credit memos continued: cclf staff cclf lends $8.6 million ...€¦ · providing new retail goods...

Cook County Land Bank Authority received a $3,000,000 loan to acquire one andtwo unit buildings in the City of Chicago and all of Cook County. This is expected tohelp them acquire, hold, and transfer interest in 750 units of housing in Cook County,allowing them to promote redevelopment and reuse of vacant, abandoned homes.Thanks to Tonya Gauff, Brian Doyle and Debbie Cook of DLA Piper LLP for servingas CCLF’s counsel on this transaction.

Englewood Cooperative Apartments, Inc. received a $265,000 predevelopmentloan to help cover predevelopment costs for the rehab of 123 units of affordablehousing in the Englewood community area. This loan is part of the Cook CountyPreservation Compact. Thanks to Mohammed Shaheen and Emmanuel Charles ofLatham & Watkins LLP for serving as CCLF’s counsel on this transaction.

EREG Development, LLC received $1,500,000 in three separate predevelopmentloans (totaling $500,000 each) to cover predevelopment costs associated with thedevelopment of three different mixed-use buildings. All three buildings will haveChicago Public Libraries on the ground floor, and will provide a total of 98 units ofaffordable housing. The buildings will be in the Irving Park, West Ridge and AlbanyPark community areas. Thanks to Joanna Nicholas, David Love and Carla Garfinkleof Mayer Brown LLP for serving as CCLF’s counsel on this transaction.

Interfaith Housing Development Corporation received a $175,324 equipment/working capital loan to help with their work in creating and preserving affordablehousing in the Chicagoland area. Thanks to Melissa Oka of Perkins Coie LLP forserving as CCLF’s counsel on this transaction.

Interfaith Housing Development Corporation received a $300,000predevelopment loan to cover costs associated with the development of 72 units ofaffordable housing in Maywood, IL. Thanks to Melissa Oka of Perkins Coie LLP forserving as CCLF’s counsel on this transaction.

Maple Capital LLC received a $717,000 mini-permanent loan to preserve 19 unitsof affordable housing in the Auburn Gresham and South Chicago community areas.This loan is part of the Cook County Preservation Compact. Thanks to GregoryBauer and Aaron Berlin of Kirkland & Ellis LLP for serving as CCLF’s counsel on thistransaction.

NeighborScapes, NFP received a $25,000 equipment/working capital loan tosupport their first Innovation House in the Englewood community. Thanks to WilliamHughes and James Snyder of Winston & Strawn LLP for serving as CCLF’s counselon this transaction.

Taylor Tots Nursery, Inc. received a $75,000 equipment/working capital loan toopen a new childcare facility with the capacity for 87 children in the Near West Sidecommunity area. Thanks to Stephanie Gratton and Joshua Samis of McDermottWill & Emery LLP for serving as CCLF’s counsel on this transaction.

Westside Health Authority received a $1,000,000 construction loan to acquire andrehabilitate 10 single family homes in the Austin community area. This loan is partof the CCLF’s Neighborhood Investor Lending Program and the Cook CountyPreservation Compact. Thanks to Kyle Gillen, Michael Wright and ElizabethBurns of Kirkland & Ellis LLP for serving as CCLF’s counsel on this transaction.

Woodlawn Station Master Tenant, LLC received a $350,000 construction/mini-permanent loan for the buildout of 6 commercial spaces in the Woodlawn communityarea. This loan is part of CCLF’s Activate Retail Initiative and partnership withChicago TREND. Thanks to Sarah Kessler and Mark O’Meara of Chapman andCutler LLP for serving as CCLF’s counsel on this transaction.

XS Tennis Village, LLC received a $765,000 loan for critical juncture financing inassociation with the construction of their indoor tennis facility in the Grand Boulevardcommunity area. Thanks to Bruce Bonjour of Perkins Coie LLP for serving as CCLF’scounsel on this transaction

CCLF StaffCalvin L. Holmes

President

Bob Tucker Chief Operating Officer/Executive Vice

President of Programs

Angela DowellVice President of Finance

Juan CalixtoVice President of External Relations

Maurice WilliamsVice President of Economic

Development

Lycrecia Parks Vice President of Portfolio

Management

Taft WestVice President of Technical Assistance

and Sustainability

Wendell HarrisDirector of Lending Operations

Deborah SabolDirector of Operations

Kevin TruittSenior Loan/Program Officer

Christian DorseySenior Loan/Program Officer

Anthony MoselySenior Program Officer - Economic

Development

Holly KavisLoan Closing Officer

Maya ChandlerSenior Accountant

Candace GregorySenior Accountant

Deandre TannerStaff Accountant

Aaron AkersAsset Manager

Kelly SheltonAsset Manager

Katelyn FrederkingMarketing and Communications

Assistant

Naima BergenProject Assistant

Consultants

Chelsi CicekogluLender

Sean HardenTA and Special Initiatives

Newsletter Credits

Compiled by:Katelyn Frederking

Juan CalixtoCalvin Holmes

Bob Tucker

Printed by:Salsedo Press

8

Credit Memos Continued: CCLF Lends $8.6 Million in the 4th Quarter

CCLF’S NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURESCOMMUNITY BLUEPRINT:

In This Issue

CCLF’s 2017 Lending Reached Record Social Impact

Pages 2-3Potbelly Opens in Historic Pullman

Chicago Neighborhood Training Pilot Program Update and New Funders

Sugar Beet Won Best Small Business in America Award

Activate Retail

Pages 4-5The Hatchery Breaks Ground in East

Garfield Park St. Edmund’s Oasis Ribbon Cutting

Angela Dowell Awarded By Her Alma Mater

A Place Called Woodlawn MUFG Foundation Donation

Pages 6-7CCLF Supported Dearborn Realtist

Receivership Workshop CCLF Noteworthy

Calvin L. Holmes Awarded “Give a Hand Up to Give a Hand Out” Award

CCLF’s Credit MemosCCLF Board of Directors

Pages 8CCLF Credit Memo’s cont.

CCLF Staff

1


CCLF experienced a tremendously successful 2017. CCLF’s operational achievements and our social impact outputs have increased significantly compared to last year. The number of housing units created or retained jumped from 424 to 1,275, commercial real estate and community facility space rose from 38,125 sq. ft. to 415,743 sq. ft. and the number of jobs created or retained by our borrowers increased from 141 to 1,289. CCLF will end the year with total assets of $80 million; a new milestone for the agency!

CCLF collaborated with many partners, investors and funders to get capital to areas of most need and has many success stories. Some of the 2017 highlights include: CCLF (1) hit

its lending goals with all core lending while maintaining credit quality; (2) was awarded an $866,500 Financial Assistance award from the CDFI Fund; (3) improved its Aeris rating to AA- ***(4) exceeded TA goals even while re-tooling the program; (5) launched the Chicago Neighborhood Rebuild Training Pilot Program to rehab affordable housing in three high crime areas while providing job training to youth and ex-offenders; (6) achieved a record level of media attention for CCLF and its borrowers and investors; (7) began implementing its new 2017-2020 strategic plan that includes a new liquidity management plan, new Technical Assistance workshops, new Social Impact Metrics Study and a new goal to grow assets to $100 million to create greater impact in the Chicago region.

