Chicago Community Loan Fund
 | |
| Founded | 1991 |
|---|---|
| Type | Non-profit |
| Location | |
| Services | Pre-Development Loans, Technical Assistance, Housing Cooperative Loan, Minipermanent Mortgage Loan |
| Fields | Affordable Housing, Community Development |
| Website | http://www.cclfchicago.org |
Chicago Community Loan Fund (CCLF) is a certified Community development financial institution (CDFI), providing low-cost, flexible financing to community development organizations engaged in affordable housing, social service and economic development initiatives benefiting low and moderate-income families and neighborhoods throughout metropolitan Chicago.
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. It also lends money to other types of community development organizations and 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.
Sustainability
CCLF encourages good design and the use of energy-efficient building standards and environmentally friendly materials in the design and construction of community real estate developments. Over the years CCLF has encouraged the inclusion of sustainable design features into projects it supports. In 2007, CCLF provided nearly $1.2 million in pre-development funding to the Historic Pacesetter LP/ Whistler Crossing project in Riverdale, Illinois. The money went to support the first phase of mixed-use, mixed income subdivision redevelopment (housing for rental and ownership, as well as new commercial space. The project featured the following design features; solar water heating systems, low-VOC materials, energy efficient materials and appliance, recycled and locally-sourced building materials, bioswales, and was designed to be transit oriented.[7]
CCLF has organized an annual Building for Sustainability workshop since 2005. Besides that, CCLF regularly hosts a Sustainable Builders Working Group for community development corporations, contractors, architects, lawyers, financial institutions, consultants, advocates, and others interested in supporting truly sustainable community projects. In 2008, CCLF published a Building for Sustainability guide for affordable housing and other community projects. It was presented at the Building for Sustainability workshop on October 20-21, 2008.
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