Helping create communities where people thrive.
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… Read more »
Commemorating 20 years of childcare and education, It Takes A Village (ITAV), a CCLF borrower, held its ribbon cutting of their Bronzeville Academy at the old Hales Franciscan High School on October 22, 2024, at 4930 South Cottage Grove Avenue, one of its seven locations. On hand for the celebration were community leaders and elected… Read more »
The dream of twin brothers, Vova and Greesha Kagen, has finally come to fruition – once roasting coffee in their kitchen, to now roasting coffee in their new 28,000 square feet building. After receiving a $1,750,000 construction and permanent loan from CCLF, they bought a building in the Brighton Park neighborhood that was slated for… Read more »
“It’s so hard to say goodbye to yesterday.” Whether you know this song from the 1975 movie Cooley High or the Boyz II Men version in the 90s, the meaning hits home for me now as I turn the page on my almost 30-year career working for Chicago Community Loan Fund. I started out as… Read more »
There are a few things in life that people should never have to worry about…food…shelter…healthcare. Unfortunately, in this country and in the city of Chicago, all three can have impediments to access for many residents in disadvantaged neighborhoods. Food deserts pose a hinderance to having fresh food within a reasonable distance of people’s homes. Mounting… Read more »
On a beautiful September afternoon at the ASPIRE Center in Austin, JPMorgan Chase announced a $10 million low-cost loan to CCLF for its Communities of Color Fund. CCLF created the Communities of Color Fund (CofC) to address racial equity in low- to moderate-income neighborhoods throughout Chicagoland. The fund will be available to developers undertaking real… Read more »
Chicago Community Loan Fund (CCLF) is honored to be a $15 million recipient of a MacKenzie Scott grant. Lightning does strike in the same place twice as Ms. Scott awarded CCLF $10 million four years ago. MacKenzie Scott is a trailblazer in the world of philanthropy because of her large unrestricted grants to nonprofits. She… Read more »
The Chicago Community Loan Fund (CCLF) is a 33-year-old Community Development Financial Institution and 26 of those 33 years, it was led by Calvin L. Holmes. After a long and successful career in community development, Calvin has decided to depart the house that he helped build. The CCLF board has appointed Bob Tucker as its… Read more »
Over 70 investors, funders, supporters, and staff joined the Chicago Community Loan Fund (CCLF) on Thursday, May 23, 2024, for the Annual Stakeholders Meeting at the Wintrust Conference Center in the Loop, which was the second in-person Stakeholders Meeting since the pandemic. CCLF President, Calvin Holmes, welcomed attendees and recognized that the growth of the… Read more »
On June 14, 2024, the Community Education Network also known as It Takes a Village (ITAV) Family of Schools, held a groundbreaking ceremony to memorialize with speeches and photos the continued growth of the school network. ITAV purchased the shuttered Hales Franciscan High School, which once stood as the pride of the Archdiocese of Chicago… Read more »
Affordable housing is a serious problem that is at crisis levels in the U.S., for both home purchases home rentals. According to the 2024 State of the Nation’s Housing by the Joint Center for Housing Studies of Harvard University: “Both homeowners and renters are struggling with high housing costs. On the for-sale side, millions of… Read more »
On February 21, the Chicagoland Opportunity Zones Consortium (COZC) hosted an Investment Showcase to spotlight the work of early-stage business entrepreneurs advancing original and impactful ventures on the south and west sides of Chicago. The COZC partnered with Taft, Stettinius & Hollister LLP who fully supported the event including the use of their state-of-the-art conference… Read more »
By DeMario Greene, Director of Policy and Government Relations For over the thirty-three-years, CCLF has been able to distinguish itself as an agent of community revitalization – not only through its innovative lending products but also through its work to support positive public policy proposals on the local, state, and federal levels. CCLF is currently… Read more »
