CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES Fall-Winter/2009
Redevelopment Preserves Housing in Woodlawn POAH is working to transform Grove Parc Apartments
In This Issue Preservation in Woodlawn Sustainable Building Website Visitors from Japan Credit Memos Clean Energy Forum
Grove Parc Plaza is an aging, 504-unit apartment complex in Woodlawn, built in the 1960s, that residents and the surrounding community agreed was ready for redevelopment. Design flaws and other problems have left the property in severe distress. Preservation of Affordable Housing (POAH) has taken on the redevelopment, planning to transform Grove Parc into a transit-oriented, mixed-income community named Woodlawn Park. Located between 62nd and 63rd Streets on Cottage Grove Avenue, the first phase of the multi-year plan will begin construction in 2010 and include 67 units. POAH plans to preserve existing Section 8 subsidies in the redevelopment, both on the original Grove Parc site and in nearby areas. The $20.8 million first phase of the development will also pursue a minimum LEED-Silver certification, with design elements that include solar thermal panels for domestic hot water, super-insulation and envelope sealing, and Energy Star appliances, among others. Chicago-area POAH Director Dan Burke says, "The redevelopment of Grove Parc Apartments presents a unique opportunity to both preserve Section 8 rental subsidies in healthier configurations and to revitalize the Cottage Grove Avenue artery, which is so vital to Woodlawn, with new housing, commercial and recreational opportunities." The plans for Woodlawn Park also include 65,000 square feet of retail space, including two major anchor retailers, at 63rd and 61st Streets and Cottage Grove Avenue. CCLF provided a $750,000 predevelopment loan to POAH in 2009 as a part of CCLF's participation in the Preservation Compact Gateway Fund. Photo and rendering above courtesy of POAH.
Forum Addresses Clean Energy and Public Health CCLF Executive Director Calvin L. Holmes attended a White House stakeholder meeting in Washington, D.C. called Clean Energy Economy ForumThe Public Health Benefits of a Clean Energy Reform. Speakers included EPA Administrator Lisa Jackson and Secretary of Health and Human Services Kathleen Sebelius. The forum considered the ways in which clean energy choices will improve the nation's health, and the methods that are key to these benefits.
Opportunities
CCLF Celebrates Launch of Sustainable Building Web Resource www.greenaffordable.org provides resources for sustainable development in Chicagoland In October, CCLF celebrated the launch of our newest resource, Building For Sustainability: Resources for Sustainable Building in Chicagoland, a new website at www.greenaffordable.org. The site was officially introduced at a reception held at Logan Square Kitchen on October 19. The Building for Sustainability website provides an interactive resource to encourage Chicagoland community developers to initiate, incorporate and expand sustainable design elements into their projects. Using the site, developers can easily find funding opportunities, compare the cost-effectiveness of sustainable building strategies, consider the need for good design, read recent news publications and view examples of projects in the Chicago region. The site illustrates how green design elements can be affordable for community developers. CCLF Executive Director Calvin L. Holmes says, "We're very excited about the ability of www.greenaffordable.org to show Chicagoland community developers that sustainable development is within their reach and can help to sustain long-term affordability for their projects."
Zina Murray gives tours of Logan Square Kitchen's green features at the website launch
The Building For Sustainability website was supported by CCLF's MacArthur Award for Creative and Effective Institutions as well as support from Citi Foundation. The site was designed by Tamarack Media. Please visit the new site at http://greenaffordable.org/ and forward comments and suggestions to info@cclfchicago.org. We would love to hear feedback as the site evolves to best serve Chicagoland developers.
The Regional Home Ownership Preservation Initiative recently launched www.regionalhopi.org, a website that includes research, foreclosure tracking tools and other resources for troubled homeowners and renters. CCLF borrower Bronzeville Cookin' was featured in the Chicago Tribune. Read the article and others featuring CCLF borrowers at cclfchicago.org/ about-us/media. The School of Social Service and Administration at The University of Chicago recently released their study "Living in a Mixed-Income Development: Resident Perceptions of Benefits and Disadvantages." A copy of the report is available at ssa.uchicago.edu. Nonprofit CDCs and other organizations can apply to host a Rose Fellow architect. Learn how to apply at rosefellowship.org.
