 4
P R O J ECT P R O FI L E: Project: Vincennes Court Apartments Borrower: 4821 S. Vincennes, LP Location: Bronzeville/Washington Park Loan type: Minipermanent mortgage Loan amount: $684,000 Housing affordability: 30-60% AMI (area median income) Rental housing units: 67 CCLF’s loan helped to ensure that 67 units of high-quality rental housing remained stable and affordable. CCLF’s flexibility was the key to helping the borrower acquire needed funds in a timely manner.
5
We’re There
R I V E R DA L E and CA LU M E T PA R K
Riverdale and Calumet Park are looking toward the future and forging a unique identity in the metropolitan area. With roots in industry and development, they continue to break ground on projects that create economic opportunities, housing solutions and quality civic infrastructure. CCLF’s loans are helping to build communities that are committed to safety and stability for years to come. C C L F I M PACT I N A N D A R O U N D R IV E R DA L E A N D CA LU M E T PA R K : • 10 loans in the past eight years • Over $3 million invested in community development • Over $55 million in additional public- and private-sector financing leveraged • Projects supporting housing, economic development, social services facilities and youth job training • 10,755 square feet of commercial and retail space • 3,000 square feet of nonprofit facilities space • 266 units of affordable housing created or retained 6
P R O J ECT P R O FI L E: Project: Wisdom Village Senior Residences Borrower: Turnstone Development Location: Calumet Park Loan type: Predevelopment Loan amount: $200,000 Rental housing units: 70 A site that formerly contained a shuttered community swimming pool is now home to affordable and attractive senior housing in the south suburban community of Calumet Park. CCLF’s early-stage loan helped the developer move forward and assemble more than $12 million in additional financing for the project.
7
NORTH CHICAGO $
SKOKIE $
CC L F P O RT FO LIO
+
Housing
EVANSTON
$
+
As of December 31, 2008
Enterprise Facility
ROGERS PARK
EDISON PARK
CCLF focus communities
WEST RIDGE
CCLF focus corridors
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
LAKEVIEW
AVONDALE MONTCLARE
BELMONT CRAGIN
LOGAN SQUARE HERMOSA
$
HUMBOLDT PARK
LINCOLN 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, 2008
GARFIELD RIDGE
NEW CITY
WEST ELSDON
DOUGLAS
$
FULLER PARK
MCKINLEY PARK
LAKE MICHIGAN
ARMOUR SQUARE
WEST GARFIELD PARK
MAYWOOD
$
OAKLAND
GRAND BLVD. KENWOOD
$
WASHINGTON PARK
GAGE PARK
Total: $12 million
CLEARING
ENTERPRISE $93 thousand 1% HOUSING Rental $2.46 million 21%
WEST LAWN
CHICAGO LAWN
WEST ENGLEWOOD
WOODLAWN
ENGLEWOOD
BRIDGEVIEW
COMMERCIAL RETAIL $1.56 million 13%
HYDE PARK
SOUTH SHORE
GREATER GRAND CROSSING ASHBURN
AUBURN GRESHAM CHATHAM
AVALON PARK
SOUTH CHICAGO
CALUMET HEIGHTS BURNSIDE
HOUSING Conventional Ownership $1.34 million 11%
BEVERLY
FACILITY $3.04 million 25%
WASHINGTON HEIGHTS ROSELAND
MOUNT GREENWOOD
PULLMAN
MORGAN PARK
EAST SIDE
SOUTH DEERING
WEST PULLMAN
8
HOUSING Co-op Ownership $3.52 million 29%
RIVERDALE HEGEWISCH
$
RIVERDALE
CONSTRUCTION LOAN Chicago Metropolitan Housing Development Corporation *
Construction loan for renovation of mixed-income rental properties Loan amount: $250,000 Location: Washington Heights, Ashburn, Chicago Lawn and Albany Park Five Points Economic Development Corporation
Construction loan for mixed-use office/ retail complex Loan amount: $383,798 Location: North Chicago, IL Mount Vernon Missionary Baptist Church *
Construction loan for community center Loan amount: $50,000 Location: North Lawndale OK Share & LakeShore New Homes LLC
Construction loan for new for-sale housing Loan amount: $300,000 Location: North Oakland Youthbuild Lake County, Inc.