We thank our internal and external partners for helping us achieve so many successes. We are dedicated to making 2018 another highly effective year.

8

4th Quarter/2017

4th Quarter Draft.indd 2-3 2/8/2018 4:49:23 PM

415,743

2

Chicago Neighborhood Initiatives (CNI) is leading the resurgence of the historic Pullman Neighborhood. CNI has been chosen as the developer of Pullman Park with a mission to bring jobs, retail, affordable housing, and safe recreational spaces to the neighborhood. CNI celebrated another victory on October 23, 2017 with the opening of Potbelly Sandwich Shop on 111th Street and Doty Avenue. CCLF has provided housing financing for CNI in the past and is now also supporting CNI’s efforts in Pullman through Activate Retail, its commercial real estate development initiative, which offers financing and funding for transformative projects that grow retail in depressed neighborhoods in need of a spark to ignite economic prosperity. CCLF received funding from JPMorgan Chase’s PRO Neighborhoods Initiative which is supporting CNI and other commercial real estate projects.

At the ribbon cutting ceremony of Potbelly, CNI’s President David Doig stated, “This is part of our first phase of neighborhood retail that began with Walmart providing a place to shop. Now, Potbelly will usher you into the Pullman Historic District where we are working to create over 1,500 new jobs.” Potbelly is the first retail shop visitors will see exiting I-94 on 111th Street. Star Cleaners and Laine’s Bakery (both

owned by local African-American entrepreneurs) also are slated to open next door in this new retail center. A new Whole Foods Distribution Center, under construction a few blocks away, is anticipated to provide another 150 jobs. US Bank, Method Products and Gotham Greens are also located in Pullman Park, offering employment opportunities to local residents.

Alderman Beale, during the ribbon cutting ceremony, announced with pride all of the new developments happening in his 9th Ward. “We have been busy creating jobs since President Obama came to designate the area as a National Monument.” Pullman Park is providing new retail goods and services to Pullman, Roseland and the Greater Calumet Region, including the 150,000 square foot Walmart, featuring a full-service grocery; more than 70,000 square foot of new retail space anchored by a Ross Dress for Less, a Planet Fitness, and an Advocate Health Care Center.

Potbelly Opens in Historic Pullman

Potbelly’s New Employees Celebrate the Grand Opening in Pullman

7

CCLF Board of DirectorsMatthew R. Reilein, ChairO’Brien Staley Partners

Erik L. Hall, Vice ChairGCM Grosvenor

Charles S. Walls, TreasurerComEd (retired)

Mohammed M. Elahi, SecretaryCook County Department of Planning and

Development

Patricia Y. McCreary, Assistant SecretaryOffice of the Clerk of the Circuit Court of

Cook County

Ailisa Herrera, Assistant SecretaryMB Financial Bank

Dorothy AbreuPNC Bank

Jody AdlerCommunity Law Project

Robert G. ByronBlue Vista Capital Management, LLC

Charles F. DaasCity Solutions

Dr. Amara C. EnyiaACE Municipal Partners, LLC

Thomas P. FitzGibbon Jr.Evergreen Bankgroup

Kevin R. GoldsmithChase

Stephanie S. GreenPro Creative Law, LLC

Edward J. HoynesCommunity Accounting Services, LLC

Andrew W. HuggerBank of America

Michael KauffmanBMO Capital Markets

Raymond S. McGaughMcGaugh Law Group, LLC

Eric S. PhillipsVillage Bank & Trust (a Wintrust Community

Bank)

Elias RosarioGary Comer Youth Center

Mark C. SpearsCIBC

Kathryn TholinCenter for Neighborhood Technology

(retired)

John L. TuohyChapman and Cutler, LLP (retired)

Calvin L. HolmesPresident, CCLF (Non-Voting)

During the December 6th Board Meeting, all Board officerswere reelected to their positions with Matt Reilein as Chair,Erik Hall as Vice Chair, Charles Walls as Treasurer, MohammedElahi as Secretary and Ailisa Herrera and Patricia McCrearyas Assistant Secretaries. The Board elected two newmembers: Dr. Amara Enyia and Stephanie Green. Severalboard members were recognized: Andrew Hugger for

his “Extraordinary Support of the Loan Committee Chair,” Lisa Herrera for “Facilitating theMost Unique Donation,” Patricia McCreary for “Attending the Most Board and CommitteeMeetings,” Raymond McGaugh for “Facilitating a Most Unique Donation,” and TommyFitzgibbon for “Outstanding Leadership of the 2017-2020 Strategic Plan Process.”

Dr. Amara Enyia is Principal at Ace Municipal Partners, LLC, a municipal consulting firm. Dr. Enyia leverages years in municipal government experience in several policy areas including: economic development, education, public safety, housing, food security and food access and community development. Dr. Enyia previously served as Executive Director for the nonprofit Austin Coming together. She received her Master of Education, PhD in Educational Policy Studies and a Doctor of Law (J.D.) from University of Illinois at Urbana-Champaign.

Stephanie Green is a managing member of Pro Creative Real Estate Law Group at Pro Creative Law, LLC. At Pro Creative Law, LLC Stephanie focuses on creative placemaking projects, representing both individuals and organizations engaged in re-purposing spaces and buildings in creative ways that benefit the community. Green received her Bachelor’s in International Relations from the University of California, Davis and a J.D. from the Chicago-Kent College of Law.

CCLF Noteworthy (cont.)

Staff & Board News cont.

On October 7th, Wendell Harris, Director of Lending at CCLFwas invited to speak at a Partners in Community Building,Inc. (PICB) event. The event called “Developing MMRPAreas and Beyond” focused on the Micro Market RecoveryProgram (MMRP). The panel included finance companies,contractors and developers.

Chicago Neighborhood Rebuild Training Pilot

Program Update & New Funders

Chicago Community Loan Fund would like to thank and recognize Fifth

Third Bank and PayPal Gives for their recent grants supporting the Chicago Neighborhood Rebuild Training Pilot Program (Rebuild). Rebuild is a three

year pilot with the City of Chicago and other strategic partners working on the intersection of housing and

crime. The goal of the program is to rehabilitate 50 homes in high crime police districts while providing job training and placement for local

youth and ex-offenders. The Safer Foundation and Cara are identifying the program participants and providing the workforce solutions that will keep them safe, away from fire arms and focused

on long-term employment.

