2010 Investor Packet - Chicago Community Loan Fund

Transcription

2010 Investor Packet
29 East Madison Street
Suite 1700
Chicago, Illinois 60602
T 312.252.0440
F 312.252.0419
www.cclfchicago.org
INVESTING IN THE CHICAGO COMMUNITY LOAN FUND
1) I/We will invest $______________________ dollars (minimum $1,500).
2) The investment will yield a ______% interest rate of return (0 - 3 %)
(Lower rates help CCLF offer better rates to our borrowers.)
3) My/Our investment will carry a ____ year term (1-10 years).
(Longer terms help CCLF offer more flexible financing to borrowers.)
My/Our check in the amount of $_____________ is enclosed.
Please send me the loan agreement form for execution.
My/Our check will follow.
Investor’s Legal Name(s):
________________________________
Street Address: ________________________________
City, State, Zip:
________________________________
Telephone:
________________________________
E-mail Address:
________________________________
Social Security #(s) *:
(or if applicable)
Employer ID # *:
________________________________
________________________________
Signature:
________________________________
Date:
________________________________
*Note: we cannot process your investment without this information
Please return to Chicago Community Loan Fund, 29 East Madison Street, Suite 1700, Chicago, IL
60602, or contact the Director of Finance and Administration at (312) 252-0440, ext. 204.
=================================================================================
For Office Use Only
Investment Type:
____________
Loan Agreement Date: ________
Investment Number: ________
Maturity Date: _________
Suite 1700
Chicago, Illinois 60602
T 312.252.0440
F 312.252.0419
www.cclfchicago.org
Suite 1700
Chicago, IL 60602
T: 312.252.0440
F: 312.252.0419
www.cclfchicago.org
│Media Recognition
www.chicagotribune.com/news/local/chicago/chi-culinary-incubator-city-zonenov27,0,7847486.story
Around the Region
Local activist says ethnic cuisine will bring 51st Street a taste of success
By Donald Liebenson
Special to the Tribune
November 27, 2009
In developer Bernard Loyd's dreams, a desolate 51st Street in
Bronzeville will be transformed by an ethnic food district that
acts as a magnet for other businesses and people tired of eating
unhealthy food on the run.
His $8.6 million project, called Bronzeville Cookin', moved a
step closer to fruition this month when the Chicago
Community Development Commission recommended it
receive $3 million in tax-increment financing and that the city
sell Loyd two vacant lots for parking next to the century-old
building he plans to renovate.
The building, in the 300 block of 51st Street, next to the Green
Line station, would house four restaurants in 17,000 square
feet. Three restaurants would be full-service and one carry-out. There also would be a produce market.
The project is expected to be introduced to the City Council in December or January, said James Wilson,
Department of Community Development project manager.
Loyd, 47, a Bronzeville resident and community activist, said the culinary incubator will turn a food desert
into an oasis, offering healthier dining options, jobs and a reason to come to the area. Now, residents have
more access to fast food than to a grocery store, he said.
"You're not going to come (to Bronzeville) because there's a Gap," he said. "You can get that anywhere."
"Chinatown is a great example. It's a huge economic engine for that community. Thousands are employed,
and there are all these other businesses that feed off of that flow of people, such as grocery or specialty food
outlets. Most go to Chinatown to dine, but the locals can get what they need in that community."
Each of Bronzeville Cookin's proposed restaurants will showcase distinct African and African-American
flavors. Cecelia's Southern Breakfast will offer traditional southern and southern-inspired breakfast and light
lunch. Majanji310 will feature African-inspired vegan fare. The Jerk Shack, a carry-out, will offer authentic
Jamaican barbecue. All three, and the produce market, are set to open next year.
A family-friendly Bronzeville Smoke House & Grill, where the decor will celebrate Bronzeville's rich history,
is scheduled to open in 2011.
The 51st Street building's white terra cotta and glazed brick facade is a testament to Bronzeville's rich
architectural heritage and the area's heyday as the "Black Metropolis" in the early part of the 20th century.
Project architect Chris Lee of the firm Johnson & Lee Architects, said he was surprised to discover a
childhood connection to the building.
"My pediatrician had his office on the second floor," he said. "He used to have to chase me to give me my
polio vaccine."
Today 51st Street remains mostly vacant, but other pockets of the neighborhood are resurging. Over the last
five years, such new restaurants as Blu 47, Chicago's Home of Chicken and Waffles, Bronzeville Coffee &
Tea, and Ms. Biscuit have becoming local fixtures.
"Its amazing what's happening to this neighborhood," said Richard Mott, a partner in Cecelia's and Jerk
Shack, and a consultant for the culinary project. He has lived in Bronzeville for 22 years and his business,
Sugarplum Catering, is based there.
"The transformation has been dramatic. Drive up and down the streets and you'll see condo conversions and
new construction. What we're hoping to do here is create a critical mass of development that will transform
this neighborhood on 51st Street very quickly," Mott said.
Loyd was born on the West Side. When he was 2, he moved with his German mother to Munich and later
lived in Liberia before returning to the United States to attend Cornell and MIT. In 1990, he returned to
Chicago to work for McKinsey & Co., a management consulting firm where he specialized in agribusiness and
became the first African-American partner.
Six years ago, Loyd quit to put his dream project on the front burner.
In his 15 years in Bronzeville, he's been involved in numerous community efforts, including the protest when
the legendary blues club and neighborhood institution the Checkerboard Lounge announced it was moving to
Hyde Park, and the state's Dan Ryan Task Force, which provided reaction to plans for the expressway
reconstruction project. He also served as chairman of the board for Centers of New Horizons, a social service
agency.
Loyd's team is comprised primarily of people, who, like him, have a strong connection to the community.
"That was intentional," he said. But the talent pool, he added, has not yet yielded someone to help run the
produce market, which he considers key to the project.
"We haven't had a produce store in the community since I've lived here," he said. "We've lost that
connection. You see a parent walking with their child and if they're having a snack, it's likely a bag of chips or
a soda. We are going to reach out and re-educate. It's one of the cores of what we're doing here."
Another goal is to provide jobs; unemployment, he said, is "horrendous." While he was talking a soft-spoken
man approached the building, peered inside and said he needed work because he was just laid off. Loyd
estimates that Bronzeville Cookin' will bring 130 jobs to the area.