Home ownership is a dream of countless Americans, but for so many, the dream is out of reach.According to the National Association of Realtors, “While the U.S. homeownership rate increased to 65.5% in 2021, the rate among Black Americans lags significantly (44%) and has only increased 0.4% in the last 10 years and is nearly… Read more »
CCLF had an incredibly fast start to 2024, originating and closing millions of dollars in loans in the first quarter and advancing important new developments in the communities we serve. Although the work is fast paced, constantly evolving, and always exciting, pausing for a moment and reflecting on CCLF’s past year of work is important…. Read more »
Chicago is known worldwide for its exceptional cuisine. According to Travel and Leisure, Chicago has 50 James Beard Award winning restaurants and more than 20 Michelin-star-award winners.Because of the city’s diverse population, the cuisine varies from ethnicities around the world. Many immigrants who desire the food from their homeland start cooking for family and friends…. Read more »
Living in a big city can be expensive. Apartments in Chicago are at a premium, especially in neighborhoods like Lincoln Park on Chicago’s North Side. The average studio apartment in Lincoln Park goes for approximately $1,189.00 to $1,378/month for around 398 Sq. Ft. according to various rental property websites. However, a new apartment building has… Read more »
2023 was a banner year for CCLF! When the books were closed, our numbers showed that it was our best year, ever! At the start of the year, we set high goals, and the hard work of our entire team allowed us to end the year with a total of 31 loans for over $42.6… Read more »
Recently, CCLF was honored with a financial award from the ShoreBank Alumni Planning Committee after the 50th Anniversary Celebration of ShoreBank’s founding. In conjunction with ShoreBank’s donation, Faith-Walk Church International and Senior Pastor, Dwayne D. Brown, bestowed upon CCLF an additional contribution. According to ShoreBank Alumni Planning Committee member, Kim Jones, Vice President Director of… Read more »
In 2013, Chicago Public Schools (CPS) made the unprecedented decision to close 50 schools at once throughout the city in an effort to balance the budget. It was the largest mass closing of schools in one city in our nation’s history. No other city had ever attempted such an undertaking. This decision left 50 abandoned… Read more »
CCLF provides flexible and affordable financing for real estate transactions that benefit low- to moderate-income households throughout metropolitan Chicago. CCLF is able to keep interest rates low for borrowers because of its many social impact investors but also because of pro-bono attorneys. In 2022, pro-bono attorneys provided CCLF with $783,628 worth of free legal services…. Read more »
According to a 2015 groundbreaking study conducted by Technomic for the National Coffee Association, 76% of American adults drank coffee either at home or at one of the one million foodservice venues in the United States. The study revealed that the coffee industry has a $225.2 billion economic impact in the U.S., generated $28 billion… Read more »
Senator Dick Durbin has served in government since 1983 and in the U.S. Senate since 1997. He is currently the Democratic Whip, which is the second highest office in the U.S. Senate. Issues of equity and fairness for all Americans have always been the focus of his public service. The largest city in Senator Durbin’s… Read more »
Throughout our lives, we all are faced with challenges, some mental, some physical and some emotional. In fact, roughly 26% of adult Americans suffer from some form of diagnosable mental disorder each year. Understanding how common mental disorders are is important so that we can measure and understand their impact (i.e., physical, financial and social)… Read more »
After three years of virtual meetings, CCLF had its first in-person Annual Stakeholders meeting on Thursday, May 18, 2023, at the DePaul Center in downtown Chicago. Prior to the meeting, the 77 attendees were treated to a delectable breakfast enthusiastically networking after the long hiatus. Once the meeting was underway, Erik Hall, CCLF Board Chair,… Read more »
The Center for Disease Control and Prevention (CDC) defines autism spectrum disorder (ASD) as “a developmental disability caused by differences in the brain.” This disorder can begin to show symptoms within the first 12 months of life. Some children may progress and develop new skills and reach developmental milestones at or about 18 – 24… Read more »