CCLF also recently identified the developers approved to acquire

properties and get them ready for homeownership at affordable prices while providing on-the-job training

to youth and ex-offenders. Approved developers include: Bill Jones &

Associates, Inc., Breaking Ground, Englewood Development Group, L3C,

Greater Auburn-Gresham Development Corporation, H and H Fast Properties,

Kingdom Land Investment Group, Inc., KMW Communities, LLC, MKB

Business Strategies, LLC and Joudeh Investments, LLC, NHS Redevelopment

Corporation, People’s Community Development Association of Chicago,

Inc., RPT Development Group, Inc., Reconstruction Technology Partners

(this organization is an arm of Safer Foundation), Westside Urban

Development and Joy’s Construction. A majority of the approved developers are

minority-led organizations.

The Cook County Land Bank Authority and Community Investment Corporation

are partners in the initiative providing properties at low costs to developers.

Other financial supporters include Rush University Hospital, MBFinancial Bank

and the CDFI Fund.

Credit Memos: CCLF Lends $8.6 Million in the 4th Quarter

3525 S. King Drive, Inc. received a $376,000 construction/mini-permanent loan for therehabilitation of a commercial office building the Douglas community area.

Audeant Housing I received a $67,500 mini-permanent loan to preserve 2 units of affordablehousing in Calumet City, IL. This loan is part of the CCLF’s Neighborhood Investor LendingProgram and the Cook County Preservation Compact. Thanks to Daniel Favero, JonathanBaker and Monica Steinberg of Mayer Brown LLP for serving as CCLF’s counsel on thistransaction.

Audeant Housing II received a $67,500 mini-permanent loan to preserve 2 units of affordablehousing in Calumet City, IL. This loan is part of the CCLF’s Neighborhood Investor LendingProgram and the Cook County Preservation Compact. Thanks to Daniel Favero, JonathanBaker and Monica Steinberg of Mayer Brown LLP for serving as CCLF’s counsel on thistransaction.


On October 20th, Calvin L. Holmes, CCLF President, moderated a session on“Neighborhood Development, Infrastructure Investment and CommunityBenefits” at the Bronzeville International Summit. Seventy Five peoplewere in attendance. Holmes also moderated a panel on October 25, 2017at “South Shore Works: Helping Small Businesses Succeed, Connecting toResources and Capital.” at the South Shore Chamber of Commerce. CCLFand Community Reinvestment Fund, USA (CRF) partnered to present thisevent; 30 participants were in attendance.

6 3


On Small Business Saturday, CCLF Customer Sugar Beet Co-Op won

the “Best Small Business in America” contest through Rubicon (a waste

management company and recycling platform). Sugar Beet was awarded $10,000 to help grow their business. For the competition, Rubicon asked small businesses to create a video

describing what makes their business stand out. Sugar Beet received the

most votes for their creation which can be seen on their Facebook Page.

Congrats, Sugar Beet!

Activate Retail

Anthony Mosely, Senior Program Officer of Economic Development, hosted a Table Promoting Activate Retail, on November 3rd in Little

Village. Mosely explained Activate Retail and it’s Commercial Real

Estate (CRE) Fund at a Neighborhood Opportunity Fund Informational

Meeting.

To access financing for CRE contact Anthony Mosely at amosely@

cclfchicago.org

Calvin L. Holmes Awarded “Give a Hand Up to Give a

Hand Out” Award

On December 9th, Calvin L. Holmes, CCLF’s President, was presented with the “Give a Hand Up to Give a Hand

Out” award by the Calahan Foundation for his tireless work in

community development throughout Chicagoland.

Calahan Funeral Home, the family-owned mortuary establishment

located in the Englewood community, created the Calahan

Foundation in 2009 to support youth preparing to attend college and to

provide them with contemporary role models. All members of the Calahan family are involved in the foundation and created the “Give a Hand Up to Give a Hand Out” award to honor committed community members.

The other Honorees were: Chrishon Lampley, Creator of Wine Brand, Love

Cork Screw, Dr. Carol Lee, Founder of The Betty Shabaz International

Charter School and Rev. Julian DeShazier, Senior Pastor of University

Church (Chicago).

Potbelly Opens in Historic Pullman (cont.)

Interior of the new Potbelly in Pullman

Pullman was created in the early 1800s as a community for employees of the Pullman’s Palace Car Company, owned by George Pullman. The Pullman Sleeping Cars manufactured there launched the careers of many African Americans as part of the elite Pullman Porters. The town had schools, parks, a theater, hotel and homes made out of brick with indoor plumbing. It made headlines and people traveled from all over the globe to learn more about this new planned industrial town that attracted workers to Pullman. As travel by rail declined over the decades, so did company revenues. The neighborhood lost population and the historic buildings fell into severe decline.

As a National Monument (designated so in 2015), the area is poised for attracting thousands of tourists coming to see where the Pullman Cars were created and learn about the major labor problems of the company that led to the growth of unions. CNI, as the master developer of Pullman Park, a 180-acre mixed use site, is coordinating $250 million of new investments in the area creating jobs and drawing new home owners, businesses and visitors to Pullman. Now more families can once again live in high quality brick housing in Pullman and access amenities, such as a delicious Potbelly sandwich, right in the neighborhood.

Other funders of this project include US Bank, Benefit Chicago, City of Chicago, Northern Trust Company, Wintrust, LISC, Chase and the National Community Investment Fund.

Potbelly Ribbon Cutting with Chicago Mayor Rahm Emanuel, Anne Ewing (Potbelly)Alderman Anthony Beale and Allen Hill (Star Cleaners)

Written By: Dianne Simmons, Supreme Realtist, Inc.

The Chicago Community Loan Fund (CCLF) partnered with The Dearborn Realtist Board (DRB) andThe City of Chicago to present an extensive training course to become a Court Appointed Receiverin the City of Chicago. The class was held at East-West University over six days from November 28-30 and December 5-7, 2017.

The Receiver Training Course was developed to create an informed and knowledgeable poolof community based distressed property receivers. The Dearborn Realtist Board developed acomprehensive curriculum that included all the various facets of the receivership and forfeitureprocess. In addition, the receivership training program supports the opportunity to stabilize andacquire vacant properties between 1-4 units.

CCLF provided expertise support and information on the receivership process, propertymanagement and capital solutions. At the conclusion of the class, eighty-one students graduatedwith the newly established “RECEIVERSHIP INSTITUTE SPECIALIST” (RIS) designation and classcertificates. Courtney Jones, president of the Dearborn Realtist Board stated, “This was a powerfulexperience to have partnered with the Chicago Community Loan Fund and the City of Chicago andit was a Win Win for all participants.”

CCLF Supported Dearborn Realtist Receivership Workshop

Participants at Realtist Workshop, Photo Provided by Dearborn Realtists

CCLF Staff and Board Members Patricia McCreary and Chuck Walls congratulate Calvin L. Holmes at the

Calahan Foundation Gala.

