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COMMUNITY BLUEPRINT
CCLF'S E-NEWSLETTER OF COMMUNITY DEVELOPMENT
PROJECTS, ISSUES & FEATURES
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A Message from the President
Happy New
Year! We hope you will
enjoy reading this issue of Community Blueprint as it captures CCLF's impact in the
fourth quarter of 2013 and celebrates the year overall. 2013 was a WATERSHED
year for CCLF! Through our Community Lending and Gateway to Community
Development Technical Assistance Programs, we supported the vision of more
customers than ever! Our lending and technical assistance teams helped CCLF
invest in the creation or retention of nearly 400 affordable residences and 200
jobs and rolled up their sleeves to advance commercial-retail developments that
will bring new
merchants,
restaurants and healthy foods to long-ignored retail
corridors.
Our customers gave us the honor
of helping them make 26 Chicagoland communities from the Austin
neighborhood to Aurora, Illinois a little bit healthier, more dynamic and
capable of attracting additional commerce. Because we are completely committed
to helping create communities where people thrive, with the support of our 76
investors, we extended 37 new loans totaling nearly $19 million. Not only is
this a new high watermark for CCLF, but it is more lending in one year than we
provided in the five years, combined, leading into the Great
Recession.
We have no
doubt that our investment in new alliances and partnerships; talented staff and more robust operating systems; and
our elevated outreach are paying off! We will not rest. With unemployment in
Englewood at 21%; foreclosure filings in
Harvey, Illinois at 27%; small businesses struggling in Little
Village; property values in many low-wealth Chicagoland
communities stuck at 1990s levels; and wages for most Americans stagnant; we are
more focused than ever on working to provide our customers with flexible,
easy-to-access capital and practical technical assistance that they can use to
continue retaining and creating jobs for local residents, commercial spaces for
more and better goods and services and high quality, energy efficient housing
to empower the lives of lower wealth
families and individuals. Moreover, we
acknowledge that our loan volume is increasing, in part, because conventional
credit markets are tighter in the wake of the recession, as is the
case for many CDFIs across the country. Thus, we
cannot promise our communities that we will exceed our 2013 loan volume this
year, however, with our very strong pipeline of loans, we want our partners to
know that we are certainly going to try!
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Leroy Holmes
1942-2013
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On a personal note, I thank each of you who called, emailed, texted
or sent a card to me -- or gave me a hug at a meeting or on the street --
regarding the loss of my father in December. I was very close to him; admired
him greatly; and enjoyed his wisdom and company immensely. Please know how much
your compassion is carrying me through this very difficult time. I now know that
it takes a village to keep a man standing.
Thank you!
Calvin L.
Holmes, President
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2014 CCLF Workshop Calendar
Announced
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Project Readiness Workshops:
March 11,
June 10, November 11
Building for
Sustainability:
September 11
& 12
Housing
Cooperatives:
August, date
TBD
Sustainable Builders Working
Group:
Every other month, beginning
in February
Small Contractor Bridge
Workshops:
February 19, more dates
TBD
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CCLF and WHPFCDC Awarded $250,000 for
Partners in Progress Project
2013 in New York City. The initiative, backed by the
Citi Foundation and the Low Income Investment Fund, aims to advance the
"quarterback" model of community development by building the capacity of trusted
organizations that align objectives, resources and efforts among local
stakeholders to create strong, resilient neighborhoods and paths to economic
opportunity. Read more here.
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Veg Head's storefront features its
mascot, Broccoli Bob
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New Social Enterprise Creates a Circle of Healthy
Living and Giving Back
Fast and other processed
foods are often chosen because they are convenient; however, these foods can
lead to detrimental health effects such as diabetes and a hardening of the
arteries. Veg Head, a new business in North Center, raises the question: What if
healthy food were just as convenient as a bag of chips and a can of
soda? Veg Head
is a new CCLF
borrower doing just that. Customers can walk in to Veg Head and find a "mini farmer's
market" where they can quickly build their own vegetable snack pack or grab
a healthy salad, smoothie or yogurt parfait to-go.
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Owner Lynn Kardasz stands in front
of one of Veg Head's refrigerated display
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Lynn Kardasz,
the owner of Veg Head, has a variety of past experience, including time served
in the Navy and work as an urban planner and a business consultant. A few years
ago, she found herself searching for a new career. "I wanted to do something
that was happy and healthy," she said. Read more here.
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CCLF Co-sponsors Workshop on Financing
Worker Cooperatives
Written by the Wisconsin Citizens Media
Cooperative
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CCLF's Mark Fick (image courtesy of Wisconsin Citizens Media
Cooperative)
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Bank of Chicago sponsored a workshop on financing
worker cooperatives on October 28, 2013. Held at the Fed in downtown Chicago,
the program featured worker cooperative leaders and coop financing
consultants.
Several dozen
people attended the program designed to educate bankers, lenders and community
development professionals about the unique qualities and characteristics of
worker-owned and operated businesses. Read more
here.
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CCLF Holds Small Contractor Bridge
Workshop
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Stephanie Stephens from the Illinois Tollway sharing tips for small
contractors
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On
November 20, CCLF and the Illinois Finance Authority (IFA) held a workshop on
the Small Contractor Bridge Program (SCBP), targeting emerging construction
businesses, including minority, women-owned and disadvantaged business
enterprises interested in bidding on public works contracts in Illinois. The
goal of the program is to help contractors secure bonding and financing needed
so they can be competitive in the bidding process.