Settled in the mid-nineteenth century, Chicago’s Back of the Yards neighborhood is a historic community known as the home of the Union Stockyards. Chicago’s concentration of railroads and ingenuity led to the large development of the meatpacking industry and those seeking job opportunities. The precarious and unsanitary working conditions, industry pollution, and low wages spurred… Read more »
Chicago is a city of 77 neighborhoods. As in most large cities, some neighborhoods are more economically stable than others. In order to combat the decline in some communities, Mayor Lori Lightfoot created Invest South/West to re-activate neighborhood cores. One of the neighborhoods in this community improvement initiative is Austin on the city’s West Side…. Read more »
After sitting vacant for 15 years, the site where Michael Reese Hospital and Medical Center once stood finally is being redeveloped. In late March, the Bronzeville Lakefront Infrastructure groundbreaking near Chicago’s southside lakefront took place; it was long overdue. Chicago is known for its topnotch medical facilities. For many years Michael Reese was considered one… Read more »
At the start of 2023, CCLF was extremely busy, experiencing an increased demand for its lending products, technical assistance and programmatic leadership. Although this flurry of activity came at a time when our trusted leader, Calvin L. Holmes, was on an extended leave, CCLF’s brilliant, hard-working and innovative staff made sure that the organization continued… Read more »
After putting the worst of the pandemic behind us, 2022 was an outstanding year for CCLF to satisfy its mission of “providing flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.” CCLF closed 26 loans totaling… Read more »
Since 2004, Bank of America, one of the world’s leading financial institutions, has recognized nonprofits who have played a role in changing the landscape of communities throughout the nation by investing in underserved neighborhoods to advance economic mobility through their signature philanthropic programs Neighborhood Builders Award. In 2022, they added an extension to the award… Read more »
On an exceptionally warm day in November, CCLF hosted a group of engaged Tulsa, Oklahoma residents interested in creating a Community Development Financial Institution (CDFI) on a tour of community development projects financed by Chicago’s CDFI community. Chicago CDFI leaders hosting the group included Calvin Holmes, President, CCLF; Vickie Lakes-Battle, Executive Director – Chicago Metro… Read more »
Since 2007, the Reclaiming Vacant Properties Conference (RVP) has brought people together from around the country to discuss the latest in community development, whether they are from urban, suburban or rural communities. This year, Chicago played host to this well-regarded event and displayed its accomplishments to attendees. The 3-day event featured prominent keynote speakers such… Read more »
Chicago’s South Shore community was once the Gold Coast of the south side. It had everything a middle-class community needed: beautiful homes, a bustling business district, first-rate schools, theaters, beaches for all to enjoy, and of course, the neighborhood gem, the country club. Now, like so many neighborhoods in Chicago, South Shore is a community… Read more »
As we age, having a comfortable and affordable place to live becomes extremely difficult.According to the American Community Survey 5-Year estimates for 2019, the median household income for older adults in Cook County was $42,287 compared to $64,660 for all households. The growing number of older adult renters with low-incomes in Cook County points to… Read more »
In recent years, the television and film industry has selected Chicago for major productions like Chicago Fire, Chicago Med, Chicago PD, The Chi, Power Book IV: The Force, Empire, Fargo, The Trial of the Chicago 7 and many more. According to the Chicago Film Office, 1,100 feature films and television productions have been filmed in… Read more »
CCLF President Calvin L. Holmes joins four others who are recognized by Bank of America for their impactful work in striving to advance racial equality and economic opportunity in Black, Hispanic-Latino, Asian American and Native American communities. The Racial Equality Award was established in March of 2022 and is an extension of Bank of America’s… Read more »