Thank You to Funders and Investors

CCLF Noteworthy

For their recent grants, CCLF thanks:Bank Leumi USA, Capital One, Fifth Third Bank, MUFG Union Bank, N.A., Paypal Gives, aCorporate Advised Fund at Silicon Valley Community Foundation, US Bank and WintrustFinancial Corporation

For their recent investments, CCLF thanks:Barrington Bank and Trust and Mary H. Waite Trust

Staff & Board News


4

St. Edmund’s Ribbon Cutting

St. Edmund’s Redevelopment Corporation, a CCLF customer,

recently opened a new affordable housing complex in Washington Park.

The complex, called St. Edmund’s Oasis, includes a mix of one- to four-bedroom apartments. 19 of the units will be reserved for Chicago Housing

Authority residents and 39 will be rented at affordable rates to residents

earning up to 60% of the area median income. Calvin L. Holmes,

CCLF President, spoke at the ribbon cutting. Holmes congratulated St.

Edmund’s for its impact throughout the greater Washington Park

community. CCLF has provided St. Edmund’s with financing for St.

Edmund’s Oasis and financing for St. Edmund’s Court in Washington Park

in 2010.

5

MUFG Foundation Donation

Dejan Bralic, Director/Market Executive of Pure Point Financial, a

division of MUFG presenting a check for $25,000 to Lycrecia Parks, Vice President of Portfolio Management

for CCLF.

On 10/23/2017, MUFG Union Bank gave CCLF a donation of $25,000

in support of CCLF’s general operations. “CCLF is excited to

partner with MUFG Union Bank once again to preserve affordable housing and develop commercial real estate

that can provide jobs for local residents,” stated Lycrecia Parks, VP of Portfolio Management. “These types of partnerships provide the

bandwidth so that CCLF can put its capital where it is needed most.”

The mission of 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.

The Hatchery Breaks Ground in East Garfield Park

Hatchery Groundbreaking

CCLF is part of the financing team supporting its peer community development financial institution, Accion Chicago, with a one million dollar loan for The Hatchery Chicago. The Hatchery held a ground breaking ceremony on October 24, 2017 to begin construction of a 67,000 square foot facility that will provide 56 private kitchens and a shared kitchen to entrepreneurs seeking to expand their food and beverage businesses. Located at Lake Street and Kedzie Avenue in East Garfield Park, this small business incubator is expected to support 150 jobs in year one of operations and 900 jobs by year five. Owners will benefit from common areas for cooking, cold and dry storage, loading docks and meeting/office space.

They will also get training, coaching and industry-specific support and financing from Accion Chicago and its partners. Famed Chef Rick Bayless, widely known for his PBS series on Mexican cooking, has already agreed to provide training at The Hatchery to high school and college age individuals interested in working in a restaurant or kitchen. He has enlisted many other top Chicago chefs as well.

Gina Jamison is hoping to be one of the first tenants at The Hatchery and take advantage of the opportunities to scale her company, Kuumbaa Tre-Ahm. She retired in 2015 and is now making all organic food for others out of her home kitchen. Her salmon chowder is widely popular among her customers. For The Hatchery ground breaking, she made black bean soup with jasmine rice and pickled okra for the guests to sample. “It is time for me to get into a commercial kitchen so I can give my products to more customers,” she stated. “I always wanted to be in the food business, and I need a place to prepare my food.”

A 31-member community garden network and a resident-led neighborhood market will be housed on The Hatchery grounds. Once completed, The Hatchery will help grow wealth among small businesses while creating job opportunities for West Side Chicago residents and sparking the next innovation in the food and beverage industry.

Other funding for The Hatchery Chicago is coming from PNC Bank, Community Reinvestment Fund, Chicago Development Fund, FirstPathway, Partners for the Common Good, MBFinancial Bank, Byline Bank, IFF, Conagra Brands, Kellogg, Griffith Foods and The Coleman Foundation.

Trianon Lofts, named after Woodlawn’s famed ballroom from the 1920s, had its ribbon cuttingceremony on November 7, 2017. In its heyday, thousands of people came to Woodlawn toexperience legendary artists like Ray Charles and Muddy Waters on 62nd Street and CottageGrove Avenue at the once dubbed “world’s most beautiful ballroom.” In 1960, the populationof Woodlawn was 81,279 but withered to 25,983 by 2010. Preservation for Affordable Housing(POAH) is spearheading a resurgence to make life better for existing residents; provide betterretail spaces for existing community businesses; and provide jobs for local residents.

Trianon Lofts, located at 61st Street and Cottage Grove Avenue, is part of larger crusadeundertaken by POAH and several community organizers with its $30 million ChoiceNeighborhood grant received from the federal government. The Choice Neighborhoodsprogram supports locally driven strategies to address struggling neighborhoods with distressedpublic or HUD-assisted housing through a comprehensive approach to neighborhoodtransformation. POAH’s President and CEO, Aaron Gornstein, shared during the ribbon cuttingceremonies that the $30 million has leveraged $400 million in community developmentprojects in Woodlawn. Other new Woodlawn developments include the newly renovatedtransit oriented development now known as the Woodlawn Station and POAH’s WoodlawnPark Apartments. Metro Squash and the upcoming President Barack Obama Library that willbe built nearby all contribute to the redevelopment of Woodlawn.

As Chicago Mayor Emanuel was ready to cut the ribbon, he reflected on what all the changescoming to Woodlawn really mean for families in the community. He told the crowd of residentsand community leaders that significant gains have been made in the academic achievement ofstudents in Woodlawn. The reading scores have increased as well as the graduation rate. Thegains in education are not an accident but part of the larger strategy with the new el station andhousing all working together to increase Woodlawn’s population. “Don’t measure Woodlawnby how many shootings, but by how many grads are on the way to college,” declared theMayor. The work of POAH is helping to shape the new image of the community. MayorEmanuel stated, “This building (Trainon Lofts) is not just a space but a place called Woodlawn.”

Chicago Community Loan Fund provided $5 million in New Market Tax Credits for TrianonLofts. The four story building offers 24 units of housing and 7,000 square feet of commercialspace. Half of the apartments will be market rate and half for families making 50%-80% ofthe area median income. This is significant because Trainon Lofts is the first mixed-incomehousing in Woodlawn in over 40 years. Teeny Tiny University daycare will be a tenant in thecommercial space providing a safe place where parents can drop off their children and go towork.

Additional funding sources for this project included: City of Chicago, HUD, BMO Harris Bank,JPMorgan Chase and Local Initiatives Support Corporation.

A Place Called Woodlawn

CCLF’s Director of Lending, Wendell

Harris, at the Groundbreaking

Gina Jamison, owner of Kuumba Tre-Ahm, at The Hatchery Ground Breaking October 24, 2017.

Yolonda Wofford (Teeny Tiny Daycare Owner) , Mayor Emanuel, Tobias Spears (Trianon Lofts Resident) and William Eager (POAH) at Trainon Lofts Ribbon Cutting


Angela Dowell, CCLF’s Vice President of Finance, was awarded the 2017

Emerging Saluki Leader Award from her Alma Mater, Southern Illinois

University – Carbondale. The award honors alumni who have graduated

from SIU within the last 15 years for their outstanding work within

business, academia, government, or nonprofit sector and their community

service.


