Spring newsletter proof final

Board of Directors Chair: Rafael M. León Vice Chair: Patricia Y. McCreary Treasurer: Edward J. Hoynes, CPA Secretary: Susan Kaplan, Esq. Charles F. Daas Mohammed Elahi Toya Horn Howard Ed Jacob Rev. Dr. B. Herbert Martin Glenn M. Mazade Raymond S. McGaugh, Esq. Richard Peabody Nancy Radner Matthew R. Reilein Maria Saldaña Kathryn Tholin John L. Tuohy, Esq.

cCLF

Chicago Community Loan Fund

Making the critical difference

pacesetter redevelopment

Staff Calvin L. Holmes, Executive Director Michael L. Bradley, Director of Finance & Administration Dena R. Al-Khatib, Senior Loan/Program Officer Mark Fick, Senior Loan/Program Officer Tiffany Lee, Senior Portfolio/Program Officer Rose Seremala, Office Manager Sarah Berke, External Relations Associate Amy Bergstrom, LVC Program Assistant Andrew Stevenson, JVC Program Assistant Cheryl Hester, Receptionist CREDITS Editor/LAYOUT Sarah Berke cONSULTANT Cat Dean CONTRIBUTORS Sarah Berke, Amy Bergstrom PHOTOGRAPHY Tony V. Martin DESIGN Patt Kelly PRINTER Salsedo Press

and Turnstone Development (aka Cook County Housing Development Corporation) have formed the Historic Pacesetter Limited Partnership to carry out this effort.

It is hoped that the redevelopment will ultimately serve as a model for revitalizing inner-ring suburban communities through large-scale public and private collaboration.

The overall permanent financing structure of the project will be quite complex: Potential funding sources include Illinois Housing Development Authority and Cook County HOME funds, Low-Income Housing Tax Credits, Historic Preservation Tax Credits, TIF funds, DCEO, HUD, and the Federal Home Loan Bank, among others.

Chicago Community Loan Fund 29 E. Madison, Suite 1700 Chicago, IL 60602-4115 www.cclfchicago.org Making the critical difference Member of Opportunity Finance Network

C o m m unity b l u e p rint

reimagining riverdale

from page 2

CCLF made a $1 million loan last fall to assist the Pacesetter partnership with predevelopment costs.

CCLF makes record $1 million loan to pacesetter partnership

village on the move

Bank is financing partner CCLf had the resources to make a $1 million loan for the first time in its history in 2005, thanks in large part to a $3 million loan pool investment from Charter One Bank. Charter One’s investment in CCLF was part of a record-setting infusion of new investment capital in 2005.

Like many cities in the U.S., the village of Riverdale has found itself struggling to adapt to economic fluctuations and new market realities.

Since the departure of heavy industrial businesses in recent decades, the suburb (with an approximate population of 15,000) has seen declines in housing values and employment rates. Worse, Riverdale has also been left with many “brownfields,” or environmentally-contaminated sites.

In fact, CCLF’s partnership with Charter One and the Historic Pacesetter Limited Partnership is now multi-faceted: the bank plans to provide a portion of the financing for the project’s construction. built in 1960, These historic pacesetter townhomes have fallen into disrepair

Nonprofit Organization U.S. Postage PAID Permit #6510 Chicago, IL

Riverdale, IL — Kelvin Edwards has already picked out his dream home.

The corner unit has a large yard, perfect for gardening and hosting barbeques.

Edwards, a five year resident of the Pacesetter subdivision, has high hopes for his neighborhood. The townhome down the street, which he has already begun to think of as his own, is slated for a full renovation as part of a large-scale effort to revitalize the 1960 development.

Beginning later this year, Pacesetter will be rebuilt as a combination of affordable and marketrate homes, with both rental and ownership opportunities.

save the date: Thursday, september 28 CCLF’S 15TH ANNIVERSARY CELEBRATION

Mark your calendars now for an early evening event celebrating 15 years of CCLF’s work. For information, call 312.252.0440, ext. 202.

CCLF newsletter of chicago community development projects, issues & features

Kelvin Edwards looks forward to moving into a rehabbed pacesetter home

Ninety brick-faced townhomes, including the home Edwards hopes to rent, have been placed on the National Register of Historic Places as examples of mid-century modern architecture. They will be preserved and rehabilitated.

Ninety brick-faced townhomes have been placed on the national register of historical places as examples of mid-century modern architecture. They will be preserved and rehabilitated.

Most of the rest of the existing units will be entirely replaced.

The development will also include commercial/office space for businesses and social service providers, as well as green space and a new community center. The design of the community will be progressive, environmentally friendly and energy efficient.

