CCLF completed another very successful year as the Fund’s operational and social impact milestones continued to grow for the benefit of Chicagoland’s most vulnerable.
In all, CCLF closed 32 loans totaling $21.5 million, which leveraged another $52.1 million. By year-end 2018, the number of housing units created or retained reached 267, commercial real estate and community space totaled 357,030 sq. ft., and the number of jobs created or retained by our borrowers stood at 590. CCLF will end the year with total assets over $90 million.
CCLF will close 2018 with strong net income and, before the year ended, JPMorgan Chase announced a first time investment in CCLF making them its largest institutional investor with a $10 million long-term, low-cost capital to support commercial real estate development on Chicago’s South and West Sides. This new investment will help CCLF reach its strategic goal of accumulating $100 million in total assets one full year ahead of schedule.
Additional highlights from 2018 include: (1) far exceeding our lending commitment goal of $25 million reaching $33.3million; (2) awarded a $700,000 Financial Assistance grant from the CDFI Fund; (3) maintained a strong *** AA- Aeris™ rating; (4) received $2 million in additional funding from the City of Chicago to continue the Chicago Neighborhood Rebuild Training Pilot Program; (5) exceeded our Technical Assistance goals providing 11 workshops reaching 300 participants while continuing to re-tool the program; and (6) received a record level of media attention for CCLF’s borrowers and investors.
To our internal and external partners: Thank you for helping to make 2018 a very successful year. We look forward to building and growing together to make 2019 an even more memorable year for the communities we serve.