4

St. Edmund’s Ribbon Cutting

St. Edmund’s Redevelopment Corporation, a CCLF customer,

recently opened a new affordable housing complex in Washington Park.

The complex, called St. Edmund’s Oasis, includes a mix of one- to four-bedroom apartments. 19 of the units will be reserved for Chicago Housing

Authority residents and 39 will be rented at affordable rates to residents

earning up to 60% of the area median income. Calvin L. Holmes,

CCLF President, spoke at the ribbon cutting. Holmes congratulated St.

Edmund’s for its impact throughout the greater Washington Park

community. CCLF has provided St. Edmund’s with financing for St.

Edmund’s Oasis and financing for St. Edmund’s Court in Washington Park

in 2010.

5

MUFG Foundation Donation

Dejan Bralic, Director/Market Executive of Pure Point Financial, a

division of MUFG presenting a check for $25,000 to Lycrecia Parks, Vice President of Portfolio Management

for CCLF.

On 10/23/2017, MUFG Union Bank gave CCLF a donation of $25,000

in support of CCLF’s general operations. “CCLF is excited to

partner with MUFG Union Bank once again to preserve affordable housing and develop commercial real estate

that can provide jobs for local residents,” stated Lycrecia Parks, VP of Portfolio Management. “These types of partnerships provide the

bandwidth so that CCLF can put its capital where it is needed most.”

The mission of 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.

The Hatchery Breaks Ground in East Garfield Park

Hatchery Groundbreaking

CCLF is part of the financing team supporting its peer community development financialinstitution, Accion Chicago, with a one million dollar loan for The Hatchery Chicago. TheHatchery held a ground breaking ceremony on October 24, 2017 to begin constructionof a 67,000 square foot facility that will provide 56 private kitchens and a shared kitchen toentrepreneurs seeking to expand their food and beverage businesses. Located at LakeStreet and Kedzie Avenue in East Garfield Park, this small business incubator is expected tosupport 150 jobs in year one of operations and 900 jobs by year five. Owners will benefit fromcommon areas for cooking, cold and dry storage, loading docks and meeting/office space.

They will also get training, coaching and industry-specific support andfinancing from Accion Chicago and its partners. Famed Chef Rick Bayless,widely known for his PBS series on Mexican cooking, has already agreed toprovide training at The Hatchery to high school and college age individualsinterested in working in a restaurant or kitchen. He has enlisted many othertop Chicago chefs as well.

Gina Jamison is hoping to be one of the first tenants at The Hatchery andtake advantage of the opportunities to scale her company, Kuumbaa Tre-Ahm.She retired in 2015 and is now making all organic food for others out of herhome kitchen. Her salmon chowder is widely popular among her customers.For The Hatchery ground breaking she made black bean soup with jasminerice and pickled okra for the guests to sample. “It is time for me to get into acommercial kitchen so I can give my products to more customers,” she stated.“I always wanted to be in the food business, and I need a place to prepare myfood.”

A 31-member community garden network and a resident-led neighborhood market will behoused on The Hatchery grounds. Once completed, The Hatchery will help grow wealth amongsmall businesses while creating job opportunities for West Side Chicago residents and sparkingthe next innovation in the food and beverage industry.

Other funding for TheHatchery Chicago iscoming from PNC Bank,Community ReinvestmentFund, Chicago DevelopmentFund, FirstPathway, Partnersfor the Common Good,MBFinancial Bank, BylineBank, IFF, Conagra Brands,Kellogg, Griffith Foods andThe Coleman Foundation.

Trianon Lofts, named after Woodlawn’s famed ballroom from the 1920s, had its ribbon cutting ceremony on November 7, 2017. In its heyday, thousands of people came to Woodlawn to experience legendary artists like Ray Charles and Muddy Waters on 62nd Street and Cottage Grove Avenue at the once dubbed “world’s most beautiful ballroom.” In 1960, the population of Woodlawn was 81,279 but withered to 25,983 by 2010. Preservation for Affordable Housing (POAH) is spearheading a resurgence to make life better for existing residents; provide better retail spaces for existing community businesses; and provide jobs for local residents.

Trianon Lofts, located at 61st Street and Cottage Grove Avenue, is part of a larger crusade undertaken by POAH and several community organizations with its $30 million Choice Neighborhood grant received from the federal government. The Choice Neighborhoods program supports locally driven strategies to address struggling neighborhoods with distressed public or HUD-assisted housing through a comprehensive approach to neighborhood transformation. POAH’s President and CEO, Aaron Gornstein, shared during the ribbon cutting ceremonies that the $30 million has leveraged $400 million in community development projects in Woodlawn. Other new Woodlawn developments include the newly renovated transit oriented development now known as the Woodlawn Station and POAH’s Woodlawn Park Apartments. Metro Squash and the upcoming President Barack Obama Library that will be built nearby all contribute to the redevelopment of Woodlawn.

As Chicago Mayor Emanuel was ready to cut the ribbon, he reflected on what all the changes coming to Woodlawn really mean for families in the community. He told the crowd of residents and community leaders that significant gains have been made in the academic achievement of students in Woodlawn. The reading scores have increased as well as the graduation rate. The gains in education are not an accident but part of the larger strategy with the new el station and housing all working together to increase Woodlawn’s population. “Don’t measure Woodlawn by how many shootings, but by how many grads are on the way to college,” declared the Mayor. The work of POAH is helping to shape the new image of the community. Mayor Emanuel stated, “This building (Trainon Lofts) is not just a space but a place called Woodlawn.”

Chicago Community Loan Fund provided $5 million in New Market Tax Credits for Trianon Lofts. The four story building offers 24 units of housing and 7,000 square feet of commercial space. Half of the apartments will be market rate and half for families making 50%-80% of the area median income. This is significant because Trainon Lofts is the first mixed-income housing in Woodlawn in over 40 years. Teeny Tiny University daycare will be a tenant in the commercial space providing a safe place where parents can drop off their children and go to work.

Additional funding sources for this project included: City of Chicago, HUD, BMO Harris Bank, JPMorgan Chase and Local Initiatives Support Corporation.

A Place Called Woodlawn

CCLF’s Director ofLending, Wendell

Harris, at theGroundbreaking

Gina Jamison, owner of Kuumba Tre-Ahm, at The HatcheryGround Breaking October 24, 2017.

Yolonda Wofford (Teeny Tiny Daycare Owner) , Mayor Emanuel, Tobias Spears (Trianon Lofts Resident) and William Eager (POAH) at Trainon Lofts Ribbon Cutting


Angela Dowell, CCLF’s Vice Presidentof Finance, was awarded the 2017

Emerging Saluki Leader Award fromher Alma Mater, Southern Illinois

University – Carbondale. The awardhonors alumni who have graduated

from SIU within the last 15 yearsfor their outstanding work within

business, academia, government, ornonprofit sector and their community

service.


