CCLF'S E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES
Bronzeville Jerk Shack Opens, Latest in 51st Street Revitalization
Bernard Loyd, President of Urban Juncture, and his children with financing partners Lisa Cooper from State Farm and CCLF President Calvin L. Holmes
Bronzeville Jerk Shack, the latest addition to Urban Juncture's revitalization of 51st street, welcomed a crowd to its South Side location a few weeks ago for a Grand Opening Celebration. CCLF staff members including President Calvin L. Holmes joined Urban Juncture volunteers, Lisa Cooper from State Farm and Alderman Pat Dowell of Chicago's 3rd Ward in welcoming the new restaurant.
The Celebration began with Bernard Loyd, President of Urban Juncture, and Alderman Dowell welcoming the group and explaining their vision for the area's development. "51st Street is on the move," Alderman Dowell praised, citing the many recent improvements on the block like Urban Juncture's Bronzeville Community Garden and Bronzeville Bikes, along with unrelated establishments that are beginning to open in the area.
State Farm provided CCLF with an initial investment of $2 million to invest in low wealth communities. This enabled CCLF to underwrite Urban Juncture's Bronzeville Cookin project which in addition to the Jerk Shack plans to include a fresh produce market and two other restaurants that will highlight different aspects of African cuisine. Read more here
After 9 Years, Harvest Homes is Breaking Ground
Reverend Michael Eaddy, Mayor Rahm Emanuel, Congressman Danny Davis, Congressman Bobby Rush, CCLF President Calvin L. Holmes and other community leaders break ground at Harvest Homes
In 2006 Reverend Michael Eaddy, the Executive Director of the People's Community Development Association of Chicago, Inc. (PCDAC), reached out to the Chicago Community Loan Fund (CCLF) for a loan. It was to be used for the pre-development of Harvest Homes, a 36-unit affordable housing project in East Garfield Park. After receiving approval, however, PCDAC encountered a series of road blocks that stalled the advancement of the project.
When logistical issues combined with the recession's harmful effects on the real estate market, the completion of Harvest Homes was put in jeopardy. Fortunately CCLF, with help from The NHP Foundation, put its flexible financing and technical assistance into action. Members of its staff worked hard to restructure the project's funding, help find consultants and serve as a resource for PCDAC's needs. CCLF issued a loan of approximately $356,000 for PCDAC for the 36-unit apartment community that will now offer affordable housing.
Harvest Homes' Groundbreaking Ceremony in mid-July was a long awaited celebration of the development. Reverend Eaddy was joined by many important Chicago figures, such as Mayor Rahm Emanuel, Congressman Danny Davis, Congressman Bobby Rush, CCLF's President Calvin L. Holmes and others. Read more here
South Side Student Group Visits CCLF
In late July, a group of high school students from the South Side's social service program Guide Right Organization (GRO) visited Chicago Community Loan Fund (CCLF). The students were participants in the organization's Youth & Trades summer program, which aims to give young people in Chicago's Roseland community a wide range of knowledge about community development and investment property. Students learned about trades like carpentry and plumbing along with how to the market and finance a property.
Wendell Harris, CCLF's Director of Lending Operations, answers questions from students in the GRO Program
During their visit, the students shared a pizza lunch with Wendell Harris, CCLF's Director of Lending Operations. The meeting began with lighthearted conversation, as Harris had previously dropped by GRO's center and had started to get to know the kids. Very quickly, however, the laughs subsided and the students launched into many serious questions about the logistics of obtaining capital for buildings and other community projects. Some of them have already begun putting their own plans into action, such as a group that is selling t-shirts to raise money for a community garden in the Roseland area.
