CCLF - Community Blueprint E-Newsletter
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COMMUNITY BLUEPRINT CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 1st Quarter /2012
CCLF Impact Grows in 2011 CCLF reaches milestone of $30 million in capital under management With the support of our partners in 2011, CCLF significantly increased our impact as we continued to help Chicagoland's hardest-hit communities move towards economic recovery. 2011 highlights include: • We closed our largest loan ever, a $5,224,434 loan to St. Edmund's Court in Washington Park for a 36-unit affordable housing building, as part of the City of Chicago Neighborhood Stabilization Program. • CCLF President Calvin Holmes testified before the Senate Appropriations Subcommittee on Financial Services and General Government in Washington, DC to help protect funding for the CDFI Fund. • The Technical Assistance team launched the Sustainability 101 Series, providing workshops for more advanced practitioners of green building in community development. • We celebrated the grand opening of the King Legacy Apartments in North Lawndale, a 42-unit affordable housing project for which CCLF provided a predevelopment loan in 2009.
In This Issue CCLF in 2011 2011 By the Numbers Year of Cooperatives CCLF Noteworthy CCLF on Twitter Annual Report Online
Connect with CCLF on Twitter
You can stay up to stay up to date on CCLF and other industry news and events by following CCLF on Twitter @cclfchicago.
Project Readiness Workshop on March 27
• PNC Bank extended our largest-ever line of credit with $5 million to support our City of Chicago NSP work, expanding their existing $2 million investment.
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• We received a $1.5 million CDFI Fund Award at a press conference highlighting our work in Chicago with Senator Richard Durbin, Congressman Danny Davis, and CDFI Fund Director Donna Gambrell.
• We surpassed $30 million in total capital under management, reaching the goal set for our 2007-2011 business cycle. • JPMorgan Chase provided CCLF with a $2 million grant to support preservation work in Chicago. • We celebrated our 20th Anniversary with friends, partners and supporters at a gala celebration in November.
Register now to attend CCLF's upcoming Project Readiness Workshop on March 27th. Specially designed for those new to the field of affordable housing development, this one -day primer is a great introduction. You can register now, or contact our workshop coordinator for more information.
2010-2011 Annual Report Online
2011 By the Numbers ORGANIZATIONAL • $32 million in total capital under management • 20 years of community lending • $12.7 million in City of Chicago NSP financing LENDING • • • •
35 loans closed $16.8 million closed 21 communities 598 units of housing supported
CCLF's 2010-2011 Annual Report is a retrospective on our last 20 years. You can view it online or download the report here.
Quick Links Workshops Support Us Publications Lending Board and Staff Building for Sustainability
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CCLF - Community Blueprint E-Newsletter
• 232 jobs created or retained • 3,200 square feet of facility space supported TECHNICAL ASSISTANCE • • • •
215 referrals 8 workshops 176 workshop participants from 132 organizations Comprehensive Development Assistance for 7 organizations
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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
2012 is the International Year of Cooperatives United Nations General Assembly promotes awareness, growth The United Nations General Assembly has declared 2012 the International Year of Cooperatives, an initiative that aims to increase awareness of cooperative models, promote the creation and growth of cooperatives around the world, and encourage governments and regulatory bodies to establish policies and best practices concerning cooperatives. As a longtime financier of both limited-equity housing cooperatives and worker-owned cooperative businesses, CCLF is excited to join in celebrating this alternative model this year. Be on the lookout for events in Chicago throughout 2012, including CCLF's Cooperatives & Communities workshop this summer. You can find out more about the International Year of Cooperatives at their website, or by following them on Twitter (@CoopsYear).
CCLF Noteworthy Thank You to Funders and Investors For their recent grants, CCLF thanks U.S. Bank, Marquette Bank, Charter One Foundation, Searle Funds at Chicago Community Trust, PNC Foundation, HSBC-North America, MetLife Foundation, Bank Leumi, and Citi Foundation. For their recent investments and renewals, CCLF thanks JPMorgan Chase, 1993 Board, Episcopal Diocese of Iowa, Chris and Korie Stanley, and Karuna Trust.
Staff News CCLF has welcomed our new Senior Portfolio Management Officer, Lycrecia Parks. Lycrecia has previously worked in community development lending at Seaway Bank and ShoreBank. Parks serves on the Loan Committee of the South Side Federal Credit Union.
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. León Chicago Metropolitan Housing Dev. Corp. Patricia Y. McCreary Consultant Raymond McGaugh McGaugh Law Group Steven Quasny Harris Bank Nancy Radner Ounce of Prevention Fund 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
CCLF President Calvin L. Holmes was recently appointed by Mayor Emanuel to serve on the Board of Directors of the Chicago Community
Paul Gakhal Senior Loan/Program
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Officer Lycrecia Parks Senior Portfolio Management Officer Clarice Norin Loan Closing/Portfolio Officer
Land Trust, an organization that was created in 2006 to provide and sustain quality and affordable homeownership opportunities by ensuring that the initial investment required to create each affordable unit is preserved for multiple generations of homeowners. CCLF Board Member Ed Jacobs also serves on CCLT's board.
Credit Memos: CCLF lends $1.5 million Pullman Suites, LP received a $375,000 construction and minipermanent loan for 60 units of affordable senior housing in Roseland. Keaney Construction, Inc. received a $338,000 construction loan to rehab a property in Humboldt Park as part of the City of Chicago NSP. Interfaith Housing Development Corporation received an $800,000 predevelopment loan to preserve 51 units of affordable housing in Oak Park, IL. Thanks to Sheila Kang, Louis Hernandez, Holly Snow and Tarun Chandran of Paul, Hastings, Janofsky & Walker, LLP, for serving as CCLF's counsel on this transaction.
Emily Moen External Relations Officer Juanita Walker Office Manager Kate McInerney Lending & Portfolio Management Associate Jessica Stoneberg Finance & Accounting Associate Lincoln Stannard Program Assistant Anuraag Bhadana Finance & Administration Assistant Kallie Rollenhagen Program Assistant
Credits Editor Emily Moen Printer Salsedo Press
Donate to CCLF
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.
We need your financial support to provide targeted technical and financial assistance that empowers communitybased developers to help create communities where people thrive. You can support our work with a secure online donation via PayPal.
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Chicago Community Loan Fund (CCLF) | 29 East Madison St, Suite 1700 | Chicago | IL | 60602
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