On October 20th, Calvin L. Holmes, CCLF President, moderated a session on “Neighborhood Development, Infrastructure Investment and Community Benefits,” at the Bronzeville International Summit. Seventy Five people were in attendance. Holmes also moderated a panel on October 25, 2017 at “South Shore Works: Helping Small Businesses Succeed, Connecting to Resources and Capital,” at the South Shore Chamber of Commerce. CCLF and Community Reinvestment Fund, USA (CRF) partnered to present this event; 30 participants were in attendance.

6 3


On Small Business Saturday, CCLF Customer Sugar Beet Co-Op won

the “Best Small Business in America” contest through Rubicon (a waste

management company and recycling platform). Sugar Beet was awarded $10,000 to help grow their business. For the competition, Rubicon asked small businesses to create a video

describing what makes their business stand out. Sugar Beet received the

most votes for their creation which can be seen on their Facebook Page.

Congrats, Sugar Beet!

Activate Retail

Anthony Mosely, Senior Program Officer of Economic Development, hosted a Table Promoting Activate Retail, on November 3rd in Little

Village. Mosely explained Activate Retail and it’s Commercial Real

Estate (CRE) Fund at a Neighborhood Opportunity Fund Informational

Meeting.

To access financing for CRE contact Anthony Mosely at amosely@

cclfchicago.org

Calvin L. Holmes Awarded “Give a Hand Up to Give a

Hand Out” Award

On December 9th, Calvin L. Holmes, CCLF’s President, was presented with the “Give a Hand Up to Give a Hand

Out” award by the Calahan Foundation for his tireless work in

community development throughout Chicagoland.

Calahan Funeral Home, the family-owned mortuary establishment

located in the Englewood community, created the Calahan

Foundation in 2009 to support youth preparing to attend college and to

provide them with contemporary role models. All members of the Calahan family are involved in the foundation and created the “Give a Hand Up to Give a Hand Out” award to honor committed community members.

The other Honorees were: Chrishon Lampley, Creator of Wine Brand, Love Cork Screw, Dr. Carol Lee, Founder of

The Betty Shabazz International Charter School and Rev. Julian

DeShazier, Senior Pastor of University Church (Chicago).

Potbelly Opens in Historic Pullman (cont.)

Interior of the new Potbelly in Pullman

Pullman was created in the early 1800s as a community for employees of thePullman’s Palace Car Company, owned by George Pullman. The Pullman Sleeping Carsmanufactured there launched the careers of many African Americans as part of the elitePullman Porters. The town had schools, parks, a theater, hotel and homes made out ofbrick with indoor plumbing. It made headlines and people traveled from all over theglobe to learn more about this new planned industrial town that attracted workers toPullman. As travel by rail declined over the decades, so did company revenues. Theneighborhood lost population and the historic buildings fell into severe decline.

As a National Monument (designated so in 2015), the area is poised for attractingthousands of tourists coming to see where the Pullman Cars were created and learnabout the major labor problems of the company that led to the growth of unions. CNI,as the master developer of Pullman Park, a 180-acre mixed use site, is coordinating $250million of new investments in the area creating jobs and drawing new home owners,businesses and visitors to Pullman. Families can once again live in high quality brickhousing in Pullman and access amenities, such as a delicious Potbelly sandwich, right inthe neighborhood.

Other funders of this project include US Bank, Benefit Chicago, City of Chicago, NorthernTrust Company, Wintrust, LISC, Chase and the National Community Investment Fund.

Potbelly Ribbon Cutting with Chicago Mayor Rahm Emanuel, Anne Ewing (Potbelly)Alderman Anthony Beale and Allen Hill (Star Cleaners)

Written By: Dianne Simmons, Supreme Realtist, Inc.

The Chicago Community Loan Fund (CCLF) partnered with The Dearborn Realtist Board (DRB) and The City of Chicago to present an extensive training course to become a Court Appointed Receiver in the City of Chicago. The class was held at East-West University over six days from November 28-30 and December 5-7, 2017.

The Receiver Training Course was developed to create an informed and knowledgeable pool of community based distressed property receivers. The Dearborn Realtist Board developed a comprehensive curriculum that included all the various facets of the receivership and forfeiture process. In addition, the receivership training program supports the opportunity to stabilize and acquire vacant properties between 1-4 units.

CCLF provided expertise support and information on the receivership process, property management and capital solutions. At the conclusion of the class, eighty-one students graduated with the newly established “RECEIVERSHIP INSTITUTE SPECIALIST” (RIS) designation and class certificates. Courtney Jones, president of the Dearborn Realtist Board stated, “This was a powerful experience to have partnered with the Chicago Community Loan Fund and the City of Chicago and it was a Win Win for all participants.”

CCLF Supported Dearborn Realtist Receivership Workshop

Participants at Realtist Workshop, Photo Provided by Dearborn Realtists

CCLF Staff and Board Members Patricia McCreary and Chuck Walls congratulate Calvin L. Holmes at the

Calahan Foundation Gala.

Thank You to Funders and Investors

CCLF Noteworthy

For their recent grants, CCLF thanks: Bank Leumi USA, Capital One, Fifth Third Bank, MUFG Union Bank, N.A., Paypal Gives, a Corporate Advised Fund at Silicon Valley Community Foundation, US Bank and Wintrust Financial Corporation

For their recent investments, CCLF thanks: Barrington Bank and Trust and Mary H. Waite Trust

Staff & Board News


2

Chicago Neighborhood Initiatives (CNI) is leading the resurgence of the historicPullman Neighborhood. CNI has been chosen as the developer of Pullman Park witha mission to bring jobs, retail, affordable housing, and safe recreational spaces to theneighborhood. CNI celebrated another victory on October 23, 2017 with the openingof Potbelly Sandwich Shop on 111th Street and Doty Avenue. CCLF has providedhousing financing for CNI in the past and is now also supporting CNI’s efforts inPullman through Activate Retail, its commercial real estate development initiative, whichoffers financing and funding for transformative projects that grow retail in depressedneighborhoods in need of a spark to ignite economic prosperity. CCLF received fundingfrom JPMorgan Chase’s PRO Neighborhoods Initiative which is supporting CNI andother commercial real estate projects.

At the ribbon cutting ceremony ofPotbelly, CNI’s President David Doigstated, “This is part of our first phaseof neighborhood retail that began withWalmart providing a place to shop.Now, Potbelly will usher you into thePullman Historic District where we areworking to create over 1,500 new jobs.”Potbelly is the first retail shop visitorswill see exiting I-94 on 111th Street.Star Cleaners and Laine’s Bakery (both

owned by local African-American entrepreneurs) also are slated to open next door inthis new retail center. A new Whole Foods Distribution Center under construction a fewblocks away is anticipated to provide another 150 jobs. US Bank, Method Products andGotham Greens are also located in Pullman Park, offering employment opportunities tolocal residents.