He also hopes to foster more of a sense of neighborhood. Manjani310 award-winning chef and managing
partner Tsadakeeyah Ben Emmanuel said his 35- to 40-seat venue will feature a community table "to
encourage folks to come and share meals whether they know each other or not."
Loyd and company envision Cecilia's to follow in the homey tradition of Gladys' Luncheonette, a former
Bronzeville institution.
"Gladys' welcomed everyone," Loyd said. "Cecelia's will be a place where you have a congressman dining at
one table and a guy from around the corner at the next table."
Third Ward Ald. Pat Dowell supports the project and submitted a letter of support to the Community
Development Commission .
"I believe we are poised for some great things," she said. "This initiative is something that is sorely needed in
the community. We have some good restaurants now, but we need many more.
"People feel they have to drive out of the community to sit down and enjoy a meal and that should not be.
Last Friday night, I went to a restaurant on the North Side. There were a number of restaurants around it. We
had a choice of many. (In Bronzeville) we don't have the same kind of options."
Trez Pugh, co-owner of Bronzeville Coffee & Tea, said he supports Loyd's efforts "150 percent," and added,
"If anyone wants to open a sports bar (in Bronzeville), they'll make a killing. People ask me all the time when
I'm going to put in a flat-screen television or serve beer, but that would change the character of the place."
Loyd would like to work with Harold Washington Cultural Center and the DuSable Museum of AfricanAmerican History to enable people to really make an outing of it.
"There has been a return of black professionals to the community because in part of the tremendous
architecture at tremendous prices," Loyd said. "You couldn't get this anywhere else in the city. This used to
be the place, and I want to be a part of helping to bring it back."
Copyright © 2009, Chicago Tribune
FRONT & CENTER
Double Whammy
U.S. Banker | Saturday, August 1, 2009
By Glen Fest
Johnny Wright is a Chicago native and a West Coast celebrity coiffeur, who earlier this year parlayed his
campaign-trail service for Michelle Obama into a regular White House gig as the First Lady's First
Hairstylist.
Wright's burgeoning fame (he has signed on for a reality television show, too) got its start from the training
and licensing he received at a Southside Chicago beauty school a decade ago that owes its existence to a
$200,000 low-income opportunity investment from a Cook County community development financial
institution, in partnership with Harris Bank.
The owners "took the dollars from Harris Bank, bought a police station in the 6th district that was
abandoned, and converted it into a beauty college," said Yevette Boutall, a director of the CDFI,
Community Economic Development Association. "That's what you call teamwork."
Since the formal designation of CDFIs in 1994, the Treasury estimates that they have financed around $29
billion in small-business and affordable housing loans in poor communities.
Acting as intermediaries to banks, credit unions and foundations, the CDFIs provide low-cost financing to
neighborhood developers and small-business owners that might otherwise have trouble obtaining
market-rate loans.
But the traditional CDFI model, say many observers, is in crisis. Since last fall, CDFIs have been losing
access to low-cost sources of funding from partner banks that are cutting lines or lending at higher rates though demand for financing is as high as ever. The dried up secondary market for low-income tax credits
has only added to CDFI's woes.
Community development financing faces a critical threat of sliding into a "permanently diminished role," said
Mark Pinsky, the CEO of Opportunity Finance Network, a nationwide association of 170 CDFIs.
The problem has grown acute enough to grab the attention of Federal Reserve Chairman Ben Bernanke,
who is calling for the creation of a broader and more diverse funding base to carry CDFIs through the
current credit crisis, and beyond. CDFI organizers say banks have to be kept in the picture, since they
provide 54 percent of the total funding for CDFIs.
"If we can't pull banks back into the communities, I think the level of disinvestment, unemployment and
blight will increase very dramatically," said Calvin Holmes, executive director of the Chicago Community
Loan Fund, which provides pre-development financing for local retail, housing and nonprofit construction.
"We've got to have our traditional bank partners with us."
In its second-quarter market conditions survey of about 100 member CDFIs, Opportunity Finance found
more than half of the respondents reported being "capital restrained" and were boosting loan-loss reserves
in their portfolios. Most expect "operating and liquidity challenges" to continue this year, with 30 percent
expected to fund fewer loans to start-ups, non-profits and housing developers. Meanwhile, the survey
found that requests for CDFI funding are on the rise, in part because traditional financial has become
off-limits.
Pinsky says his group is in talks with government officials to find "new ways of increasing liquidity, whether
its various forms of guarantees that would help investors put money into CDFIs" or getting additional
government awards from the Treasury's CDFI Fund, a division which handles financial assistance to
institutions in economically depressed areas.
The CDFI Fund responded in June with $90 million in awards provided by the government's stimulus
package - with another round anticipated to reach the streets in September, for a total planned 2009
disbursement of $207 million.
The stimulus package also doubled, to $6.5 billion, the amount of New Market Tax Credits the CDFI Fund
would back for approved community development investments this year.
But many think it will take more to fill in an expected 39 percent drop in available CDFI capital. The CDFI
Fund last year recommended that Treasury set aside up to $2 billion from Troubled Asset Relief Program
funds for CDFIs.
Where has the money gone? CDFIs have lost several of their primary benefactors of recent years, either
to failure or mergers; Wachovia Corp., Washington Mutual Inc., and Merrill Lynch were among the most
active in CDFIs. (The investments earn banks Community Reinvestment Act credit.) The overall market
downturn, too, has played a role; a recent study presented to the Fed showed that CDFIs were frequently
found to have lost "concessionary" funding or short-term capital lines. Self-Help, a community development
credit union in Durham, N.C., had only hours to replace a $25 million overnight facility called in by a lender
on the day Lehman Bros. collapsed. Another CDFI had to cut ties with a lender that sought full collateral on
loans already guaranteed by the Small Business Administration, and ordered the CDFI to cede interest in
the loans (a violation of SBA guidelines), according to Paul Weech, a former chief of staff with the SBA
who interviewed dozens of CDFIs for the study.
Loans that are being renewed for CDFIs are coming with rate hikes of 200 to 250 basis points, according
to Weech.
The market for Low-Income Housing Tax Credits is perhaps the most critical loss for CDFIs. The credits in
recent years had provided about $8 billion annually in equity financing for developers of affordable housing
projects as they neared closing. But 40 percent of that volume came from Freddie Mac and Fannie Mae
purchases, which were halted in the spring of 2008.