Wendell Harris, who grew up on Chicago's South Side, was thrilled about the opportunity to work with the group. He wanted to offer the students a model of how they could grow to contribute to their communities and strengthen their aspirations - as other professionals had done for him in the past. Read more here
Atlanta Delegates Meet with CCLF President and Discuss West Chicago Avenue Rebuild
Atlanta's Public Works Commissioner Richard Mendoza, Planning Commissioner Tim Keane, City Council members and department representatives join with the Executive Director of Active Transportation Alliance Ron Burke, staff of the Chicago Department of Transportation and CCLF President Calvin L. Holmes
In August, Chicago Community Loan Fund (CCLF) President Calvin L. Holmes met with a delegation of leaders from Atlanta to discuss the multidimensional benefits of bike friendly cities on a tour organized by the Chicago Department of Transportation (CDOT). The visitors, who ranged from City Council members to a board member of the Atlanta Bicycle Coalition, came to Chicago to learn what makes it such a great place to bike. Despite its busy streets, Chicago ranked 2nd in Bicycling Magazine's 2014 list of the Top 50 Bike-Friendly Cities.
Joining CCLF's President Holmes to talk about Chicago's advancement in biking were members of CDOT and the Executive Director of the Active Transportation Alliance, Ron Burke. Holmes talked about how bike friendly communities can have positive effects on local business, focusing on the West Chicago Avenue Rebuild (WCAR) project. WCAR is an initiative under which CCLF and partner West Humboldt Park Family and Community Development Council (WHPFCDC) are re-energizing an 8-block stretch of West Chicago Avenue. This project is funded by Partners in Progress (PIP) through Citi and the Low Income Investment Fund (LIIF). Part of CCLF and WHPFCDC's goal for the area is to make it more bike and pedestrian friendly. This change will bring more people and potential customers into the corridor, increase the visibility of existing establishments and also make the area more appealing to new businesses. By following the trend toward a bike friendly Chicago, CCLF and WHPFCDC hope to ensure the success of WCAR.
CCLF Receives $28 Million in Historic Multi-Party Bond
For their recent grants, CCLF thanks: First Midwest Bank, MB Charitable Foundation, Northern Trust Company, Polk Bros. Foundation and The PrivateBank.
Staff & Board News
Elizabeth Ginsberg,Portfolio Management Associate for CCLF, joined the Women in Planning + Development (WP+D) Board of Directors as Treasurer. WP+D is a professional development organization dedicated to advancing leadership, fostering relationships, and providing educational opportunities for women at all stages of their careers within the fields of planning and development. Elizabeth has been a member of WP+D since 2013.
Hannah Bernard began as a Marketing Assistant in August 2015 as a member of the Lutheran Volunteer Corps. She helps create CCLF's quarterly newsletters and handles their social media presence, among other duties. Hannah graduated from Grinnell College with a BA in Political Science and Studio Art with a Concentration in Latin American Studies. While at Grinnell, she was an editor of several student publications. She is excited to be back in her hometown.
Cassandra Chan is a member of CCLF's lending team as a Program Assistant. She joined CCLF in August 2015 as a member of the Lutheran Volunteer Corps. She helps with the initial screening of loan inquiries, assists CCLF workshops and in tracking social impact data. Cassandra graduated from Furman University with a BS in Mathematics and a minor in Environmental Studies. Her interests include sustainability, gardening, traveling, and cooking.
Credit Memos: CCLF Lends $6.25 Million in 3rd Quarter
Breaking Ground, Inc. received a $326,000 construction loan to rehab one unit of affordable housing in Humboldt Park, and another $403,000 construction loan to rehab two units of affordable housing in Austin. Both of these loans are part of the City of Chicago's Neighborhood Stabilization Program.
Green Property Acquisitions, LLC received a $100,000 mini-permanent loan to refinance two units of affordable housing in North Lawndale. This loan is part of CCLF's Neighborhood Investor Lending Program. Thanks to Douglas Tedeschi and Andrew Lillis of Kirkland & Ellis LLP for serving as CCLF's counsel on this transaction.
1003 W. 77th St., Inc. received a $176,000 mini-permanent loan to finance six units of affordable rental housing in Auburn Gresham. This loan is part of the Cook County Preservation Compact. Thanks toBrandon R. Calvert of Charity & Associates, P.C. for serving as CCLF's counsel on this transaction.