Development of single-family home through job-training program Loan amount: $71,000 Location: North Chicago, IL EQUIPMENT/WORKING CAPITAL LOAN Ahadi Early Learning Center
Equipment/working-capital loan for childcare center Loan amount: $30,000 Location: South Shore I-GO Alternative Transportation *
Equipment/working-capital loan for program expansion Loan amount: $500,000 Location: Citywide Marketplace: Handwork of India
Working-capital line of credit Loan amount: $50,000 Location: Skokie, IL
Resource Center +
Spaulding Collective Partnership
Geneva Foundation +
Working-capital loan for recycling program Loan amount: $30,000 Location: Citywide
Minipermanent mortgage for cooperative housing Loan amount: $185,000 Location: Logan Square
Acquisition/rehabilitation of group home for youth Loan amount: $410,000 Location: West Humboldt Park
Salsedo Press, Inc. +
Stone Soup Cooperative 1 +
Ignatia Foundation
Equipment loan for printshop equipment Loan amount: $184,198 Location: East Garfield Park/ Humboldt Park
Acquisition/minipermanent mortgage for cooperative housing Loan amount: $355,000 Location: Uptown
Acquisition/rehabilitation of supportive-living facility Loan amount: $144,000 Location: Avondale
Stone Soup Cooperative 2 +
Mustard Seed of Chicago, Inc.
Acquisition/minipermanent mortgage for cooperative housing Loan amount: $165,000 Location: McKinley Park
Acquisition of social service program facility Loan amount: $349,500 Location: Near North Side
HOUSING COOPERATIVE LOAN Freedom Road Cooperative
Acquisition/minipermanent mortgage for cooperative housing Loan amount: $619,468 Location: Uptown Good News Partners (The Bosworth) +
Minipermanent mortgage for cooperative housing Loan amount: $354,000 Location: Rogers Park Good News Partners (The Phoenix) +
Minipermanent mortgage for cooperative housing Loan amount: $350,000 Location: Rogers Park Hesed House Cooperative *
Acquisition/minipermanent mortgage for cooperative housing Loan amount: $250,000 Location: Little Village HUB Housing Cooperative +
Minipermanent mortgage for cooperative housing Loan amount: $615,000 Location: Little Village Logan Square Cooperative 1A/1B +
Minipermanent mortgage for cooperative housing Loan amount: $512,000 Location: Logan Square/Avondale NASCO Properties Inc.
Acquisition/minipermanent mortgage for student cooperative housing Loan amount: $1,022,495 Location: Hyde Park
Rimland Services 1 +
MINIPERMANENT MORTGAGE LOAN 4832 S. Vincennes, LP
Refinance of existing construction mortgage on low- to moderate-income apartment building Loan amount: $684,000 Location: Bronzeville/Washington Park Arab American Family Services *
Acquisition/rehabilitation of housing for adults with disabilities Loan amount: $252,938 Location: Evanston, IL Rimland Services 2 +
Acquisition/rehabilitation of housing for adults with disabilities Loan amount: $125,400 Location: Maywood, IL Rimland Services 3 +*
Minipermant mortgage for social service program/office space Loan amount: $380,000 Location: Bridgeview, IL
Acquisition/rehabilitation of housing for adults with disabilities Loan amount: $180,000 Location: Evanston, IL
Breaking Ground, Inc. +
St. John Community Outreach Organization
Acquisition/rehabilitation of mixed-use property (nonprofit offices and interim housing) Loan amount: $250,000 Location: North Lawndale Chicago Mutual Housing Network 2 +