"Most of the projects that have gone on in Detroit have been so because they've been subsidized by tax
credits," says Ray Waters, president of ShoreBank Enterprise Detroit - the nonprofit arm of ShoreBank in
Chicago. Without the tax credits, banks became hesitant to pick up pre-development loans and that forced
ShoreBank to turn away from funding new developments almost exclusively in favor of rehab projects.
In his June remarks on CDFIs, Bernanke called for bringing new venture capital investors into the stagnant
LIHTC market. Some of the market has been ameliorated with a program under the 2008 Home Economic
Recovery Act to provide grants to states in lieu of tax credit investments for housing developers.
The act also opened up another possible new funding channel for CDFIs: membership in the Federal Home
Loan Bank System. So far, only a "small number" of CDFIs - those that are banks, thrifts and credit unions
- will have the capacity to qualify for collateralized advanced for lending, says Pinsky, whose network is
negotiating less restrictive CDFI terms on asset requirements with the Home Loan Bank System's
regulator, the Federal Housing Finance Agency. "Most CDFIs tend to be unregulated institutions, and that
creates a challenge for the FHFA and Federal Home Loan banks, who need a certain amount of 'applesto-apples' information," says Pinsky.
Some questions have been raised whether those same regulatory issues are holding back Treasury from
offering up TARP funds, as recommended by its CDFI Fund board within the agency. Fifteen to date have
received TARP funds, for a total of $132 million.
In lieu of TARP, Pinsky says, "the Treasury could make equity equivalent investments in loan funds and
some equity funds and secondary capital investments" to spur liquidity.
Some CDFIs are devising their own solutions to boosting capital and revenue streams. Calvert Foundation
in Maryland, for example, has raised $160 million, with an average 3 percent rate of return, for a
mutual-fund type instrument in "community development notes" that has attracted 4,700 investors - and the
praise of Bernanke.
And Holmes of the Chicago loan fund is considering how his and other CDFI organizations can help
unfreeze the secondary market. One idea is for some CDFIs that have enough capital to take the bullet for
partner banks that are unable to front loans under tightened risk management guidelines. "Maybe we can
take over the long-term asset and management risk over time. Maybe we become the solution for that,
because we think we have the balance sheet and the regulatory environment to do that."
Longer-term solutions may also come into play from outside the CDFI circle of influence. The president's
regulatory overhaul includes expansion of financial services companies subject to CRA, which could widen
the field of potential CDFI financiers.
CDFIs are also eyeing the use of $80 million in funds allocated in 2009 to the Capital Magnet Fund, a
vehicle controlled by the CDFI Fund created under the Home Economic Recovery Act.
CDFIs play a crucial role in economic development because they provide cost-effective financing to
borrowers that might not qualify for conventional loans. The loans provided by CDFIs are done at levels too
low to be profitable for standard banks, and often need to be ferried through several layers of
participation.
"CDFIs are one of the few ways to get capital into the lower quintiles," said Pinsky. "The goal here is to
get the credit flowing in a responsible way. I'm not sure who else besides CDFIs are going to be doing
that."
In Chicago, a $1 million loan on a 2004 project by the Chicago Community fund provided the foundation for
an Uptown-area mixed-use development of housing, office and retail that has since attracted a Target
anchor store.
Holmes' group is also taking the lead on a $2 million to 3 million pre-development loan - one which required
more than 17 different sources of financing - to replace a decaying 70-year-old public housing project with
a new 3,000-unit affordable-housing development.
"That project will be worth hundreds of millions by the time it's done," says Holmes.
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MacArthur annual grants go to 9
nonprofits
April 28, 2009 By RUPA SHENOY, Associated Press Writer
CHICAGO (AP) - A union for self-employed women in India, a group that studies
sociology in Russia and a Chicago think tank that runs a popular car-sharing service are
among the winners of this year's MacArthur Foundation grants for nonprofit
organizations.
Recipients of the "Award for Creative and Effective Institutions," announced Tuesday by
the John D. and Catherine T. MacArthur Foundation, receive a check for up to $650,000
_ a major windfall for the groups that all have annual budgets between $200,000 and $5
million.
A $650,000 grant will go to the Center for Neighborhood Technology, a Chicago
nonprofit that researches and launches projects with economic and environmental
benefits for urban areas, including I-Go, a car-sharing service with 200 vehicles and
12,000 members.
The company will use the grant to increase its outreach, chief executive officer Kathryn
Tholin said.
"What we're all about is making cities work for the benefit of people who live in them
and the health of the planet," she said. "We couldn't be more excited that the MacArthur
Foundation has recognized us, but more importantly the award highlights issues we've
been working on."
The MacArthur Foundation is a private, independent Chicago-based group that hands out
about $260 million in grants annually. It's known for its so-called "genius grants,"
$500,000 no-strings-attached fellowships that have gone to hundreds of people since
1981.
This is the fourth year the foundation has awarded the nonprofit grants. To qualify,
recipients must have previously received support from the foundation.
Over the past year, MacArthur's endowment has dipped to about $5.2 billion from $7
billion, but the foundation is committed to continuing the awards, president Jonathan
Fanton said.
"These are organizations that have the courage to push the boundaries of what is
possible," he said. "They're all organizations that have determination, fierce energy, good
leadership, strong boards and have a record of really getting things done."
A joint $650,000 grant to the Washington, D.C.-based Center for Housing Policy and
National Housing Conference comes at a time when it's sorely needed, said Jeffrey
Lubell, executive director at the center. The nonprofit organizations' research and
advocacy on issues of affordable housing is especially important now, as communities
nationwide grapple with foreclosures, he said.
"This is a time when the need is great but the available resources are low," Lubell said.
The Chicago Community Loan Fund will use its $500,000 grant to expand its sustainable
development workshops, executive director Calvin L. Holmes said. In its 18-year history,
the fund has given $36 million in low-cost loans to small developers of sustainable,
affordable housing.
"We're determined with our sustainable development program to help our customers go
green and stay green," Holmes said. "The money from MacArthur is allowing us to focus
in on that a lot more."