Delegation from Japan Visits CCLF
Board of Directors
Visitors interested in U.S. nonprofit loans, CDFIs On September 8 and 9, CCLF was honored to host a delegation from Japan on an informational visit led by Professor Takashi Koseki of the Meiji University School of Business Administration in Tokyo, Japan. Professor Koseki is interested in community investment, especially as it relates to nonprofit banks in Japan. He has researched loans made to nonprofits in the United Kingdom and Japan, and has recently begun work to learn more about CDFIs and nonprofit loans in the United States. Members of the delegation visited CCLF's offices, as well as the site of CCLF borrower Growing Home's urban farm in Englewood. The delegation held a symposium in Japan to report on their findings concerning U.S. CDFIs, and how their findings can improve the environment for nonprofit banks in Japan.
Rafael M. Le贸n, Chair Chicago Metropolitan Housing Development Corp. Susan Kaplan, Esq., Vice Chair Community Economic Development Law Project Edward J. Hoynes, CPA, Treasurer Community Accounting Services John L. Tuohy, Esq., Secretary Chapman and Cutler (retired) 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 McGaugh, Esq. Finance Attorney Kay McNab, Esq. Winston & Strawn Richard Peabody, Jr. Finance Consultant
CCLF's Mark Fick and Calvin L. Holmes with Japanese visitors and the Growing Home team at the Wood Street Urban Farm.
CCLF Noteworthy Credit Memos Parkside Nine Phase IIA received a $250,000 predevelopment loan for the redevelopment of 92 units of affordable housing in Cabrini Green. Thanks to Rachel Kulpers Bates, Nadav Klugman and Geeta Kharkar Stack of Mayer Brown LLP for serving as CCLF's counsel on this transaction. Preservation of Affordable Housing (POAH) received a $750,000 predevelopment loan for the construction of a mixed-use development with 420 units of mixed-income housing in Woodlawn. Thanks to Peter B. Ross of DLA Piper LLP US for serving as CCLF's counsel on this transaction. Fellowship Educational and Economic Development Corporation received a $250,000 predevelopment loan for a multi-purpose development in Chatham that includes a community center, office space and retail development. Thanks to Gerald Castro and Ted Tuerk of McDermott Will & Emery LLP for serving as CCLF's counsel on this transaction.
Nancy Radner, Esq. Chicago Alliance to End Homelessness Matthew R. Reilein JPMorgan Chase & Co. Maria Salda帽a Duncan-Williams, Inc. Kathryn Tholin Center for Neighborhood Technology
Rimland Services received a $117,000 minipermanent mortgage for the acquisition of housing for adults with developmental disabilities in North Cook County. Thanks to Geeta Kharkar Stack, Kristin Rylko and Robert Baptista for serving as CCLF's counsel on this transaction. Breaking Ground, Inc. received a $50,000 minipermanent mortgage for landbanking in North Lawndale. Thanks to Mark O'Meara and Kaitlin Corkran of Chapman & Cutler LP for serving as CCLF's counsel on this transaction.
Staff Calvin L. Holmes Executive Director Jane I. Ames Director of Finance & Administration Rhonda McFarland Director of Lending Mark Fick Senior Loan/Program Officer
Thank You to Funders and Investors
Paul Gakhal Senior Loan/Program Officer
For their recent grants, CCLF thanks JPMorgan Chase Foundation, The Partnership for New Communities, Chicago Community Trust, ShoreBank, The Northern Trust Company and Marquette Bank.
N. Paul Elue Senior Portfolio Management Officer
For their recent investment renewals or increases, CCLF thanks Opportunity Finance Network, Calvert Foundation, the Sinsiniwa Dominicans, The PrivateBank and the Passionist Fathers.
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 Jesse Davis Program Development Assistant Nga Nguyen LVC Program Assistant
Mission To provide 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.
Credits Editor/Layout Emily Moen Printer Salsedo Press
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