CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES Summer/2010
Wilson Yard Grand Opening Development hopes to spur commercial revitalization in Uptown Holsten Real Estate Development Corporation recently celebrated the grand opening of Wilson Yard, an innovative, mixed-use development in Uptown. The opening represents the completion of a lengthy development process, resulting in a project that Alderman Helen Shiller says will have a "dramatic impact on the 46th Ward" and "spur future commercial and retail development" in the neighborhood. CCLF made a $1 million early-stage loan for Wilson Yard, part of financing from more than 20 public and private sources, including Wilson Yard Target store Bank of America, JPMorgan Chase, IHDA, LISC, Bridgeview Bank, the Federal Home Loan Bank, Enterprise, CHA, City of Chicago and Target, among many others. The development promises to revitalize a commercial corridor, and includes 178 affordable senior and family apartments and over 30,000 square feet of commercial space, including Target and Aldi stores. Target Store Team Leader Sandra Obendorf says that they received over 5,000 applications and hired more than 300 team members, 80% of whom live within a two-mile radius of the new store. Kristy Butler is one of those hired. She used to work at the Evanston Target, but transferred to the Wilson Yard store, saying, "I can now live and work in my community."
Register now for CCLF's Building for Sustainability Workshop Join us at the Chicago Center for Green Technology for the Building for Sustainability Workshop, a two-day session about sustainable building and design, held on Sept 30-Oct 1. Register today at www.cclfchicago.org /assistance /workshops.
Director Honors, Transitions Ed Jacob, a member of CCLF's Board of Directors, recently became the Executive Director of Neighborhood Housing Services of Chicago. Ed previously was Manager of the North Side Community Federal Credit Union. Congratulations, Ed!
"As I drove up today, I said 'Wow! What an improvement,'" says Gloria L. Materre, Executive Director of the Illinois Housing Development Authority (IHDA). "It's important in this economic climate for people to have affordable, safe housing available to them." Senior and family housing at Wilson Yard.
CCLF Receives Grants from CDFI Fund, City Treasurer Permanent Capital Grants Will Help Grow CCLF's Capacity CCLF recently received capital grant awards from the U.S. Treasury CDFI Fund and the City of Chicago Treasurer! These awards will support the increase in demand for CCLF's lending to social enterprises and community development organizations in the City of Chicago and suburbs.
New capital will help CCLF to do more commercial/retail and social enterprise lending.
CCLF received a $750,000 permanent capital financial assistance award from the U.S. Treasury Community Development Financial Institution (CDFI) Fund. This award will support CCLF's lending for the City of Chicago's Neighborhood Stabilization Program (NSP), commercial/retail initiatives in underserved communities and an increase in green and sustainable building in metropolitan Chicagoland. CCLF was one of six Illinois organizations to receive an award, and was awarded the maximum amount nationwide. Since its first award in 1998, CCLF has secured over $5.8 million in financial and technical assistance awards from the CDFI Fund. These awards have significantly boosted CCLF's capacity over the years, contributing to more than $43 million in community loans, which in turn have leveraged over $900 million in additional public- and private-sector capital.
Matt Reilein & Erik Hall
Matthew Reilein, a member of CCLF's Board of Directors and Chair of CCLF's Loan Committee and Senior Vice President at JPMorgan Chase & Co., was recently honored as a 2010 fellow of Leadership Greater Chicago (LGC). Erik Hall, a member of CCLF's Risk Management Committee and Director at Citi Markets & Banking, was also inducted as a LGC fellow this year. LGC fellows participate in a ten-month program to study challenges facing the Chicago region and further develop their leadership skills. Congratulations, Matt and Erik! John Tuohy, Chair of CCLF's Board of Directors, recently earned a Master's of Liberal Arts from the University of Chicago. Congratulations, John!
CCLF is also the recipient of a $500,000 capital grant from the Office of the City Treasurer as a part of its Small Business Development Loan Program. This award will be used to make loans to social enterprises, worker-owned cooperatives and women- and minority-owned commercial real estate developers. It will help CCLF's ongoing efforts to increase lending for economic development and create neighborhood-based jobs.