Five of the nine winners are from outside the United States, including Access to Justice, a
group in Lagos, Nigeria, that fights police torture; the Caribbean Natural Resource
Institute in Port of Spain, Trinidad, which helps governments in the Caribbean cope with
the environmental and economic effects of climate change; the Centre for Independent
Social Research, a group in St. Petersburg, Russia, that studies the country's emerging
social structures; Women of the Don Region in Novocherkassk, Russia, which works to
combat police abuse and promote women's rights and Mahila SEWA Trust, a trade union
based in Gujurat, India, that organizes poor women workers.
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 [email protected]. 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. León, 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 Saldaña
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
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
Donate to CCLF
We need your financial
support to provide
targeted technical and
financial assistance
that empowers
community-based
developers to help
create communities
where people thrive.
You can support our
work with a secure
online donation via
PayPal at
www.cclfchicago.org/
support-us.
Chicago Community Loan Fund (CCLF) | 29 East Madison St, Suite 1700 | Chicago | IL | 60602
CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES
Summer-Fall/2009
Sustainability: Beyond Housing
Growing Home and Logan Square Kitchen are in the business of
being green
Sustainability can come in many forms. Two recent CCLF customers,
Logan Square Kitchen and Growing Home, are innovative Chicago
organizations that are rethinking how to combine sustainability and
community development.
Growing Home, Inc. provides job
training for homeless and low-income
individuals facing barriers to
employment by using organic, local
agriculture. Program participants
work at Growing Home's farms and
food stands, learning job readiness,
farming, marketing and sales skills.
All proceeds from the sale of
produce are then used for the
improvement of the programming
and farms.
Growing Home's Wood Street
Urban Farm is Chicago's first
permanent, year-round urban farm, located in the Englewood community.
The farm is helping to revitalize Englewood by creating jobs, providing
healthy produce and helping to encourage economic growth, particularly in
the area of food vendors.
Logan Square Kitchen is a new
sustainable kitchen incubator and
75-seat local event space that is soon
to open in the Logan Square
neighborhood in Chicago. Kitchen
incubators are rental commercial
kitchen spaces that are dedicated to
early-stage catering and restaurant
businesses.
The innovative business model will provide social and public health benefits
by promoting local business and participating in a local food economy that
is building steam in the Logan Square neighborhood, with the help of the
In This Issue
Sustainability: Beyond
Housing
Holmes in Moscow
Grantees Honored by
MacArthur
Credit Memos
Sustainability Workshop
Sustainability
Workshop 2009
CCLF's 4th annual
Building for
Sustainability
Workshop will be held
on October 19-20 at the
Chicago Center for
Green Technology. This
2-day event covers
topics concerning the
creation of
environmentally friendly,
affordable housing
and facilities.
To register, call
312-252-0440 x208 or
visit cclfchicago.org/
assistance.
(Photo: Tony V. Martin)
Logan Square Farmer's Market, forthcoming Dill Pickle Food Cooperative
and other businesses that feature local and sustainable products.
Zina Murray, owner and developer of the
Logan Square Kitchen project, is also
pursuing a Leadership in Energy and
Environmental Design (LEED) Gold
certification. The project is integrating
materials reuse, energy-efficient appliances
and lighting, recycling, and air quality
measures.
(Photos courtesy of Zina Murray and Jesse Davis)
Holmes Participates in Moscow Summit
Nonprofit Leaders Share Experiences, Ideas
Opportunities
The Community
Economic Development
Law Project has many
upcoming workshops for
nonprofit organizations,
including "501(c)(3) Tax
Exemption: Creating a
Charity." Find the full
schedule at
www.cedlp.org.
The Kresge Foundation
has announced a new
relief loan fund for human
service agencies in
response to the
economic crisis. For
more information, visit
www.kresge.org.
Registration is now open
for the Housing Action
Illinois 2009
Convention on October
22-23. Find more
information at
www.housingactionil.org.
Photo courtesy of the White House Press Corps
CCLF Executive Director Calvin L. Holmes recently participated in the Civil
Society Summit (CSS) in Moscow, Russia, which coincided with President
Barack Obama and Russian President Dmitri Medvedev's summit. The
CSS was organized by Eurasia Foundation, New Eurasia Foundation
and Center for Strategic & International Studies.
The CSS was held to engage nongovernmental experts and organizations
to develop recommendations for increased collaboration between US and
Russian organizations. These recommendations were then formally
presented to both President Obama and representatives of the President
of the Russian Federation at the conclusion of the summit.
Holmes was honored to present the results of the Community Development
and Youth Empowerment and Education group participants, where he
shared a dais with President Obama.
Holmes reflects, "Russia is a fascinating country with a complex history and
people. I came to appreciate that our Russian community development
counterparts have less support from the public and private sectors yet
display great courage and tenacity in their quest to improve living conditions
for low-wealth Russians."
North American
Students of
Cooperation (NASCO)
will hold their 2009
Cooperative Education
and Training Institute
entitled In Our
Backyards: Defending
the Environmental
Commons on November
6-8 in Ann Arbor, MI.
Find out more at
www.nasco.coop.
The City of Chicago
CAPS Program will be
holding free High Rise
and Condo Safety
Seminars during
September. For more
information, contact
William Townsell at
312-745-5900.
Grantees Honored by MacArthur Foundation
CCLF Receives MacArthur Award for Creative and Effective
Institutions
The John D. and Catherine T.
MacArthur Foundation recognized
the recipients of the MacArthur
Award for Creative and Effective
Institutions, including CCLF, at an
event at their Chicago offices on
June 10-11.
Grantees from around the globe were able to share presentations about
their work, as well as participate in workshops on topics concerning
organizational development. Former MacArthur Foundation President
Jonathan Fanton presented each organization with its award at the
ceremony.
CCLF is very excited to be a 2009 recipient of the MacArthur Award for
Creative and Effective Institutions, which honors innovative organizations
with grants of up to $650,000. CCLF will use the $500,000 award to
strengthen our balance sheet and enhance growth, particularly in the area
of sustainable building promotion.
The first project supported by this grant is a new website that will serve as
an online center of information for sustainable building and will be launched
this fall. The project is being staffed by CCLF's summer intern, Jesse
Davis. Jesse's position is also supported through the Citigroup Summer
Intern Program.
(Pictured above from left to right are: Directors John Tuohy, Susan Kaplan, Glenn Mazade, Founding
Director Sara Jo Light, Executive Director Calvin Holmes, and Directors Charles Daas, Kathy Tholin,
and Rafael Leon. Photo courtesy of MacArthur Foundation.)