Acquisition/build-out of program/ nonprofit office space Loan amount: $125,000 Location: Logan Square/East Humboldt Park Community TV Network 2 +
Acquisition/build-out of program/office space Loan amount: $139,500 Location: Logan Square/East Humboldt Park
Acquisition/rehabilitation of supportive rental housing Loan amount: $600,000 Location: Grand Boulevard Tri Fund Development +
Participation loan for 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 Loan amount: $295,000 Location: Brighton Park 9
Featherfist Development Corporation
New Pisgah Missionary Baptist Church
Predevelopment loan for social service facility Loan amount: $193,000 Location: South Shore
Predevelopment loan for affordable senior housing Loan amount: $100,000 Location: Auburn Gresham
Construction loan for mixed-income homeownership, rental and public housing Loan amount: $310,000 Location: Kenwood
Genesis Housing Development Corporation
People’s Community Development Association of Chicago
Predevelopment loan for construction of single-family and two-flat homes Loan amount: $125,000 Location: Washington Park
Predevelopment loan for affordable townhomes Loan amount: $250,000 Location: East Garfield Park
Oakwood Shores Terrace Associates LP *
Good Shepherd Community Service Organization
Racine Courts Cooperative
Predevelopment loan for affordable single-family homes Loan amount: $250,000 Location: Washington Park Greater Bethlehem Community Development Corporation
Predevelopment loan for mixed-income for-sale homes Loan amount: $250,000 Location: East Garfield Park Greater Riverdale Industrial Partnership
Predevelopment loan for redevelopment of industrial corridor Loan amount: $250,000 Location: Riverdale, IL Heartland Housing Inc. (Hollywood House) *
Predevelopment loan for preservation of affordable senior housing Loan amount: $300,000 Location: Edgewater Latin United Community Housing Association (LUCHA) *
Predevelopment loan for rehabilitation of affordable homes Loan amount: $225,000 Location: West Town Mission Metamorphosis, Inc.
Predevelopment loan for supportive housing facility Loan amount: $75,000 Location: North Lawndale
Preservation of affordable cooperative housing Loan amount: $400,000 Location: Morgan Park Riverdale Family Housing LP +
Predevelopment/acquisition loan for affordable rental housing Loan amount: $500,000 Location: Riverdale, IL Sixteen Hundred Investment Group Ltd.
Jazz on the Boulevard 1A/1B +
Quad Communities Arts & Recreation Center, LLC *
Bronzeville Emporium LLC
Predevelopment loan for community arts center Loan amount: $500,000 Location: North Kenwood/Oakland PREDEVELOPMENT/ CONSTRUCTION LOAN: LAWNDALE RESTORATION
Construction loan for affordable rental housing Loan amount: $375,000 Location: Englewood
The FAT Group
Historic Pacesetter LP +
Lawndale Douglas LLC
Construction loan for rental housing rehabilitation Loan amount: $300,000 Location: North Lawndale
Predevelopment loan for community arts center and housing Loan amount: $429,000 Location: Rogers Park
FOR-PROFIT PREDEVELOPMENT/ CONSTRUCTION LOAN
PREDEVELOPMENT/ CONSTRUCTION LOAN: CHA TRANSFORMATION
Predevelopment loan for commercial development project Loan amount: $400,000 Location: Bronzeville
Predevelopment loan for mixed-income housing Loan amount: $500,000 Location: Kenwood/Oakland
Financing for mixed-use commercial rehabilitation of historic townhome Loan amount: $450,000 Location: Bronzeville/Grand Boulevard Englewood Housing Group II, LP *
Voice of the People in Uptown, Inc.