CCLF Hires New Director of TA and Sustainability
CCLF thanks the CDFI Fund and City Treasurer for these new permanent capital investments as we look forward to continuing to grow our capacity to invest in Chicagoland's communities! Photo: Steve Becker
CCLF Applauds Financial Reform; Supports Updated Rules and Modernization for CRA Legislation Key to Increasing Access to Capital CCLF's work can only succeed when coupled with strong policies that strengthen access to capital for low-wealth neighborhoods. CCLF is proud to be a partner in the efforts for financial reform, and we are excited about momentum to pass the CRA Modernization Act to strengthen this important legislation. CCLF Executive Director Calvin L. Holmes stood with Senator Dick Durbin and other partners at a press conference in May to celebrate the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among many things, the bill created the Consumer Financial Protection Bureau and strengthened reporting and accountability for financial institutions. Holmes also testified on August 12th at the Community Reinvestment Act (CRA) hearing at the Federal Reserve Holmes testifies at the Federal Reserve. Bank of Chicago, along with many of CCLF's partners. Holmes said, "In the current economic climate, CDFIs throughout the country are seeing the cost of our available capital rise to an unsustainable level. Going forward, we need CRA application to encourage banks to offer low-interest, long-term, low-cost investments for CDFIs, so we can continue to offer flexible, technical-assistance-supported community development loans." Holmes spoke at the third of four hearings held by federal banking regulators to hear testimony from stakeholders about how to update rules concerning the implementation of CRA. The last update to CRA rules was in 1995, before many major shifts in the banking industry. Moving forward, it is also important to support legislative reform in the Community Reinvestment Modernization Act. For more information about CRA Modernization, visit ncrc.org or the woodstockinst.org.
CCLF is excited to welcome new staff members to our team this year. CCLF has hired Elizabeth Richards for the newly created position of Director of Technical Assistance & Sustainability. Elizabeth brings over 18 years of experience in the nonprofit sector, mostly in community development. She most recently served as Operations Director at Bickerdike Redevelopment Corporation, where she had a leadership role in the development of the Rosa Parks Apartments, a sustainable, mixed-use development in Humboldt Park that features six commercial spaces and 94 rental apartments. Elizabeth is also pursuing LEED Associate certification. CCLF is also excited to welcome Lincoln Stannard and Benjamin Gorsky, our two new staff members courtesy of the Lutheran Volunteer Corps.
CCLF Noteworthy Thank You to Funders and Investors For their recent grants, CCLF thanks Polk Bros. Foundation, Citi Foundation, PNC Foundation and MB Financial. For their recent investment renewals or increases, CCLF thanks Marquette Bank, Charter One, School Sisters of St. Francis and Sisters of Charity of Saint Elizabeth. Credit Memos: CCLF Lends $2.28 Million Revere Properties Development, LLC received $146,500 and $227,000 construction loans to rehab properties in Greater Grand Crossing as part of the City of Chicago NSP. Good News Partners received a $176,000 minipermanent mortgage for rental and cooperative housing in Rogers Park. Thanks to Geoff AuYeung of Katten Muchin Rosenman LLP for serving as CCLF counsel on this transaction. Vesta Property Development, LLC received $271,000 and $164,500 construction loans to rehab properties in Chicago Lawn as part of the City of Chicago NSP. Community Male Empowerment Project received a $305,000 construction loan to rehab property in West Garfield Park as part of the City of Chicago NSP. Karry L. Young Development, LLC received a $174,500 construction loan to rehab property in Chicago Lawn as part of the City of Chicago NSP. Latin United Community Housing Association (LUCHA) received $233,500 and $254,200 construction loans to rehab properties in Humboldt Park as part of the City of Chicago NSP.
Building to be rehabbed through City of Chicago NSP.
Sherman Park, LLC received a $328,000 construction loan to rehab property in New City/Back of the Yards as part of the City of Chicago NSP.
Staff Calvin L. Holmes Executive Director Jane I. Ames Director of Finance & Administration Rhonda McFarland Director of Lending Elizabeth C. Richards Director of Technical Assistance & Sustainability 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 & Administration Associate Kate McInerney Lending Program Assistant Lincoln Stannard Finance & Administration Assistant Benjamin Gorsky Lending Program Assistant
Credits Editor/Layout Emily Moen Printer Salsedo Press
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