Monday, September 14, 2015

CCLF Awarded $2 Million From U.S. Treasury

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Special Announcement September/2015
U.S. Treasury Awards Chicago Community Loan Fund $2 Million for its Loan 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). The U.S. Treasury made the announcement yesterday in a press release explaining the goal of its $202 million investment and acknowledging the essential work of CDFIs nationwide. "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.
Affordable housing rehabbed by RPT Development with a CCLF loan
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 our 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. Read More
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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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