Chicago Community Loan Fund (CCLF) is a certified

community development financial institution A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, ...

(CDFI) that provides loans and grants to community development organizations engaged in

affordable housing Affordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affo ...

, social service and economic development initiatives in

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Mission & Focus

CCLF's mission, as stated on its website, is "to provide low cost, flexible financing to community development organizations... throughout metropolitan Chicago." 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 Specific definitions of sustainability are difficult to agree on and have varied in the literature and over time. The concept of sustainability can be used to guide decisions at the global, national, and individual levels (e.g. sustainable livi ...

, such as Chicago's nonprofit car-sharing program,

I-GO I-GO was a Chicago-based car sharing organization which is owned by Enterprise Holdings. It was established in 2002 by the Center for Neighborhood Technology as an independent 501(c)(3) not-for-profit organization working in the fields of urban ...

, Logan Square Kitchen, a commercial shared-use kitchen and 75-seat event space, and Whistler-Crossing in

Riverdale, IL Riverdale is a village in Cook County, Illinois, United States. The population was 10,663 at the 2020 census. The village shares its name with the bordering Riverdale neighborhood in Chicago. Geography Riverdale is located at (41.640684, -87. ...

, the first LEED for Neighborhood Development (LEED-ND) in Illinois. 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,". CCLF also organizes a yearly "Building for Sustainability" seminar at the

Chicago Center for Green Technology The Chicago Center for Green Technology was a US Green Building Council LEED Platinum certified building located on a plot of in Chicago's East Garfield Park Community built to showcase green technologies. This was the first municipal and brown ...

. Over the next four years CCLF aims to increase lending volume and accelerate the rate of business development, social service provision, and job growth in the communities of Englewood, North Lawndale, and Woodlawn on the South Side and

West Side West Side or Westside may refer to: Places Canada * West Side, a neighbourhood of Windsor, Ontario * West Side, a neighbourhood of Vancouver, British Columbia United Kingdom * West Side, Lewis, Outer Hebrides, Scotland * Westside, Birmingham E ...

of Chicago and in parts of two high-poverty suburban corridors. CCLF is certified by the US Department of Treasury'
CDFI Fund
and is an active member of th
Opportunity Finance Network

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. The fund's loan history comprises 160 loans totaling over $36 million. The fund has been led by executive director Calvin Holmes since 1998. In 2009, CCLF was a recipient of the MacArthur Award for Creative and Effective Institutions, and will use its $500,000 award to enhance its current lending in low-income communities and encourage the incorporation of sustainable building technologies into community development strategies and projects.

Sustainability

CCLF's culture involves a heavy emphasis on environmentalism and sustainability. The agency actively encourages the use of energy-efficient building standards and materials in the construction of community real estate developments. Project example: In 2007, CCLF provided nearly $1.2 million in pre-development funding to the Historic Pacesetter LP / Whistler Crossing project in

Riverdale, Illinois Riverdale is a village in Cook County, Illinois, Cook County, Illinois, United States. The population was 10,663 at the 2020 census. The village shares its name with the bordering Riverdale, Chicago, Riverdale neighborhood in Chicago. Geography ...

. 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 Solar water heating (SWH) is heating water by sunlight, using a solar thermal collector. A variety of configurations are available at varying cost to provide solutions in different climates and latitudes. SWHs are widely used for residential an ...

systems, low-

VOC VOC, VoC or voc may refer to: Science and technology * Open-circuit voltage (VOC), the voltage between two terminals when there is no external load connected * Variant of concern, a category used during the assessment of a new variant of a virus ...

materials, energy-efficient appliances, recycled and locally sourced building materials,

bioswales Bioswales are channels designed to concentrate and convey stormwater runoff while removing debris and pollution. Bioswales can also be beneficial in recharging groundwater. Bioswales are typically vegetated, mulched, or xeriscaped. They consi ...

, and transit-oriented design.{{cite web , url=http://holstenchicago.com/property/pacesetter-2 , title=» Whistler Crossing :: Holsten Chicago , accessdate=2009-07-16 , url-status=dead , archiveurl=https://web.archive.org/web/20090604094658/http://holstenchicago.com/property/pacesetter-2/ , archivedate=2009-06-04 "Whistler Crossing" CCLF has organized an annual Building for Sustainability workshop since 2006, and regularly hosts a Sustainable Builders Working Group for community development professionals interested in supporting sustainable community projects. CCLF has published several editions of "A Guide to Building for Sustainability," a booklet of techniques, resources, and case studies of affordable housing. In 2009, the agency released
new website
dedicated to sustainable building resources in the Chicago area.

References

External links

Chicago Community Loan Fund (CCLF) official site

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 versio
here

"Federal CDFI Fund gives $1.4M to three local lenders,"
Crain's Chicago Business, August 25, 2006

SocialFunds, January 12, 2001 Non-profit organizations based in Chicago

Mission & Focus

History

Sustainability

See also

References

External links