Provides smaller scale for-profit and nonprofit developers with the support and capital needed to acquire, rehabilitate and own 1-4 unit buildings to help stabilize lower wealth communities impacted by the foreclosure crisis.

Criteria

• LOAN-TO-VALUE: 80-120% (sliding scale)
• LOAN-TO-COST: 90%
• DEBT SERVICE COVERAGE RATIO: 1.2x-1.4x (sliding scale)
• TERM OF LOAN: Up to 10 years
• INTEREST RATE: 6.5-8.0%
• REPAYMENT: Up to 30 year amortization (interest-only during construction)
• APPLICATION FEES: $250; 2% origination fee
• FEES: Normal closing costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Applicant must accept CCLF technical assistance where applicable

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a nonprofit, for-profit/nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative, or a small to mid-size, mission-driven for-profit entity
• Must be engaged in community-based housing, economic development or social service facility project that will serve or benefit low- to moderate-income people and / or communities

The Neighborhood Retail-Chicago Collaborative is a partnership between CCLF and CNI’s Micro Finance Group (CNIMFG) providing technical assistance services and loans for commercial development opportunities that offer residents access to quality jobs and the goods and services typically found in vibrant neighborhoods in order to build a stronger, healthier community. The initiative is aimed at growing and supporting businesses in some of Chicago and South Cook County’s undeserved and disinvested low-to moderate-income communities

CCLF will work with CNIMFG to manage and deploy a community development retail fund across the Chicago area to strengthen the communities of Pullman, Englewood, Bronzeville, West Humboldt Park and Chatham., as well as several disinvested, LMI South Cook County municipalities. CCLF and CNIMFG, a micro-lender will provide responsible low-cost financing options usually unavailable from traditional lenders to entrepreneurs commercial retail developers and small businesses to help develop commercial retail projects and attract new businesses offering affordable nutritious food and other consumer items that create jobs and additional economic development opportunities within the targeted areas.

To spur comprehensive economic development in Chicago metropolitan area low-to-moderate income communities, PRO Neighborhoods helps to fund:

• Community Development Retail Fund to finance Predevelopment to Build-Out and;
• Small Business Microloan Fund to finance Build-Out to Working Capital.

A fixed-rate loan product primarily available for organizations engaged in community-based social service, housing or economic development.

Criteria

• LOAN-TO-VALUE: 80-1200%
• DEBT SERVICE COVERAGE RATIO: 1.2x-1.4x (sliding scale)
• TERM OF LOAN: Up to 15 years
• INTEREST RATE: 7-9%
• REPAYMENT: Monthly principal and interest w/balloon at maturity, or fully amortizing, where possible.
• APPLICATION FEES: $250
• FEES: Normal closing costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property, and other sercurity as deemed necessary.
• OTHER: Technical assistance from cooperativev housing trade association and/or CCLF is generalyl required.

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a housing cooperative organization, nonprofit or limited liability corporation.  Income of end-users must not exceed 120% of Area Median Income (AMI).