CCLF Noteworthy
Credit Memos
Sixteen Hundred Investment Group received a $50,000 predevelopment
loan for 60 units of affordable senior housing in Roseland.
King Legacy, LLC received an $85,000 predevelopment loan for a
mixed-use building containing 45 residential and 6 commercial units in
Lawndale. Thanks to Jeffrey Gray and Kate Price of Wildman Harrold
Allen & Dixon LLP for serving as CCLF's counsel for this transaction.
Murray Development One, LLC received a $250,000 construction/minipermanent loan for the rehab of Logan Square Kitchen, a kitchen incubator
facility and event space. Thanks to Christopher Ellis and Geeta Kharkar
Stacks of Mayer Brown LLP for serving as CCLF's counsel for this
transaction.
Neighborscapes NFP received a $128,000 equipment and working capital
loan for the operation of summer youth employment program in southern
Cook County. Thanks to Susan Wyse of Winston & Strawn LLP for serving
as CCLF's counsel for this transaction.
Board of Directors
Rafael M. León, Chair
Chicago Metropolitan Housing
Dev. 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.
McGaugh & Associates
Kay McNab, Esq.
Winston & Strawn
Richard Peabody, Jr.
Finance Consultant
Nancy Radner, Esq.
Chicago Alliance to End
Homelessness
Matthew R. Reilein
JPMorgan Chase & Co.
Maria Saldaña
Duncan-Williams, Inc.
Kathryn Tholin
Center for Neighborhood
Technology
Oakwood Shores Senior Apartments LP received a $500,000
predevelopment loan for a 73-unit new-construction, affordable independent
senior living facility in North Kenwood-Oakland. Thanks to Robert Dixon
and William Hadler of Vedder Price P.C. for serving as CCLF's counsel
for this transaction.
Growing Home, Inc. (pictured left) received
a $250,000 loan for the development of a
year-round urban farm and job training
program in Englewood. Thanks to Natalia
Sokolova, Garry Jaunal and Mercedes
McFarland of Kirkland & Ellis LLP for
serving as CCLF's counsel on this
transaction.
Thank You to Funders and Investors
For their recent grants, CCLF thanks Polk Bros Foundation, Grand
Victoria Foundation, Charter One Bank, Citi Foundation, Citigroup
Summer Intern Program and US Bancorp Foundation. For their recent
investment renewals or increases, CCLF thanks Trinity Health and
Amalgamated Bank of Chicago.
Welcome Nga Nguyen
CCLF is excited to welcome our new Program
Assistant, Nga Nguyen, to our staff. Nga comes to
CCLF courtesy of Lutheran Volunteer Corps (LVC), a
year-long domestic service program. Nga is CCLF's 8th
volunteer from LVC.
Nga is originally from Hanoi, Vietnam, and recently
graduated with a BA in Accounting and Business
Administration from Wartburg College in Waverly, IA. Nga will work with the
Finance and Adminstration Team this year at CCLF.
Staff
Calvin L. Holmes
Executive Director
Jane I. Ames
Director of Finance &
Administration
Rhonda McFarland
Director of Lending
Mark Fick
Paul Gakhal
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
Program Assistant
Nga Nguyen
LVC Program Assistant
Credits
Editor/Layout Emily Moen
Printer Salsedo Press
Donate to CCLF
We need your financial
support to provide
technical and financial
assistance to help create
communities where people
thrive. Visit
www.cclfchicago.
org/support.
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.
Chicago Community Loan Fund | 29 East Madison St. Suite 1700 | Chicago | IL | 60602
Cumulative Social Impact - Since 1991
at December 31, 2009
Jobs
Units of
Borrower
Loan Amount
Colloquial Neighborhood
Dollars Leveraged
Created/
Bus./Facility
Retained
Square Footage
Housing
Project Type
0
Economic development
30
see below
Commercial unit
TBD
Enterprise
300 E 51st LLC (Urban Junctures)
[AA Holdings, LP (OAS Devel. Group)]
[Aliiance Property Group of Illinois II, LLC]
Bickerdike Redevelopment Corporation (BRC 1)
Bronzeville Emporium
Community Services West Inc.
Erie Neighborhood House
400,000
17,160
Bronzeville
P
see HOUSING
North Kenwood
35,000
7,000,000
Roseland
Humboldt Park
450,000
Bronzeville
80,000
North Lawndale
5,000
West Town
2,700
TBD
Commerical Unit (mixed-use)
0
0
Subsidiary business
0
0
10
0
Subsidiary business
5
0
Subsidiary business
0
80
2,241,319
400,000
-
14,000
TBD
15,000
4,000
-
Fellowship Educational and Economic Dev. Corp.
250,000
Chatham
22,000,000
0
100
302,000
Five Points Economic Dev. Corp
409,400
North Chicago, IL
3,590,100
0
75
21,500
25,000
Citywide
-
0
Nonprofit business
0
-
Greater Riverdale Industrial Partnership (GRIP)
250,000
Riverdale, IL
40,000
0
TBD**
TBD**
Growing Home Inc./Wood Street Urban Farm
250,000
Englewood
-
0
Urban Farm/Job Training
0
26,000
95,500
Auburn-Gresham
0
70
see below
Commerical Unit
2
see below
TBD
0
Nonprofit business
3
-
see below
Rental/Commercial
0
5,000
Gaia Movement 1 [Living Earth, Green World Action USA]
Halsted New City Retail LLC
Heartland Housing
see HOUSING
[Historic Pacesetter LP]
see HOUSING
I-Go Car Sharing
Edgewater
[3.6%]
500,000
Keeler-Roozevelt Road Limited Partnership (153)
see HOUSING
King Legacy, LLC
see HOUSING
2,300,473
Riverdale, IL
Chicago/Citywide
1,243,332
500,000
North Lawndale
3,141
10,755
see below
Rental/Commercial
0
4,500
250,000
Logan Square
-
0
3
3,000
Marketplace: Handwork of India
50,000
Skokie, IL
-
0
Nonprofit business
7
-
Near North West Arts Council 1B
42,995
Logan Square/Humboldt Park
0
Nonprofit business
0
Logan Square Kitchen (Murray Development One LLC)
Neighborscapes
Northpointe Achievement Center (Positive Impact Staffing)
Lawndale
17,825
216,815
128,000
South Suburbs
-
0
Youth Job Training
3
75,000
Winthrop Harbor/Zion, IL
45,500
0
Nonprofit business
0
TBD
65,000
Preservation of Affordable Housing (POAH)
see HOUSING
Woodlawn
see HOUSING
see below
Rental/Commercial
0
[Safeway Keeler]
see HOUSING
North Lawndale
see HOUSING
see below
TBD
-
[Safeway Kolin]
see HOUSING
North Lawndale
see HOUSING
see below
TBD
4,000
-
Salsedo Press 1
125,000
East Garfield Park
-
0
Workers cooperative
0
Salsedo Press 2 (A+B)
90,000
East Garfield Park
-
0
Workers cooperative
0
-
Salsedo Press 3
60,000
East Garfield Park
-
0
Workers cooperative
1
-
Salsedo Press 4
90,000
East Garfield Park
-
0
Workers cooperative
0
-
Salsedo Press 5
184,198
East Garfield Park
-
0
Workers cooperative
16
12,250
South Shore Health Center
75,000
South Shore
986,819
0
54
Tri Fund Development
600,000
Kenwood
1,023,000
0
TBD
80,000
[Wilson Yard Development 1 LLC]
270,000
Uptown
62,370,000
see below
250
224,000
5,000
0
Subsidiary business
3
103,965,058
80
Youth Service Project
# of loans: 25
45,000
[54%]
West Humboldt Park
4,852,253
% of Grand Total:
12%
11%
632
1%
811,971
54% commercial sq. ft.