Alderman Beale, during the ribbon cutting ceremony, announced with pride all of thenew developments happening in his 9th Ward. “We have been busy creating jobs sincePresident Obama came to designate the area as a National Monument.” Pullman Park isproviding new retail goods and services to Pullman, Roseland and the Greater CalumetRegion, including the 150,000 square foot Walmart, featuring a full-service grocery;more than 70,000 square foot of new retail space anchored by a Ross Dress for Less, aPlanet Fitness, and an Advocate Health Care Center.

Potbelly Opens in Historic Pullman

Potbelly’s New Employees Celebrate the Grand Opening in Pullman

7

CCLF Board of DirectorsMatthew R. Reilein, ChairO’Brien Staley Partners

Erik L. Hall, Vice ChairGCM Grosvenor

Charles S. Walls, TreasurerComEd (retired)

Mohammed M. Elahi, SecretaryCook County Department of Planning and

Development

Patricia Y. McCreary, Assistant SecretaryOffice of the Clerk of the Circuit Court of

Cook County

Ailisa Herrera, Assistant SecretaryMB Financial Bank

Dorothy AbreuPNC Bank

Jody AdlerCommunity Law Project

Robert G. ByronBlue Vista Capital Management, LLC

Charles F. DaasCity Solutions

Dr. Amara C. EnyiaACE Municipal Partners, LLC

Thomas P. FitzGibbon Jr.Evergreen Bankgroup

Kevin R. GoldsmithChase

Stephanie S. GreenPro Creative Law, LLC

Edward J. HoynesCommunity Accounting Services, LLC

Andrew W. HuggerBank of America

Michael KauffmanBMO Capital Markets

Raymond S. McGaughMcGaugh Law Group, LLC

Eric S. PhillipsVillage Bank & Trust (a Wintrust Community

Bank)

Elias RosarioGary Comer Youth Center

Mark C. SpearsCIBC

Kathryn TholinCenter for Neighborhood Technology

(retired)

John L. TuohyChapman and Cutler, LLP (retired)

Calvin L. HolmesPresident, CCLF (Non-Voting)

During the December 6th Board Meeting, all Board officers were reelected to their positions with Matt Reilein as Chair, Erik Hall as Vice Chair, Charles Walls as Treasurer, Mohammed Elahi as Secretary and Ailisa Herrera and Patricia McCreary as Assistant Secretaries. The Board elected two new members: Dr. Amara Enyia and Stephanie Green. Several board members were recognized: Andrew Hugger for

his “Extraordinary Support of the Loan Committee Chair,” Lisa Herrera for “Facilitating the Most Unique Donation,” Patricia McCreary for “Attending the Most Board and Committee Meetings,” Raymond McGaugh for “Facilitating a Most Unique Donation,” and Tommy Fitzgibbon for “Outstanding Leadership of the 2017-2020 Strategic Plan Process.”

Dr. Amara Enyia is Principal at Ace Municipal Partners, LLC, a municipal consulting firm. Dr. Enyia leverages years in municipal government experience in several policy areas including: economic development, education, public safety, housing, food security and food access and community development. Dr. Enyia previously served as Executive Director for the nonprofit Austin Coming together. She received her Master of Education, PhD in Educational Policy Studies and a Doctor of Law (J.D.) from University of Illinois at Urbana-Champaign.

Stephanie Green is a managing member of Pro Creative Real Estate Law Group at Pro Creative Law, LLC. At Pro Creative Law, LLC Stephanie focuses on creative placemaking projects, representing both individuals and organizations engaged in re-purposing spaces and buildings in creative ways that benefit the community. Green received her Bachelor’s in International Relations from the University of California, Davis and a J.D. from the Chicago-Kent College of Law.

CCLF Noteworthy (cont.)

Staff & Board News cont.

On October 7th, Wendell Harris, Director of Lending at CCLF was invited to speak at a Partners in Community Building, Inc. (PICB) event. The event called “Developing MMRP Areas and Beyond,” focused on the Micro Market Recovery Program (MMRP). The panel included finance companies, contractors and developers.

Chicago Neighborhood Rebuild Training Pilot

Program Update & New Funders

Chicago Community Loan Fund would like to thank and recognize Fifth

Third Bank and PayPal Gives for their recent grants supporting the Chicago Neighborhood Rebuild Training Pilot Program (Rebuild). Rebuild is a three

year pilot with the City of Chicago and other strategic partners working on the intersection of housing and

crime. The goal of the program is to rehabilitate 50 homes in high crime police districts while providing job training and placement for local

youth and ex-offenders. The Safer Foundation and Cara are identifying the program participants and providing the workforce solutions that will keep them safe, away from fire arms and focused

on long-term employment.

CCLF also recently identified the developers approved to acquire

properties and get them ready for homeownership at affordable prices while providing on-the-job training

to youth and ex-offenders. Approved developers include: Bill Jones &

Associates, Inc., Breaking Ground, Englewood Development Group, L3C,

Greater Auburn-Gresham Development Corporation, H and H Fast Properties,

Kingdom Land Investment Group, Inc., KMW Communities, LLC, MKB

Business Strategies, LLC and Joudeh Investments, LLC, NHS Redevelopment

Corporation, People’s Community Development Association of Chicago,

Inc., RPT Development Group, Inc., Reconstruction Technology Partners

(this organization is an arm of Safer Foundation), Westside Urban

Development and Joy’s Construction. A majority of the approved developers are

minority-led organizations.

The Cook County Land Bank Authority and Community Investment Corporation

are partners in the initiative providing properties at low costs to developers.

Other financial supporters include Rush University Hospital, MBFinancial Bank

and the CDFI Fund.

Credit Memos: CCLF Lends $8.6 Million in the 4th Quarter

3525 S. King Drive, Inc. received a $376,000 construction/mini-permanent loan for the rehabilitation of a commercial office building the Douglas community area.

Audeant Housing I received a $67,500 mini-permanent loan to preserve 2 units of affordable housing in Calumet City, IL. This loan is part of the CCLF’s Neighborhood Investor Lending Program and the Cook County Preservation Compact. Thanks to Daniel Favero, Jonathan Baker and Monica Steinberg of Mayer Brown LLP for serving as CCLF’s counsel on this transaction.

Audeant Housing II received a $67,500 mini-permanent loan to preserve 2 units of affordable housing in Calumet City, IL. This loan is part of the CCLF’s Neighborhood Investor Lending Program and the Cook County Preservation Compact. Thanks to Daniel Favero, Jonathan Baker and Monica Steinberg of Mayer Brown LLP for serving as CCLF’s counsel on this transaction.


Cook County Land Bank Authority received a $3,000,000 loan to acquire one and two unit buildings in the City of Chicago and all of Cook County. This is expected to help them acquire, hold, and transfer interest in 750 units of housing in Cook County, allowing them to promote redevelopment and reuse of vacant, abandoned homes. Thanks to Tonya Gauff, Brian Doyle and Debbie Cook of DLA Piper LLP for serving as CCLF’s counsel on this transaction.

