Chicago Community Loan Fund (CCLF) provides flexible financing and technical assistance for community organizations engaged in affordable housing, economic development and social service initiatives that benefit low- and moderate-income families and neighborhoods in Chicagoland. CCLF specializes in serving emerging and small to mid-sized organizations that often have the most difficulty accessing capital. CCLF's technical assistance services help clients prepare and launch successful real estate development projects. Since 1991, CCLF has made 166 loans totaling nearly $37 million.
- Lending Activity: Eligible loan applicants include nonprofit organizations, joint
ventures between nonprofit and for-profit groups, worker-owned cooperatives and housing
cooperatives, as well as qualified for-profit development firms. The loan products include:
- predevelopment loans
- construction loans
- mini-permanent mortgage loans
- equipment and working capital loans
- cooperative housing loans
- predevelopment loans to for-profit developers spearheading projects with high social impact
- Partnerships: CCLF partners with public, private and nonprofit groups on local, regional and national levels to promote initiatives such as green design for community projects, retail and commercial development in distressed neighborhoods, and arts-related revitalization projects; as well to provide technical assistance to our customers throughout the lending process. CCLF regularly participates in collaborative efforts to increase the resources available for affordable housing and support community reinvestment. CCLF continues reaching out to its focus communities, Englewood, Woodlawn and North Lawndale, as well as lower-wealth suburban communities in southern Cook County and along the north lakefront.
Assistance: CCLF provides integrated and stand-alone technical assistance to community-based
- Workshops: to help clients launch real estate development projects
- Comprehensive Development Assistance: customized development assistance
- Referral Services: time-sensitive development advice
The Chicago Community Loan Fund is located in and serves major urban communities in the six-county metropolitan area of Chicago. CCLF concentrates its lending and technical assistance on organizations in, and who serve, low- and moderate-income communities where the majority of residents are minority. An estimated ninety percent of our borrowers' end users have a household income at or below 80% of area median income. CCLF also estimates that the end users served by our borrowers are approximately 53% African-American/Black, 35% Caucasian, 10% Hispanic/Latino and 2% Latino/Pacific Islander.
Since inception, CCLF has made 166 loans totaling nearly $37 million, leveraging more than $843 million in capital for community revitalization. Projects financed by CCLF have created or retained over 1,000 jobs and have or will create or preserve over 5,400 affordable and mixed-income housing units.
In 2008, CCLF disbursed 15 new loans totaling over $5.5 million, which will create or preserve more than 700 units of housing benefiting low- and moderate-income families. CCLF's capital is also leveraging over $188 million in additional public and private sector capital for these projects.
Last year, CCLF partnered with Uptown Habitat for Humanity and the Chicago Rehab Network to rehabilitate and convert a 10-unit courtyard apartment building in a former drug-infested building into a 7-unit condominium priced for families and individuals earning about 65% of the Chicago area median income (about $35,000). The building is located in Chicago’s West Humboldt Park, a low- and moderate-income Hispanic neighborhood facing development pressures from other communities that are quickly becoming more expensive. “We are making a significant investment in affordable housing in a neighborhood with great needs,” Calvin Holmes, CCLF’s Executive Director said. “I am extremely confident that CCLF’s investment will not only be paid back, but make a difference in West Humboldt Park.” Full Story