The year 2024 has been another hugely successful year for CCLF! A total of over $31 million in loans were closed creating or preserving affordable housing and jobs or improving nonprofit facilities and supporting social enterprises. There were 38 loans closed with borrowers who developed 534 units of housing and 122,615 square feet of commercial retail and community facility spaces. These projects, along with social enterprise borrowers, created/preserved a total of 307 jobs.
CCLF’s social impact is felt every time boarded buildings are turned into quality homes and vacant lots are transformed into neighborhood stores and businesses. In its 33-year history, CCLF’s efforts have leveraged an additional $2 billion in private/public sector investments in low-income neighborhoods throughout Chicagoland.
Yet, CCLF’s true success is more than just the numbers. It can be seen every day along the streets of the communities we serve and in the lives of people who live or work there. Because of the contributions and commitment of the entire CCLF team (board, staff, funders, investors, customers, and partners), CCLF helps communities thrive, improving lives, and creating lasting impact.
Once again, our work was recognized in various ways, including through a $15 million unrestricted MacKenzie Scott grant, a $10 million low-cost investment from JPMorgan Chase, a $1 million unrestricted grant from Citi and significant support from other major philanthropic partners. CCLF accepts this responsibility to ensure capital is available for community development projects targeting neighborhoods that have been neglected for far too long.
CCLF also concludes its 2021-2024 strategic plan by reaching its big, audacious goal of growing its total assets to $200 million. At years end, CCLF’s portfolio consists of 216 loans totaling $140 million.
With all the success CCLF has seen in our targeted communities, CCLF President Calvin L. Holmes announced that after his nearly 30 years of service to CCLF, 2024 would be his last year at CCLF. At the CCLF December Board meeting, the Board of Directors and staff thanked Holmes for all he has done for CCLF, for the CDFI industry, and for his commitment to social and economic justice for people of color.
Holmes started at CCLF in 1995 as a Loan Officer and was promoted to President in three short years when the Fund had less than five employees. Today, CCLF has 30 staff and is a certified Community Development Financial Institution with a current Aeris rating of AA triple star indicating alignment with mission and very strong financial strength, performance and risk management practices.
Holmes’ orchestration through the 2007-2010 world financial crisis kept CCLF’s mission at the forefront, joining in partnership with the city of Chicago in neighborhood stabilization amid crisis level foreclosures in Chicago. He also provided adaptable leadership during the COVID19 crisis and civil unrest that followed transitioning CCLF to a work from home operation while partnering with the state, county and city governments to deploy $11.9 million in emergency relief loans and grants to borrowers and establishing a pop-up call center and resource guide. He also was instrumental in establishing the DEI framework approved by the Board of Directors.
The Board of Directors surprised Calvin during their last meeting of the year in December with some gifts and messages of appreciation.
“Calvin Holmes is a visionary in the community development finance industry,” said Erik Hall, chair of CCLF’s Board of Directors. “He’s been an extraordinary President for CCLF, growing the loan fund from a tiny $3.9 million non-profit Community Development Financial Institution to an organization nearing $200 million in total assets. He’s been an inspiring leader across the community development landscape, both locally and nationally. Most importantly, he has helped make a tremendous, lasting impact in the many historically disinvested communities that CCLF serves across the Chicago metropolitan area.”
“But now I say a fond farewell. I prefer to dwell not on the vacancy in the corner office, but on the remarkable success story that is CCLF, how much of that success is the result of Calvin’s talent, diligence, dedication and resolve. And most of all, I shall dwell upon his wonderful friendship,” said John Tuohy, CCLF Board Member and former CCLF Chair.
Bob Tucker was promoted by the Board of Directors to serve as the next CCLF President. He led the staff in a special tribute video that can be found on CCLF’s YouTube channel. In the video, staff reflected on the impact Holmes has had on the industry and on them personally. Additionally, the staff held a fond farewell holiday celebration for Calvin which included his partner, Darrin Dantzler, his mother, Leola Holmes, niece, Detri Holmes and family friend, Tim Lesure .
“For the past two years, I have been working jointly on my medical recovery and the important work of CCLF, but it’s time now to give my health 100% of my focus,” said Holmes. “Being CCLF’s President has truly been my life’s work, bringing me immense fulfillment, and I know that CCLF has an incredible team in place to carry-on our mission. As I transition into semi-retirement, I am thrilled that CCLF’s Board of Directors has chosen Bob Tucker as the next President. The board and I saw the ‘fire in his belly’ for CCLF’s mission when we hired him over nine years ago.”