Facility
30,000
South Shore
12,000
0
Childcare enterprise
3
Arab American Family Services
Ahadi Early Learning Center
380,000
Bridgeview, IL
-
0
Social services
0
3,000
Arches Retail Development LLC (Granite)
400,000
Oakwood
7,600,000
Medical Facility
0
14,000
18000
[Back of the Yards Neighborhood Council]
Becker House
Black Metropolis Convention & Tourism Council
Brighton Park
see below
see below
Nonprofit Office/Childcare
TBD
135,000
Rogers Park
63,000
6
Supportive
0
5,000
Bronzeville
-
0
0
1,000
3
Interim Hsg/Nonprofit Office
200,000
0
see HOUSING
1,900
1,900
Breaking Ground 2
250,000
North Lawndale
Cabrini Green Legal Aid Clinic
135,000
Cabrini Green
Social services
0
Chicago International School
240,000
Bucktown
-
0
Education
0
Chicago Mutual Housing Network 2
125,000
Logan Square/Bucktown
51,000
0
Nonprofit Office Space
0
55,000
Community TV Network 1
150,000
68,000
0
14
1,748
Community TV Network 2
139,500
1,384
0
0
Creative Assistance Development, Inc.
200,000
Elgin, IL
250
8
Supportive/Social Services
0
f:/ portfolio mgmt/borrower/monitor/ reports / cumulative social impact
Page 1
22,692
8,712
1,700
Last Update 2/4/2010
Jobs
Units of
Borrower
Loan Amount
Dollars Leveraged
Housing
Project Type
Created/
Bus./Facility
Retained
Square Footage
Dream Center, The
51,000
Maywood, IL
2,040
0
Youth development
0
El Hogar del Nino
320,000
Pilsen/Little Village
37,200
0
Childcare
12
Faith Tabernacle Baptist Church 2
234,000
Stony Island Park
141,000
0
Landbanking
0
Featherfist
193,000
South Shore
1,990,893
0
34
Gaia Movement 2, The [Living Earth, Green World Action USA]
167,500
Washington Heights
-
0
Environmental
5
Humboldt Park
17,600
6
0
Geneva Foundation
281,000
Geneva Foundation 2
129,000
Humboldt Park
Ignatia House
144,000
Avondale
Industrial Council of Northwest Chicago
150,000
39,000
Institute of Positive Education
Kinzie Industrial Development Corp. (KIDC/ICNC 2)
11,200
n/a
6,565
13,750
4,248
0
0
-
7
Supportive
0
-
West Town
-
0
0
3,086
Grand Crossing
-
0
Education
0
416,000
2,814
250,000
West Town
-
0
Industrial Development
360
107,000
Lake View Towers Resident Association
11,000
Uptown
-
0
Social services
0
416,000
Latino Chicago Theater Company
30,000
Bucktown
-
0
Arts
0
-
145,000
North Lawndale
-
0
Housing/Social services
1
-
0
Housing/Advocacy
0
2,500
0
9
40,000
0
Social services
0
-
0
Social services
0
18,000
Lawndale Christian Development Corporation
LUCHA
25,000
West Humboldt Park
Mount Vernon Missionary Baptist Church
50,000
Near West Side/West Town
Mujures Latinas En Accion
102,440
Mujures Latinas En Accion 2
200,000
349,500
Old Town/Citywide
Mustard Seed of Chicago
[Near North West Arts Council 1B]
Peopleʹs Reinvestment & Development Effort (African Village)
see ENTERPRISE
Logan Square
3,000,000
1,785,800
150,000
see ENTERPRISE
Social services
0
[Nonprofit business facility]
see above
13,000
0
Subsidiary business
10
40,000
0
Arts
20
85,000
2
see above
40,000
Austin
500,000
North Kenwood/Oakland
Resource Center 1
55,000
Uptown
-
0
Environmental
Resource Center 2
40,000
Riverdale (Chicago)/Citywide
-
0
Environmental
Resource Center 3
30,000
Riverdale (Chicago)/Citywide
-
0
Environmental
9
-
Rimland Services 1
252,938
Evanston, IL
17,500
4
0
10,500
Rimland Services 2
125,400
Maywood, IL
8,600
4
0
Rimland Services 3
180,000
Evanston, IL
-
4
0
1,100
Rimland Services 4
1,200
Quad Communities Arts and Recreation Center
-
0
0
36,500,000
117,000
Evanston, IL
-
4
0
Rogers Park Montessori School
25,000
Edgewater/Rogers Park
-
0
Education
1
The HIV Talk Radio Project
20,000
Citywide
-
0
Education
0
Wisdom Bridge Arts Project
429,000
Rogers Park
-
0
Arts facility/Landbanking
0
# of loans: 43
% of Grand Total:
6,875,278
51,647,267
17%
6%
5,170
-
-
989
2,290
TBD
46
480
1%
41%
1,329,064
nonprofit sq. ft.