HISTORY OF A SUBDIVISION Nearly 50 years ago, an entrepreneur named Harry Quinn developed see “pacesetter” on page 2>>

trees line the streets of this south suburb

Yet Riverdale, which borders the city of Chicago, about 20 miles south of the Loop, is recovering. With the renaissance of the historic Pacesetter housing subdivision and a redeveloped 138th Street industrial corridor, SEE “RIVERDALE” on Page 2 >> s p rin g 2 0 0 6 Inside this Issue

• CCLF makes record loan for Pacesetter • GRIP’s plans for Riverdale industry • Upcoming PRWs • Partner profile: religious investors • Credit memos • Meet our new staff Mission

To provide low cost, flexible financing to community development organizations engaged in affordable housing, social service and economic development initiatives that benefit low–to moderate-income neighborhoods and families throughout metropolitan Chicago.

CONTACT INFO

29 East Madison Street, Suite 1700 Chicago, IL 60602-4115 312.252.0440 tel 312.252.0419 fax info@cclfchicago.org www.cclfchicago.org

RIVERDALE plans new development from Page 1 the tree-lined streets that make up the remainder of Riverdale will again be part of a truly vibrant community.

CCLF made two predevelopment loans in 2005 to organizations working to address the Village of Riverdale’s housing and economic development needs. In addition to the Pacesetter project profiled on the cover, CCLF provided financing to Greater Riverdale Industrial Partnership.

taminated sites for new industrial and commercial businesses.

Working closely with the Village of Riverdale, the organization—led by Executive Director Michael Brown—is crafting land use and design criteria to keep development in line with the community’s priorities. the greater riverdale industrial partnership (GRIP) plans to create livable-wage jobs in the 138th street corridor by attracting environmentally-safe, noninvasive businesses to underutilized sites.

RESTORING INDUSTRY Plans are in the works to revitalize an industrial corridor neighboring the Pacesetter housing site.

The Greater Riverdale Industrial Partnership (GRIP), a local nonprofit formed in 2002, is spearheading the planned redevelopment of more than 200 acres along the village’s 138th Street industrial corridor.

GRIP received a $250,000 predevelopment loan from CCLF last year to assist in identifying, acquiring, and preparing underutilized or con-

CCLF Noteworthy

By attracting environmentallysafe and noninvasive businesses to the corridor, GRIP aspires to create up to 3,400 new livable-wage jobs in the redeveloped industrial corridor.

GRIP’s plans aim to give this south suburb new vitality with a coordinated mix of industrial and commercial development. The revitalized corridor will be an asset to the residents of Riverdale, and especially to those in the newly-redeveloped Pacesetter neighborhood.

pacesetter

from Page 1

Pacesetter as a Riverdale subdivision with nearly 400 townhomes built in small, attached clusters. Pacesetter residents, many of whom worked at the nearby steel mill, enjoyed amenities that included a park and the nearby Pacesetter shopping center.

As manufacturing declined in the surrounding community, however, Pacesetter suffered. Most of the homes were purchased by negligent, absentee landlords and fell into disrepair. The shopping center closed its doors.

The neighborhood’s 1960’s-style layout, with meandering streets, cut it off from the grid plan of the rest of Riverdale, and the increasingly isolated subdivision acquired a poor reputation. as manufacturing declined in the community, Pacesetter suffered. in 2003, a panel

project readiness workshops

upcoming sessions for emerging community real estate developers

created a new vision for the neighborhood to be redeveloped as a mixed-use, mixed-

Real estate development is a tricky business by any measure. Developing affordable housing can be an especially risky enterprise.

For this reason, CCLF regularly offers Project Readiness Workshops (PRWs) in the city and suburbs, designed specifically with new and emerging organizations in mind.

These intensive one-day primers provide a good overview of the affordable housing development process and its implications for your organization.

For more information or to register, call 312.252.0440, ext. 205, or email workshop@cclfchicago.org.

2006 workshop schedule

income community.

WEDNESDAY, APRIL 19

@ Round Lake Beach, IL TUESDAY, JUNE 27

@ CCLF (29 E. Madison, #1700) TUESDAY, AUGUST 22

@ CCLF (29 E. Madison, #1700) Focus: Design and Sustainability TUESDAY, OCTOBER 24

@ Suburban location (TBD) TUESDAY, DECEMBER 5

@ CCLF (29 E. Madison, #1700)

A PLAN FOR CHANGE The Village of Riverdale—led by Mayor Zenovia Evans—identified Pacesetter’s condition as one of the Village’s most serious problems. In 2003 the Village invited a panel of experts sponsored by the Urban Land Institute and the Campaign for Sensible Growth, with the Metropolitan Planning Council, to create a new vision for the neighborhood.