Two years after the start of the pandemic, CCLF’s 2022 Stakeholders Meeting was held virtually for the third time due to the continued threat of COVID-19. The goals of the meeting were to provide Stakeholders with an update on CCLF’s lending, portfolio and finances so Stakeholders can continue to have confidence in working with CCLF… Read more »
On a beautiful Tuesday morning in early June, local community developers, and those considering community development, came together at Little Black Pearl Art and Design Academy in Kenwood for a lunch and learn about the Chicago Neighborhood ReBuild (ReBuild) program hosted by Chicago Community Loan Fund (CCLF) along with partners Chicago Department of Housing and… Read more »
In 2003, Chicago Community Loan Fund provided a $409,000 predevelopment loan to Five Points Economic Development Corporation, a quasi-independent city agency coordinating the development of Grant Place Retail Center in North Chicago, IL. In 2005, the project broke ground on vacant land to create 19,000 sq. ft. of commercial/retail development located on a 2.5 acre-site… Read more »
Interfaith Housing Development Corporation (IHDC) hosted a Grand Opening Celebration for Fifth Avenue Apartments in Maywood, on Friday, September 10. The event marked the 18th affordable housing development for IHDC. Attended by local dignitaries, investors, developers, project contractors and residents, the event lauded the transformation of a long-vacant lot located at 800 S. Fifth Avenue… Read more »
Young alumnus, local dignitaries, parents, students, teachers and engaged community members joined in August for the groundbreaking ceremony of Little Angels Family Daycare Center II, Inc., a state-of-the-art early learning facility in Englewood. The ceremony marked the beginning of construction for the new 11,568-square-foot facility led by Nashone Greer-Adams, Founder, Owner and Director of the… Read more »
CCLF has partnered with U.S. Bancorp Community Development Corporation (USBCDC) and other Community Development Financial Institutions (CDFIs) to support and grow the number of developers led by people of color. Through its new U.S. Bank Access to Capital: Collaborating to Invest in Developers of Color, USBCDC has awarded $250,000 total in grants to three CDFIs—Capital… Read more »
On Thursday, June 17, 2021, CCLF hosted its 2021 Annual Stakeholders Meeting on a virtual platform. The production included live reports and presentations of borrower projects that demonstrate CCLF’s perseverance and community outreach during the unprecedented challenges of 2020. Click here to watch CCLF’s 2021 Annual Stakeholders Meeting. The virtual meeting’s audience included investors, funders,… Read more »
Chicago Community Loan Fund in partnership with the City of Chicago released a Developer Request for Qualifications (RFQ) for the Chicago Neighborhood Rebuild Program (CNRP). Through this request, CCLF seeks Developers (including not-for-profit and/or faith-based organizations) with strong experience in rehabilitation and sale of single family and 2-flat properties, and a familiarity with overall South… Read more »
During a year of health challenges and civil unrest, CCLF ended 2020 as an organization better positioned to ensure capital continued to flow in low-income areas throughout Chicagoland. CCLF ended 2020 with nearly $97 million in loans outstanding to 179 customers working to create communities where people thrive. CCLF completed 48 loans totaling $24.2 million… Read more »
As the COVID-19 pandemic ravaged Chicago-area small businesses and nonprofits, CCLF delved into its resolve to support impacted businesses and communities. CCLF became a partner in several public emergency funding initiatives. Together Now: Chicago’s Fund to Rebuild Our Neighborhoods, a collaboration with the Chicago Community Trust and the city of Chicago, raised monies from the… Read more »
Chicago’s Back of the Yards neighborhood is a historic community known as the home of the Union Stockyards. Located on the southwest side of Chicago, this is the neighborhood that author Upton Sinclair wrote about in the 1906 novel, “The Jungle.” After the stockyards closed in the 1970s, Back of the Yards became a community… Read more »
In December 2020, Philanthropist MacKenzie Scott released a blog post entitled “384 Ways to Help” announcing $4.1 billion in donations to 384 nonprofits across the United States, Puerto Rico and Washington, D.C. CCLF was among the 24 CDFIs included in the donations. Scott and her team undertook a rigorous, data-driven due diligence process to select… Read more »