Housing
AA Holdings 1 LP (UAS Devel. Group)
268,840 [94%]
16
Rental/Commercial
Alliance Property Group of Illinois II, LLC
875,000
North Kenwood
24,000,000
80
Rental/Commercial
0
Ambassadors for Christ (AFC 1A+B)
100,000
East Garfield Park
1,552,383
12
Rental
5
Back of the Yards Neighborhood Council
295,000
Brighton Park
12,090,969
60
Senior Rental/Facility
TBD
Bickerdike Redevelopment Corporation (BRC2)
145,000
West Town
4,426,733
40
Cooperative
1
-
Bickerdike Redevelopment Corporation - La Paz Apts (BRC3)
175,000
W. Humboldt Park/Logan Sq
6,398,318
44
Rental
1
-
Breaking Ground 1 (nee Upward Bound)
270,000
902,000
10
Homeownership
2
-
2
Homeownership/Rental
0
-
Breaking Ground 3
Breaking Ground, Inc. 4
Chicago Metropolitan Housing Dev. Corp.
Chicago Mutual Housing Network 1
Chicago Victory Church
Christian Vision Center
242,543
Roseland
North Lawndale
North Lawndale
42,300 P
-
50,000
North Lawndale
250,000
Wash Hghts/Ashburn/Chicago Ln/Albany Pk
1,690,000
88
-
Landbanking
Rental
see above
see above
0
-
5,000
Chatham
1,500,000
17
Homeownership
0
-
50,000
West Garfield Park
918,602
6
Rental
0
-
45,000
Chicago Heights, IL
2,590,823
16
Supportive/Rental
0
Clair Christian United Methodist Church
216,575
North Lawndale
6,083,425
62
Rental
0
-
Cook County Housing Dev. Corp./HODC (Morton Grove)
250,000
Morton Grove, IL
7,689,640
56
Supportive/Senior Rental
1
-
East Lake Management & Development Corporation
184,814
Grand Boulevard
-
6
Rental
0
-
Ellis Cooperative
350,000
Oakland
-
36
Co-op Rental
0
-
Page 2
Jobs
Units of
Borrower
Eighteenth Street Development Corporation
Loan Amount
6,000
Pilsen
Englewood Housing Group II, LP
375,000
Freedom Road Cooperative
619,468
Uptown
78,000
Washington Park
Faith Tabernacle Baptist Church (Community Housing Partners)
Dollars Leveraged
Englewood
FAT Group 1a
35,000
North Lawndale
FAT Group 1b
50,000
North Lawndale
-
Housing
Project Type
Created/
Bus./Facility
Retained
Square Footage
0
Homeownership
0
-
40
Rental
0
-
337,000
6
Homeownership
0
-
1,300,000
24
Rental
0
-
11,000,000
-
-
Rental
0
-
Rental
0
-
67
Rental
0
-
44
Mixed-income Ownership
0
-
0
-
671,511
9
20,000
5,400,000
4832 S. Vincennes LP
684,000
Grand Boulevard
Genesis Housing Dev. Corp.
125,000
North Washington Park
Genesis Housing Dev. Corp. 2
281,000
Bronzeville, Washington Park
-
Good News Partners 1
354,000
Rogers Park
-
6
Co-op/Ownership
0
-
Good News Partners 2 (Phoenix Co-op)
350,000
Rogers Park
-
17
Cooperative Rental
0
-
Good Shepherd Community Service Organization
250,000
Washington Park
7,757,730
39
Homeownership
0
-
85,931
5,569,986
57
Rental
1
-
Granite Partners for Oakwood Blvd (MaddenWells2)
350,000
Kenwood/Oakland
40,050,000
133
Homeownership
0
-
Granite Partners for Oakwood Boulevard Phase II LLC
500,000
Kenwood/Oakland
1,500,000
344
Mixed-income Ownership
0
-
Greater Bethlehem Community Development Corporation
250,000
East Garfield Park
6,446,712
27
Homeownership
0
Greenline1_6640 S. Maryland LLC
640,000
Woodlawn
90,695
4
Homeownership
0
Greenline2_6608 S. Maryland LLC
125,000
Woodlawn
7,379,072
6
Homeownership
0
-
Heartland Housing Inc
300,000
Edgewater
32,000,000
197
Rental/Commercial
0
-
4
Cooperative
0
-
130
Rental
see above
10,500
Gorham United Methodist Church Foundation
Hesed House Cooperative
Holsten/CCHDC Pacesetter
315,000
Little Village
1,200,000
Riverdale, IL
38,332,048
1
-
Housing Opportunity Dev. Corp (nee IHDC-North Shore)
220,000
(South) Evanston, IL
20,000
4
Rental
0
-
Hub Housing Cooperative
615,000
Little Village
130,159
5
Co-op/Ownership
0
-
Interfaith Housing Development Corp.of Chicago
350,000
East Garfield Park
5,730,350
69
Supportive
13
-
Jazz on the Boulevard 1A
200,000
Kenwood
38,000,000
137
Rental/Homeownership
0
Jazz on the Boulevard 1B
110,000
Kenwood
Keeler-Roozevelt Road Limited Partnership (153)
500,000
North Lawndale
Keeler-Roozevelt Road Limited Partnership (153a)
30,000
North Lawndale
King Legacy, LLC
85,000
Lawndale
17,458,650
Lake Shore-North Washington Park Joint Venture
TBD
-
6,000,000
26
-
42
Rental/Commercial
-
0
Rental/Commercial
see enterprise
-
Rental/Commercial
see enterprise
92,500
1,500,000
24
Homeownership
0
-
Lawndale Douglas LLC
425,000
North Lawndale
1,632,975
42
Rental
3
-
Logan Square Cooperative 1A
332,000
Logan Square
Logan Square Cooperative 1B
180,000
Logan Square
Lots In Common (nee NASCO)
300,000
Hyde Park
Low End Adventures
692,481
Southwest Side
LUCHA II
158,000
West Town
251,500
8
Cooperative
0
-
0
Cooperative
0
-
50
Cooperative Rental
0
7
Homeownership
0
535,000
47
Rental
0
1,160,000
-
-
Madden Wells Phase 1A Associates
350,000
Kenwood/Oakland
34,136,015
162
Mixed-Income Rental
0
Madden Wells Phase 1B
350,000
Kenwood/Oakland
36,366,271
162