Granite Partners for Oakwood Boulevard Phase 2, LLC +
Alliance Property Group of Illinois II, LLC *
Predevelopment loan for mixed-use and affordable senior housing Loan amount: $875,000 Location: North Kenwood/Oakland
Predevelopment loan for affordable rental housing rehabilitation Loan amount: $85,000 Location: North Lawndale
Wisdom Bridge Arts Project
Predevelopment loan for mixed-use property rehabilitation Loan amount: $286,000 Location: Roseland
Predevelopment loan for mixed-use residential and medical facility Loan amount: $200,000 Location: Oakland
Predevelopment loan for newconstruction rental apartments Loan amount: $50,000 Location: Roseland Predevelopment loan for affordable rental housing Loan amount: $250,000 Location: Uptown
AA Holdings, LP / UAS Development Group
300 East 51st Street LLC (Urban Junctures) *
6608 S. Maryland LLC +
Construction loan for new mixedincome condominium housing Loan amount: $125,000 Location: Woodlawn
Predevelopment loan for acquisition/ rehabilitation of mixed-income housing Loan amount: $1,200,000 Location: Riverdale, IL Keeler-Roosevelt Road Limited Partnership *
Construction loan for affordable mixed-use housing Loan amount: $500,000 Location: North Lawndale Safeway Keeler Inc. +
Predevelopment loan for mixed-use commercial space and rental housing Loan amount; $300,000 Location: North Lawndale Wilson Yard Development 1 LLC +
Predevelopment loan for mixed-use commercial development and housing Loan amount: $1,000,000 Location: Uptown
+ Repeat borrower * New loan in 2008
10
F I N A N C I A LS
TOTAL CAPITAL UNDER MANAGEMENT 2004 – 2008 $25 million
25
The Chicago Community Loan Fund (CCLF) grew its total assets under management by 12%, from $21 20 million to $23.6 million, in fiscal year 2008. CCLF also improved its strong capital structure, boosting total net assets by over 20%. Total net15assets increased from 32% of total assets under management to 34%. In addition, CCLF maintained a high level 10 of total assets in this category. CCLF’s of subordinate debt, with 37% permanent capital and subordinate investments totaled 71% of total assets 5 under management. The composition of CCLF’s lending pool, separate from operating assets, is illustrated in the pie chart below.
$20 million
$15 million
$10 million
$5 million
0
0
By increasing overall resources and expanding permanent and subordinate capital—as credit became even scarcer for small and midsized community developers—CCLF was able to close 15 loans and increase lending by 67%, from $3.3 million in 2007800 to $5.5 million in 2008. 700 contracted severely, CCLF prudently As the housing and credit markets increased loan loss reserves and 600 devalued some assets on its balance sheet. In light of market conditions, CCLF also expanded its underwriting 500 and due diligence while remaining flexible, and continued to monitor its 400 portfolio closely. 300
2004
2005
2006
2007
2008
CUMULATIVE INVESTMENTS LEVERAGED 2004 – 2008 $800 million
$775 million
$700 million $600 million $537 million $479 million
$500 million $434 million $400 million $373 million $300 million
CCLF remains committed to strengthening its financial position so that it 200 can continue helping create communities where people thrive! 100 0
$200 million $100 million $0 2004
LENDING POOL CAPITAL Total: $21,487,819
INDIVIDUALS $413,300 2% OTHER $251,556 PUBLIC 1% $300,000 1200 1% RELIGIOUS $1,690,000 1000 8% FOUNDATIONS $1,750,000 8%
2005
2006
2007
2008
HOUSING UNITS LEVERAGED PER YEAR 2004 – 2008 800
599
600
613
800
522
600 400 NET ASSETS $6,189,327 29%
400
CORPORATE $10,893,636 51%
374 344 Affordable homes
200
200 0
0
2004
2005
2006
2007
2008
11
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, 2008 (with comparative totals for 2007)
Operating
Lending Capital
2008 Total All Funds
2007 Total All Funds
2,250,837
3,007,030
5,257,867
3,441,340
ASSETS Current Assets Cash and cash equivalents Investments Notes and other receivables (net) Property held for sale
