Thursday, August 28, 2014

CCLF Awarded $1.25 Million From U.S. Treasury

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Special Announcement August/2014
U.S. Treasury Awards Chicago Community Loan Fund $1.25 Million
Chicago Community Loan Fund (CCLF) was a recipient of a Community Development Financial Institutions (CDFI) Program grant in the amount of $1,250,000. The U.S. Treasury made the announcement yesterday in a press release explaining the goal of its $195.4 million investment in CDFIs across the country. "CDFIs and Native CDFIs are important community partners providing critically needed financing that not only allows families to buy their first home, or entrepreneurs to start or expand a business, but that generates economic growth and revitalizes America's low-income and economically-distressed communities," said Jessica Milano, Deputy Assistant Secretary for Small Business, Community Development, and Housing Policy at the U.S. Department of the Treasury.
Photo by Steve Becker
CCLF will use its award to focus on expanding its suburban foot print and its Neighborhood Investor Lending Program (NILP). NILP provides smaller scale for-profit and nonprofit developers with the support and capital needed to acquire, rehabilitate and own 1-4 unit buildings to help stabilize lower wealth communities impacted by the foreclosure crisis. The goal is for the developers to put these properties back on the market providing affordable rental housing for community residents living in low- to moderate-income neighborhoods.
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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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