Chicago Community Loan Fund
Chicago Community Loan Fund (CCLF) is a certified Community development financial institution (CDFI) that makes small to mid-size loans to organizations developing affordable housing in the Chicago area.
Mission & Focus
CCLF's mission, as stated on its website, is "to provide low cost, flexible financing to community development organizations... throughout metropolitan Chicago."[1] Its focus is on providing loans to agencies engaged in planning and building affordable housing, but it also lends money to organizations that support environmental sustainability, such as Chicago's nonprofit car-sharing program, I-GO.
The loan fund is distinguished from traditional banks by its track record of taking on "risky" projects, such as affordable housing and cooperative housing, and by its high level of assistance to borrowers. One of the unique technical assistance programs it offers is the Project Readiness Workshop, occurring about four times a year, which it describes as "intensive" all-day "sessions that provide an overview of the complexities and requirements involved in launching and sustaining a successful real estate development project,"[2]. CCLF also organizes a yearly "Building for Sustainability" seminar at the Chicago Center for Green Technology.[3]
History
CCLF was founded in 1991 by a small group of Chicago investors, with an initial investment of $200,000. It has since grown to more than $21 million in total capital under management.[4] The fund's loan history comprises 160 loans totaling over $36 million.[5] The fund has been led by executive director Calvin Holmes since 1998.[6]
CCLF is certified by the US Department of Treasury's CDFI Fund and is an active member of the Opportunity Finance Network.
References
See also
- Affordable housing
- Community development financial institution (CDFI)
- Opportunity finance
- I-GO
- Accion USA
- Local Initiatives Support Corporation (LISC)
- Lutheran Volunteer Corps
External links
- Chicago Community Loan Fund (CCLF) official site
- 2009 MacArthur Award for Creative & Effective Institutions, accessed June 16, 2009
- "Green building program targets affordable housing," Chicago Tribune, October 7, 2007
- "Workshops offer help to novice developers," Chicago Tribune, February 18, 2007
- "Community Lender Seeking Spotlight," Crain's Chicago Business, September 18, 2006 (PDF version here)
- "Federal CDFI Fund gives $1.4M to three local lenders," Crain's Chicago Business, August 25, 2006
- "Chicago Community Loan Fund Meeting Human Needs," SocialFunds, January 12, 2001