0
5,952,257
5,952,257
2,757,853
257,122
3,259,554
3,516,676
6,659,077
0
275,000
275,000
0
10,262
341,838
Interfund transactions
(525,178)
525,178
0
0
Total current assets
1,993,043
13,019,019
15,012,062
13,200,108
0
8,468,800
8,468,800
7,688,240
87,395
0
87,395
99,297
Prepaids, deposits and other assets
10,262
Long-Term Assets Notes receivable (net) Fixed assets and other assets Total long-term assets Total Assets
87,395
8,468,800
8,556,195
7,787,537
2,080,438
21,487,819
23,568,257
20,987,645
LIABILITIES Current Liabilities Accounts payable and accruals Notes and loans payable Total current liabilities Long-term notes and loans payable Total Liabilities
179,967
26,556
206,523
183,247
0
2,915,136
2,915,136
1,916,696
179,967
2,941,692
3,121,659
2,099,943
0
12,356,800
12,356,800
12,182,116
179,967
15,298,492
15,478,459
14,282,059
1,716,833
3,942,167
5,659,000
4,532,380
183,638
546,842
730,480
522,888 1,650,318
Net Assets Unrestricted Temporarily restricted
0
1,700,318
1,700,318
Total Net Assets
1,900,471
6,189,327
8,089,798
6,705,586
Total Liabilities and Net Assets
2,080,438
21,487,819
23,568,257
20,987,645
Permanently restricted
Notes: 1. L oan loss reserve allowance was $1,332,511 and $1,082,511 in 2008 and 2007, respectively. Presentation purposes only. 2. Statement of financial position is condensed for presentation purposes only. 3. Financial statements were audited by Desmond & Ahern Ltd. 12
S TAT E M E N T O F A C T I V I T I E S As of December 31, 2008 (with comparative totals for 2007) OPERATING Lending Operations Unrestricted
LENDING CAPITAL
Technical Assistance (TA)
Temporarily Restricted
Unrestricted
Temporarily Restricted
Total
Unrestricted
Temporarily Restricted
Permanently Restricted
2008 Total All Funds
2007 Total All Funds
REVENUE AND SUPPORT Grants and contributions
279,772
115,000
—
75,824
470,596
—
1,473,395
50,000
1,993,991
1,568,956
Contribution allocation to TA support
(30,335)
—
30,335
—
0
—
—
—
0
—
—
—
2,760
—
2,760
—
—
—
2,760
—
Donated services
216,549
—
—
—
216,549
—
—
—
216,549
130,505
Notes receivable interest income
784,294
—
—
—
784,294
—
—
—
784,294
867,171
Loan closing fees
77,295
—
—
—
77,295
—
—
—
77,295
64,257
Investment income
342,230
—
—
—
342,230
—
—
—
342,230
225,306
Unrealized/realized loss on investments
—
—
—
—
0
65,380
—
—
65,380
77,504
(1,403)
—
—
—
(1,403)
—
—
—
(1,403)
—
484
—
—
—
484
—
—
—
484
3,035
5,970
(5,970)
112,709
$(112,709)
0
1,337,948
(1,337,948)
—
0
—
1,674,856
109,030
145,804
(36,885)
1,892,805
1,403,328
135,447
50,000
3,481,580
2,936,734
Program
835,582
—
145,804
—
981,386
585,848
—
—
1,567,234
1,453,033
Administrative
457,818
—
—
—
457,818
—
—
—
457,818
255,072
Contracted services and workshops
Loss on disposal of fixed assets Other Net assets released from restrictions— satisfaction of program restrictions Total Public Support and Revenue
EXPENSES
72,316
—
—
—
72,316
—
—
—
72,316
107,665
1,365,716
0
145,804
0
1,511,520
585,848
0
0
2,097,368
1,815,770
309,140
109,030
—
(36,885)
381,285
817,480
135,447
50,000
1,384,212
1,120,964
Net Assets, Beginning 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
Net Assets, End of Year
1,716,833
124,223
0
59,415
1,900,471
3,942,167
546,842
1,700,318
8,089,798
6,705,586
Fundraising Total Expenses Change in Net Assets
13
PA R T N E R S 2 0 0 8 / 2 0 0 9
PLATINUM INVESTORS $3 MILLION +
First Security Trust & Savings Bank HSBC - North America Marquette Bank The PrivateBank
U.S. Department of Treasury CDFI Fund GOLD INVESTOR $2 MILLION +
Harris Bank N.A. SILVER INVESTORS $1 MILLION +
The John D. and Catherine T. MacArthur Foundation JPMorgan Chase & Co. The Northern Trust Company CORPORATE INVESTORS
Amalgamated Bank of Chicago Cole Taylor Bank Federal Home Loan Bank of Chicago First Midwest Bank First Personal Bank First Savings Bank of Hegewisch 14
Domestic & Foreign Missionary Society of the Protestant Episcopal Church Episcopal Dioceses of Iowa First United Church of Oak Park
Ron Freund & Associates, Inc.