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Small Contractor Bridge Program workshop
participants
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Small
contractors
frequently have difficulty securing bonding
and working capital which can be a prerequisite to obtaining public works
contracts. The high financial barriers to public works projects make them
inaccessible to a large number of companies, despite their ability to complete
the work to high industry
standards. Read more here.
The
next SCBP workshop will take place from 3:00-5:00 p.m. on February 19 at
Prairie State College. Register
here.
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CCLF
Noteworthy
Thank
You to Funders and Investors
For their recent grants, CCLF thanks Bank Leumi,
Charter One Foundation, Low Income Investment Fund and Citi
Foundation, MetLife Foundation and Taproot
Foundation.
For their recent
investments and renewals, CCLF thanks US Bank, the Jessie
Smith Noyes Foundation, the Congregation of the Sisters of Charity, Chris and
Korie Stanley, the Congregation of the Sisters of St. Agnes, Woodlands and
the Wintrust Financial Corporation community banks, which include:
Beverly Bank and Trust, Hinsdale Bank and Trust, North Shore Community Bank and
Trust, Old Plank Trail Community Bank and Trust, St Charles Bank and Trust
and Village Bank and Trust.
Staff
& Board News
CCLF's
Board of Directors welcomed three new directors and approved the slate of
officers at its annual meeting in December. New members elected
were Jody
Adler,
Director of the Law Project, which provides pro bono legal advice and services
to nonprofit entities and to low-income entrepreneurs; Robert G.
Byron,
Managing Principal and co-founder of Blue Vista Capital Management, LLC, a real
estate investment management firm headquartered in Chicago and Eric S.
Phillips, Senior Vice
President and Chief Credit Officer of Village Bank & Trust, a Wintrust
Community Bank.
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Officers
elected for a one year term include: John
Tuohy, Chair; Matthew
Reilein, Vice
Chair; Charles
Walls,
Treasurer and Mohammed Elahi, Secretary. Board Members also gave
their heartfelt thanks to retiring members Rafael
Leon (served 14
years) and Steven
Quasny (2
years).
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New Board Members, from left: Jody Adler, Robert G. Byron and Eric S.
Phillips
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CCLF's Kallie Rollenhagen
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Congratulations to Technical Assistance Program
Officer Kallie Rollenhagen, who
was selected as one of 20 Emerging Leaders from across the country into the
inaugural class of the Citi Leadership
Program for Opportunity Finance.
The program supports professionals who strive to lead
transformational change in the community development industry. Read more here.
Rob
Rose,
Vice President of Lending,
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CCLF's Rob Rose
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has
been appointed to the Loan
Committee
for Illinois Department of Transportation (IDOT) Disadvantaged
Business
Revolving Loan Program. This Program authorizes IDOT to make low-interest loans
to disadvantaged business enterprises certified by the Illinois Uniform
Certification Program (IDOT, METRA, PACE, CTA, and City of Chicago) for
participation on IDOT construction and construction-related contracts.
Credit Memos: CCLF lends
$5.38 million in 4th Quarter
Veg Head/K Industries received a $50,000 equipment and working
capital loan for a healthy foods retail storefront in North Center. This loan is part of the City
of Chicago Treasurer's Small Business Development Fund. Thanks to
Darwin Conner of Winston & Strawn
LLP for serving as CCLF's counsel on this
transaction.
Karry Young
Development, LLC received an $80,000 permanent loan through our
Neighborhood Investor Lending Program for rental housing in the
Austin community. Thanks to Sameer Patel of Holland & Knight
LLP for serving as CCLF's counsel on this
transaction.
ALJ Investments received a $1,200,000
mini-permanent loan through our Neighborhood Investor Lending
Program to refinance ten residential rental communities across Chicago.
Thanks to Jeff Gray and Trevor Clarke of Edwards Wildman Palmer
LLP for serving as CCLF's counsel on this transaction.
POAH NSP Chicago, LLC received a $500,000 mini-permanent
loan for a 6-unit rental building in Woodlawn. This loan is part of the
Cook County Preservation Compact. Thanks to Kate Mascarenhas
of Kirkland & Ellis
LLP for serving as
CCLF's counsel on this transaction.
7800 S Prairie Inc. received a $315,000 mini-permanent loan to
acquire a 13-unit affordable housing building in Greater Grand Crossing.
This loan is part of the Cook County Preservation Compact.
Thanks to Jessica Simons and Bradley Ritter of Paul Hastings
LLP for serving as CCLF's counsel on this transaction.
Pilgrim
Development Corporation received a
$265,850 mini-permanent loan through our Neighborhood Investor Lending
Program to acquire three properties for affordable housing and to lease
to a school and healthcare organization in West Garfield Park. Thanks to Bruce
Bedwell of Chapman and Cutler LLP for serving as CCLF's counsel
on this transaction.
XT Properties, LLC received a $270,000 mini-permanent loan through our
Neighborhood Investor Lending Program to refinance two rental
properties in Park Manor. Thanks to Alpita Shah of Mayer Brown
LLP for serving as CCLF's counsel on this transaction.
The Stony Group
LLC received a $2,700,000 construction
loan to renovate the vacant Stony Island Trust & Savings Bank building to
create a cultural and culinary community center in the South Shore community.
This loan is part of our commercial real estate initiative.
Thanks to Evan Epstein of Katten Muchin Rosenman LLP for
serving as CCLF's counsel on this
transaction.
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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.
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