Special Initiatives
In conjunction with our traditional loan products, CCLF expands lending capabilities through a number of innovative and effective programs:
Neighborhood Stabilization Program (NSP)
The Neighborhood Stabilization Program was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. NSP is a component of the Community Development Block Grant (CDBG) and operates under the guidance of the U.S. Department of Housing and Urban Development. As a partner of the City of Chicago's Neighborhood Stabilization Program, CCLF makes construction loans of up to $500,000 to qualified developers. For more information regarding CCLF's NSP involvement, please contact Paul Gakhal.
Preservation Compact
The Preservation Compact is led by the Urban Land Institute (ULI) Chicago and funded by The John D. and Catherine T. MacArthur Foundation. Its goal is to preserve 75,000 affordable rental homes in Cook County by 2020. The Chicago Community Loan Fund (CCLF) will enhance the suite of products being offered through The Preservation Compact's Preservation Fund by providing purchase contract loans and supplemental predevelopment and acquisition loans as well as gap financing for select projects during construction and rehab. In this way, CCLF is helping to increase capital flow to properties at risk of being lost from the affordable rental market.
Suburban Outreach
CCLF operates throughout the 6-county Chicago metropolitan area, meaning we are actively lending in suburban communities in the region. In addition to making loans in these communities, CCLF also participates in advocacy and policy work, offers technical assistance and training, and partners with suburban organizations to address a number of community development issues.
Below is a sampling of suburban lending activities over the past few years:
- Youthbuild, Lake County ($71,000)
- Calumet Park Senior Housing, Calumet Park, IL ($200,000)
- Turnstone Development, Riverdale, IL ($500,000)
- Arab American Family Services, Bridgeview, IL ($380,000)
- Rimland Services, Maywood, IL ($180,000)
- Evanston Housing Coalition, Evanston, IL ($190,000)
Sustainable Lending
In select loans, CCLF has accepted a higher loan-to-value ratio (LTV) than usual in recognition of the life-cycle cost benefits of green design. Currently, CCLF is in the process of refining a Green Lending Program to encourage even more developers to feature green design elements in their projects. Contact a CCLF lender to see if your project qualifies.