The initiative culminated in a bold plan to redevelop Pacesetter as a mixed-use, mixed-income community.

Holsten Development Corporation Continued on back page >>

Making the critical difference

Editor’s Note: Community Blueprint includes regular profiles, recognizing our friends’ financial, in-kind and programmatic contributions.

This shared vision is a catalyst for meaningful change in the lives of Chicagoans. Says Lura Mack of the Adrian Dominican Sisters:

religious groups invest in cclf’s work

“Through the hard work and perseverance of CCLF [and its borrowers,] projects are successfully carried out and empower people and their community.

We are delighted to be in partnership with CCLF and appreciate all they do on behalf of those without means or voice.”

While many religious groups have backed the loan fund since its inception, in 2005 CCLF experienced a surge in investments from religious organizations around the country.

New investors include the Episcopal Church; the Sisters of St. Dominic in Racine, Wisconsin; and Our Lady of Victory Missionary Sisters in Huntington, Indiana. [the sisters] are committed to supporting efforts that help the poor and marginalized better their lives and strengthen their communities. One way [we] do this is by investing in local organizations like cclf.

- sharon Geertsen, racine dominican sisters

In addition, Catholic Health Initiatives chose to make a generous twofold increase in their investment. These new additions—totaling $660,000—have raised the total amount invested by religious organizations to more than $1.2 million, accounting for over 20% of CCLF’s investor portfolio (which also includes individuals, corporations, and charitable foundations).

Why has CCLF found such a strong ally in the religious community?

Sharon Geertsen, Director of Finance for the Racine Dominican Sisters, says, “[The Sisters] are committed to supporting efforts which help the poor and marginalized better their lives and strengthen their communities. One way [we] do this is by investing in local organizations like CCLF. By making a low interest loan to CCLF, the Sisters support the work that CCLF does to provide affordable and supportive housing to persons in low-income neighborhoods.”

For more information about investing in CCLF, call 312.252.0440, ext. 206, or email investing@cclfchicago.org.

suburban initiative to continue, expand CCLF recently received an important commitment of capital and operating support for its suburban outreach program. The Grand Victoria Foundation will provide a $100,000 “equity” grant for CCLF’s loan pool, as well as $45,000 to support the suburban initiative’s operations.

Now in its third year, the initiative is a concentrated effort to fully realize CCLF’s mission to serve the greater Chicago metropolitan area—while continuing its strong performance in the city. CCLF is focusing on the south suburban corridor and certain lowerwealth suburban areas in the north lakefront region as areas of particular interest.

credit memos 6608 S. Maryland, LLC received a $50,000 predevelopment loan to build 6 mixed-income condominium units in Woodlawn. Special thanks to Perry D. Smith at McDermott Will & Emery for serving as CCLF’s counsel on this transaction.

TCB Lorington Limited Partnership received a $200,000 predevelopment loan to acquire, rehab, and preserve 52 units of affordable rental housing in Logan Square. Special thanks to Matt Huebsch at Chapman & Cutler for serving as CCLF’s counsel on this transaction.

Woodlawn Renaissance Partners #2, LLC received a $594,000 predevelopment loan to purchase property for a 32 unit mixed-income condominium development in Woodlawn. Special thanks to Charles Boehrer, Ryan C. Green and Karen Weber at Winston & Strawn for serving as CCLF’s counsel on this transaction.

New faces CCLF is pleased to welcome two new members to our team!

Tiffany Lee, Senior Portfolio/Program Officer, joined the loan fund in mid-February. tiffany lee She comes to us with a diverse background in both banking and the nonprofit sector.

Most recently, she was a Development Officer at Good News Partners—a CCLF borrower and affordable housing developer. Tiffany is responsible for loan monitoring and technical assistance, working closely with borrowers to help strengthen their operations and complete their development projects successfully.

Dena Al-Khatib came aboard in the beginning of March as CCLF’s new Senior Loan/Program Officer. Dena brings significant experience in the local commudena al-khatib nity development field, most recently serving as Program Manager for the New Communities Program at Bickerdike Redevelopment Corporation. As our key lender for the City of Chicago, Dena is responsible for the origination, underwriting, risk analysis, and closing of CCLF’s community loans.

milestones Congratulations to Rose Seremala, who recently celebrated her 10th anniversary of employment at the Loan Fund. Rose joined CCLF in February, 1996, as our Office Manager. Thanks, Rose! We hope you can keep us organized for another 10 years!.