Our Lady of Victory Missionary Sisters
US Bancorp Community Development Corp.
Passionist Fathers
FOUNDATION INVESTORS
School Sisters of St. Francis
Calvert Social Investment Foundation
Sinsinawa Dominicans Inc.
The Mayer & Morris Kaplan Family Foundation Orange County Community Foundation/Sperry Van Ness Legacy Foundation Fund Threshold Foundation Wieboldt Foundation RELIGIOUS INVESTORS
Adrian Dominican Sisters Catholic Health Initiatives Congregation of the Passion Congregation of the Sisters of Charity of the Incarnate Word Congregation of Sisters of St. Agnes
Racine Dominicans
Sisters of Charity of the Blessed Virgin Mary, Dubuque, Iowa Sisters of Charity of Saint Elizabeth Sisters of Mercy of the Americas Regional Community of Chicago Sisters of the Presentation of the Blessed Virgin Mary Sisters of St. Benedict SSM International Finance, Inc. Trinity Health Wheaton Franciscan Sisters Corp.
OTHER INVESTORS
Opportunity Finance Network INDIVIDUAL INVESTORS
At the end of 2008, CCLF managed capital from 32 individual investors. Taken as a whole, their capital represented approximately 2.7% of funds in the lending pool.
PERMANENT CAPITAL “ANGEL” 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 Northern Trust Company Polk Bros. Foundation State of Illinois Linked Deposit Urban Enterprise Fund U.S. Department of Treasury CDFI Fund The Walter and Mary Tuohy Foundation Wieboldt Foundation
FUNDERS
PRO BONO COUNSEL
AUDITOR
Bank of America Foundation
Albert, Whitehead, P.C. Pat Holland
Desmond & Ahern, Ltd. Hugh Ahern, CPA
Bank Leumi USA Builders Bank Charter One Foundation Citi Foundation Citigroup Community Summer Intern Program ComEd The Richard H. Driehaus Foundation Enterprise Foundation First Midwest Bank Grand Victoria Foundation HSBC - North America The John D. and Catherine T. MacArthur Foundation JPMorgan Chase Foundation Marquette Bank MB Financial Bank Northern Trust The Partnership for New Communities Polk Bros. Foundation The PrivateBank Searle Funds at The Chicago Community Trust Taproot Foundation US Bancorp U.S. Department of Treasury CDFI Fund
Charity & Associates, P.C. Elvin Charity Tim Hinchman DLA Piper US LLP Jennifer Homer Katten Muchin Rosenman LLP Andrew Hamm Richard Mathews Kirkland & Ellis LLP Mercedes McFarland Mayer Brown LLP Maria Alevras-Chen Christopher Ellis Geeta Kharkar Stack Michael Wright McDermott, Will & Emery Gerald Castro Jeffrey Jung
CONSULTANTS
Joy Aruguete, Bickerdike Redevelopment Corp. Steve Becker, SB Media Inc. Community Accounting Services (pro bono) David Erickson-Pearson Sylvia Fox Great Realty Advisors Integrated Realty & Property Management Dottie Johnson, Lumity Lopez-Martin Associates, Inc. Tony V. Martin Photography Net-Telligence Group Inc. Niche Realty
Seyfarth Shaw LLP Nicole K. Peracke
Heather Parish
Sonnenschein Nath & Rosenthal LLP Tara Reedy Michael Rosenthal
Judy Sickle, Forward Design
Vedder Price P.C. Robert Dixon
Teresa R. Prim, Prim Lawrence Group Taproot Foundation Service Grant Team
Wildman, Harrold, Allen & Dixon LLP Jeffrey Gray Kate Price Dara Sahebjami Winston & Strawn LLP Jared R. Feehan Alma Rosa Montanez Devin Swaney Laura Swihart Susan Wyse
15
BOARD OF DIRECTORS
COMMITTEE MEMBERS
SPECIAL THANKS
CHAIR
Leslie Davis
Chicago Metropolitan Housing Development Corporation
Stephen J. Gladden
VICE CHAIR
Charles Goetze
Jody Adler, Esq. Victor Agusta Sylvia Arnold Deborah Bennett Michelle Bibbs Elida Brooks Dan Broughton Elyse D. Cherry Chicago Center for Green Technology Chicago Community Ventures Chicago Jobs Council Chicago Rehab Network Christy Webber Landscapes Joel Chupack Allison Clark Kathy Clark Community Accounting Services Community Economic Development Law Project Jesse Davis Mayor Deyon Dean Beth Dever Delta Institute Katie Gottschall Donohue Alderman Pat Dowell Ignacio Esteban Nora Ferrell Nancy Firfer Art Fleming Joel Freehling Stephen Gladden Great Realty Advisors Jerry Huang Housing Action Illinois Eric Hudson Kevin Jackson Gregory Jeffries Tracie Johnson Rachel Johnston Gladys Jordan Susan Kaplan, Esq.