NHS Redevelopment Corporation received a $453,000 construction loan to rehab one unit of affordable housing in Auburn Gresham. This loan is part of the City of Chicago's Neighborhood Stabilization Program.
South Langley, LLC received a $3,335,000 construction/mini-permanent loan to rehab 15 units of affordable housing in Woodlawn. This loan is part of the City of Chicago's Neighborhood Stabilization Program. Thanks to Brandon R. Calvert of Charity& Associates, P.C. for serving as CCLF's counsel on this transaction.
Winthrop Apartment Cooperative, a non for profit limited equity housing cooperative, received a $158,000 construction/mini-permanent loan to acquire and repair an 18 unit property in Edgewater. This loan is part of theCook County Preservation Compact. Thanks to Bradley Ritter, Esq. of Paul Hastings LLP for serving as CCLF's counsel on this transaction.
XS Tennis Support Foundation, Inc. received a $1,300,000 construction/mini-permanent loan to develop an indoor tennis centered sports facilities in Washington Park. Thanks to Jay Readey ofChicago Lawyers' Committee for Civil Rights Under Law, Inc. for serving as CCLF's counsel on this transaction.
The mission of the Chicago Community Loan Fund is to provide flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.
U.S. Treasury Awards CCLF $2 Million for its Community Lending Pool
Chicago Community Loan Fund (CCLF) was a recipient of a grant in the amount of $2,000,000 from the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund). "Today's awards highlight how much the CDFI Program has contributed in its 20-year history towards building a strong network of CDFIs across the country. These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole," said Annie Donovan, Director of the CDFI Fund, in the press release that announced the grant.
The $2 million CDFI Fund award will be used as capital to provide loans in low- to moderate-income neighborhoods. The grant will be leveraged at a ratio of 3:1 making $6 million available to support CCLF's 1-4 unit affordable housing Neighborhood Investor Lending Program (NILP), commercial retail lending and technical assistance services in lower wealth neighborhoods. The award will result in 200 units of affordable housing, 380 jobs and 300,000 square feet of commercial retail space.
Mercy Housing's Moving Forward Together Event
Mercy Housing's Moving Forward Together annual fundraising event was held September 30 at the Alhambra Palace in Chicago. The event featured a panel discussion, a keynote address and an awards dinner. The panel discussion focused on the impact the state budget stalemate is having on nonprofits working with the most vulnerable populations.The keynote speaker was Cook County Sheriff Thomas Dart.
The event concluded with dinner and Mercy Housing acknowledging their partners in their quest toward the evening's theme of "Creating a City of Hope for All." Several awards were announced including the Community Stabilization Award given by Tony Smith from PNC Bank and Darlene Dugo, Mercy Portfolio Services to Calvin L. Homes, President of CCLF as part of a team that renovated six rental homes in Chicago's Chatham community. The team worked together as part of the City's Neighborhood Stabilization and Micro Market Recovery Programs. Other team members included Karry L. Young Development, LISC Chicago, David L. Goldstein & Associates, LLC, Chicago Title Insurance Company and the Chicago Department of Planning and Development.
The Department of Housing and Urban Development (HUD) celebrates its 50th Anniversary this year. Click here to read a great article from Affordable Housing Finance about HUD's journey since 1965
Salvation Army Opens in West Chicago Avenue Corridor
At the end of August, the Salvation Army officially opened its Freedom Center on West Chicago Avenue. The Freedom Center takes up an entire City block providing over 100,000 square feet of community facility space.
With 400 units of housing, a gymnasium, Chapel and community meeting space; this welcomed community resources will be able to address serious needs in West Humboldt Park while helping to revitalize an 8-block stretch of Chicago Avenue that CCLF and its co-quarterback, West Humboldt Park Family and Community Development Council (WHPFCDC) have targeted for its Partners in Progress project. CCLF and WHPFCDC have implemented the West Chicago Avenue Rebuild (WCAR) project to bring more commercial retail, affordable housing and other amenities such as needed community services to the area that currently suffers from high crime and unemployment.
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