Englewood Cooperative Apartments, Inc. received a $265,000 predevelopment loan to help cover predevelopment costs for the rehab of 123 units of affordable housing in the Englewood community area. This loan is part of the Cook County Preservation Compact. Thanks to Mohammed Shaheen and Emmanuel Charles of Latham & Watkins LLP for serving as CCLF’s counsel on this transaction.

EREG Development, LLC received $1,500,000 in three separate predevelopment loans (totaling $500,000 each) to cover predevelopment costs associated with the development of three different mixed-use buildings. All three buildings will have Chicago Public Libraries on the ground floor, and will provide a total of 98 units of affordable housing. The buildings will be in the Irving Park, West Ridge and Albany Park community areas. Thanks to Joanna Nicholas, David Love and Carla Garfinkle of Mayer Brown LLP for serving as CCLF’s counsel on this transaction.

Interfaith Housing Development Corporation received a $175,324 equipment/working capital loan to help with their work in creating and preserving affordable housing in the Chicagoland area. Thanks to Melissa Oka of Perkins Coie LLP for serving as CCLF’s counsel on this transaction.

Interfaith Housing Development Corporation received a $300,000 predevelopment loan to cover costs associated with the development of 72 units of affordable housing in Maywood, IL. Thanks to Melissa Oka of Perkins Coie LLP for serving as CCLF’s counsel on this transaction.

Maple Capital LLC received a $717,000 mini-permanent loan to preserve 19 units of affordable housing in the Auburn Gresham and South Chicago community areas. This loan is part of the Cook County Preservation Compact. Thanks to Gregory Bauer and Aaron Berlin of Kirkland & Ellis LLP for serving as CCLF’s counsel on this transaction.

NeighborScapes, NFP received a $25,000 equipment/working capital loan to support their first Innovation House in the Englewood community. Thanks to William Hughes and James Snyder of Winston & Strawn LLP for serving as CCLF’s counsel on this transaction.

Taylor Tots Nursery, Inc. received a $75,000 equipment/working capital loan to open a new childcare facility with the capacity for 87 children in the Near West Side community area. Thanks to Stephanie Gratton and Joshua Samis of McDermott Will & Emery LLP for serving as CCLF’s counsel on this transaction.

Westside Health Authority received a $1,000,000 construction loan to acquire and rehabilitate 10 single family homes in the Austin community area. This loan is part of the CCLF’s Neighborhood Investor Lending Program and the Cook County Preservation Compact. Thanks to Kyle Gillen, Michael Wright and Elizabeth Burns of Kirkland & Ellis LLP for serving as CCLF’s counsel on this transaction.

Woodlawn Station Master Tenant, LLC received a $350,000 construction/mini-permanent loan for the buildout of 6 commercial spaces in the Woodlawn community area. This loan is part of CCLF’s Activate Retail Initiative and partnership with Chicago TREND. Thanks to Sarah Kessler and Mark O’Meara of Chapman and Cutler LLP for serving as CCLF’s counsel on this transaction.

XS Tennis Village, LLC received a $765,000 loan for critical juncture financing in association with the construction of their indoor tennis facility in the Grand Boulevard community area. Thanks to Bruce Bonjour of Perkins Coie LLP for serving as CCLF’s counsel on this transaction

CCLF StaffCalvin L. Holmes

President

Bob Tucker Chief Operating Officer/Executive Vice

President of Programs

Angela DowellVice President of Finance

Juan CalixtoVice President of External Relations

Maurice WilliamsVice President of Economic

Development

Lycrecia Parks Vice President of Portfolio

Management

Taft WestVice President of Technical Assistance

and Sustainability

Wendell HarrisDirector of Lending Operations

Deborah SabolDirector of Operations

Kevin TruittSenior Loan/Program Officer

Christian Dorsey Senior Loan/Program Officer

Anthony Mosely Senior Program Officer - Economic

Development

Holly Kavis Loan Closing Officer

Maya ChandlerSenior Accountant

Candace Gregory Senior Accountant

Deandre TannerStaff Accountant

Aaron AkersAsset Manager

Kelly Shelton Asset Manager

Katelyn FrederkingMarketing and Communications

Assistant

Naima Bergen Project Assistant

Consultants

Chelsi CicekogluLender

Sean HardenTA and Special Initiatives

Newsletter Credits

Compiled by:Katelyn Frederking

Juan CalixtoCalvin Holmes

Bob Tucker

Printed by:Salsedo Press

8

Credit Memos Continued: CCLF Lends $8.6 Million in the 4th Quarter

CCLF’S NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURESCOMMUNITY BLUEPRINT:

In This IssuePage 1

CCLF’s 2017 Lending Reached RecordSocial Impact

Pages 2-3Potbelly Opens in Historic Pullman

Chicago Neighborhood Training PilotProgram Update and New Funders

Sugar Beet Won Best Small Businessin America Award

Activate Retail

Pages 4-5The Hatchery Breaks Ground in East

Garfield ParkSt. Edmund’s Oasis Ribbon Cutting

Angela Dowell Awarded By Her AlmaMater

A Place Called WoodlawnMUFG Foundation Donation

Pages 6-7CCLF Supported Dearborn Realtist

Receivership WorkshopCCLF Noteworthy

Calvin L. Holmes Awarded “Give aHand Up to Give a Hand Out” Award

CCLF’s Credit MemosCCLF Board of Directors

Pages 8CCLF Credit Memo’s cont.

CCLF Staff

1


CCLF experienced atremendously successful2017. CCLF’s operationalachievements and our socialimpact outputs have increasedsignificantly compared to lastyear. The number of housingunits created or retainedjumped from 424 to 1,275, commercial real estate andcommunity facility space rosefrom 38,125 sq. ft. to 415,745sq. ft. and the number of jobscreated or retained by ourborrowers increased from 141to 1,289. CCLF will end theyear with total assets of $80million; a new milestone forthe agency!

CCLF collaborated with manypartners, investors and fundersto get capital to areas of mostneed and has many successstories. Some of the 2017highlights include: CCLF (1) hit

its lending goals with all core lending while maintaining credit quality; (2) was awarded an$866,500 Financial Assistance award from the CDFI Fund; (3) improved its Aeris rating toAA- ***(4) exceeded TA goals even while re-tooling the program; (5) launched the ChicagoNeighborhood Rebuild Training Pilot Program to rehab affordable housing in three highcrime areas while providing job training to youth and ex-offenders; (6) achieved a recordlevel of media attention for CCLF and its borrowers and investors; (7) began implementingits new 2017-2020 strategic plan that includes a new liquidity management plan, newTechnical Assistance workshops, new Social Impact Metrics Study and a new goal to growassets to $100 million to create greater impact in the Chicago region.

We thank our internal and external partners for helping us achieve so many successes. Weare dedicated to making 2018 another highly effective year.

8

4th Quarter/2017


credit memos continued: cclf staff cclf lends $8.6 million ...€¦ · providing new retail goods...

Documents