Rafael M. León
Susan Kaplan, Esq.
Community Economic Development Law Project TREASURER
Edward J. Hoynes
ShoreCap, Int’l. Illinois Housing Development Authority Harris Bank
Cynthia Hall
New Century Bank
Gladys Jordan
Community Accounting Services
Interfaith Housing Development Corporation of Chicago
SECRETARY
Allen Rodriguez
Chapman and Cutler (retired)
Lynn Sasamoto
John L. Tuohy, Esq. Charles F. Daas
Cambodian American Heritage Museum
Mohammed M. Elahi
Andes Capital Group LLC
Toya Horn Howard, Esq. Real Estate Attorney
Ed Jacob
North Side Community Federal Credit Union
Glenn M. Mazade Charter One Bank
Patricia Y. McCreary Seaway National Bank
Raymond S. McGaugh, Esq. Finance Attorney
Kay McNab, Esq. Winston & Strawn
Richard S. Peabody Home Helpers Network
Matthew R. Reilein
JPMorgan Chase & Co.
Maria Saldaña
Duncan-Williams, Inc.
Kathryn Tholin
Center for Neighborhood Technology
16
Charter One Bank
Community Representative
Mark Spears
Fifth Third Bank
Brian Worth
TLC Management Company
COMMITTEE ALUMNI
Jody Adler Daniel Broughton Jodi Gingiss
Sandra Kerr Susan King Gloria King-Wright Deborah Kramer Lake County Affordable Housing Commission Rafael León Sara Jo Light Lutheran Volunteer Corps Carl Malone Raymond McGaugh NASCO Adam Natenshon Partners for the Common Good Kevin Pierce Mark Pinsky David-Anthony Powell Alderman Toni Preckwinkle Dory Rand Mike Regan Matthew Reilein Allen A. Rodriguez Susan Rollins Roosevelt University Salsedo Press Lynn Sasamoto Rachel Scheu Debra Schwartz Jim Shannon Geoff Smith Thurman “Tony” Smith Sophia Community Michael Staudenmaier Djuana Stoakley Lisa Tapper John Tuohy Brenda Vance Livia Villarreal Ujjval Vyas Jennifer Wang Gregory Whitehead Elise Zelachowski
STAFF
Calvin L. Holmes Executive Director
Jane I. Ames
Director of Finance and Administration
Rhonda McFarland Director of Lending
Mark Fick
Senior Loan/Program Officer
Paul Gakhal
Senior Loan/Program Officer
N. Paul Elue
Senior Portfolio Management Officer
Clarice Norin
Loan Closing/Portfolio Officer
Juanita Walker Office Manager
Emily Moen
External Relations Associate
Angela Bennett
Finance and Administration Associate
Kate McInerney Program Assistant
Nga Nguyen
LVC Program Assistant
EDITOR Emily Moen DESIGN Judy Sickle Forward Design PHOTOGRAPHY Steve Becker Steve Becker SB Media Inc. PROOFREADER Charlotte Koelling The Critical Difference
Nonprofit Org. Postage PAID Permit No. 6510 Chicago, IL
29 East Madison Street, Suite 1700 Chicago, Illinois 60602-4115 Tel 312.252.0440 Fax 312.252.0419 info@cclfchicago.org www.cclfchicago.org
Cert o. n XXX-XXX-XXX X