Mixed-Income Rental
0
-
Mission Metamorphosis
75,000
North Lawndale
987,653
10
Supportive
0
-
NASCO Properties- Qumbya Cooperative
120,000
35
Cooperative Rental
0
-
National Progressive Institute
100,000
Grand Boulevard
2,300,000
24
Rental
0
-
Near Northwest Arts Council 1A
299,000
Logan Square/Humboldt Park
1,600,000
20
Homeownership
5
-
65,000
Chatham
3,615,899
32
0
-
New Chatham, JV
1,022,495
Hyde Park
-
New Pisgah Missionary Baptist Church
100,000
Auburn Gresham
16,700
80
Senior Rental
0
Nobel Neighbors
125,000
West Humboldt Park
10,000
1
Homeownership
0
-
North American Students of Cooperation (NASCO 1)
45,000
Hyde Park
-
Cooperative Rental
0
-
-
North American Students of Cooperation (NASCO 2)
315,000
Hyde Park
911,000
20
Cooperative Rental
0
Oakwood Boulevard Associates
175,000
Kenwood/Oakland
343,975
700
24
-
Oakwood Shores Phase 2A Associates LP
350,000
Kenwood/Oakland
$56,317,271
199
Rental
0
-
Oakwood Shores Senior Apartments Limited Partnership
500,000
Kenwood/Oakland
$18,960,000
73
Senior Housing
o
-
Oakwood Shores Terrace Associates LP
200,000
Oakland
$13,000,000
36
Rental/Mixed-Use
0
28,000
OK Share, Inc. & LakeShore New Homes, LLC
300,000
North Oakland
1,085,000
10
0
-
79,970
Woodlawn
850,000
12
Homeownership
0
-
250,000
Near North
1,000,000
92
Rental
0
-
Omega Woodlawn
Parkside Nine Phase IIA (Holsten)
Page 3
Jobs
Units of
Borrower
Loan Amount
Peopleʹs Community Development Association of Chicago, Inc.
Peopleʹs Reinvestment & Development Effort (PRIDE 3 a,b)
Dollars Leveraged
Housing
Project Type
Created/
Bus./Facility
Retained
Square Footage
250,000
East Garfield Park
2,550,000
12
Homeownership
0
-
60,000
Austin
6,121,000
64
Rental
0
-
Peopleʹs Reinvestment & Development Effort - CAP
5,000
Austin
-
18
Cooperative
0
-
Positive Systematic Transformations, Inc. (PST 1)
1,000
Waukegan/North Chicago, IL
-
0
Homeownership
0
-
Positive Systematic Transformations, Inc. (PST 2A)
5,000
-
0
Homeownership
0
-
Positive Systematic Transformations, Inc. (PST 3)
5,000
2,400,000
29
Homeownership
0
Woodlawn
20,000,000
420
Rental/Mixed-Use
0
Cooperative
0
-
Cooperative
0
-
5
Homeownership
2
-
5
Rental
0
-
2
-
Preservation of Affordable Housing (POAH)
750,000
Racine Courts Cooperative
400,000
Morgan Park
-
Racine Courts Cooperative - Increase
285,000
Morgan Park
-
Rebirth of Englewood
184,000
Englewood
54,028
Pilsen
The Resurrection Project
736,000
-
121
-
see above
Riverdale Family Housing LP
500,000
Riverdale, IL
1,055,125
50
Rental
Safeway Keeler
300,000
North Lawndale
3,662,801
21
Rental/Commercial
see above
-
Safeway Kolin
18,400
North Lawndale
1,600
21
Rental/Commercial
see above
-
Sixteen Hundred Investment Group, Ltd.
50,000
Englewood
40
Rental
0
-
Sixteen Hundred Investment Group (Pullman Suites)
50,000
Roseland
17,386,262
60
Senior Housing
0
-
26,000,000
-
Southside Preservation Properties, LLC
1,000,000
Chatham, Southshore, Auburn Gresham, Rose
587
Rental
0
1,750
6
Cooperative Rental
0
-
240,175
6
Rental
0
-
Uptown
49,750
11
Cooperative
0
-
McKinley Park
24,505
7
Cooperative
0
-
Logan Square
10,290,005
54
Rental
0
-
11,777,738
70
Senior Rental
3
-
483,000
7
Homeownership
0
-
5,127,000
28
Homeownership
0
-
Spaulding Collective Partnership
185,000
Logan Square
St. Johnʹs Commmunity Outreach Organization
600,000
Grand Boulevard
Stone Soup Cooperative 1
355,000
Stone Soup Cooperative 2
165,000
TCB Lorington Limited Partnership
200,000
Turnstone Development (CCHDC) - Calumet Park
200,000
Calumet Park, IL
Uptown Habitat for Humanity
250,000
West Humboldt Park
75,000
Grand Crossing/Avalon Park
Urban Equities
Voice of the People in Uptown
West Englewood United Organization
Willfeed Community Organization^
250,000
Uptown
136,000
30
Rental
0
-
60,000
Englewood
835,000
13
Supportive
1
-
0
-
0
-
150,000,000
178
Rental
see above
-
3,800,000
29
0
-
Withdrawn
Wilson Yard Development 1 LLC
1,000,000
Woodlawn Development Associates
TBD
75,000
P
-
Uptown
Woodlawn
WECAN 1 (Woodlawn East Community and Neighbors)
26,000
Woodlawn
2,441,000
64
Rental
1
-
WECAN 2
69,380
Woodlawn
1,915,093
23
Rental
2
-
WECAN 3
94,000
Woodlawn
4,706,000
42
Rental
2
-
WECAN 4
25,000
Woodlawn
446,345
6
Rental-->Ownership
0
-
WECAN 5
Woodlawn Renaissance Partners 2, LLC
Youthbuild Lake County
# loans: 102
$
% Grand Total:
35,000
Woodlawn
594,000
Woodlawn
71,000
North Chicago, IL
27,984,425
-
$
0
Working Capital/Rental
0
-
5,949,700
32
Homeownership
0
-
108,143
1
Homeownership
TBD
750,022,357
70%
83%
5,895
69
98%
not applicable
6%
Grand Totals:
# of loans: 170 $
39,711,956
53 communities
$905,634,682
6021
1181
2,141,035
NOTES:
Page 4

2010 Investor Packet - Chicago Community Loan Fund

Transcription

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