Wilson Yard Target store

CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES

Summer/2010

Wilson Yard Grand OpeningDevelopment hopes to spur commercial revitalization in Uptown

Holsten Real EstateDevelopment Corporationrecently celebrated thegrand opening of WilsonYard, an innovative,mixed-use development inUptown. The openingrepresents the completionof a lengthy developmentprocess, resulting in aproject that Alderman HelenShiller says will have a"dramatic impact on the46th Ward" and "spur futurecommercial and retaildevelopment" in theneighborhood.

CCLF made a $1 millionearly-stage loan for WilsonYard, part of financing frommore than 20 public andprivate sources, includingBank of America, JPMorganChase, IHDA, LISC,

Bridgeview Bank, the Federal Home Loan Bank, Enterprise, CHA,City of Chicago and Target, among many others. The developmentpromises to revitalize a commercial corridor, and includes 178 affordablesenior and family apartments and over 30,000 square feet of commercialspace, including Target and Aldi stores.

Target Store Team Leader Sandra Obendorf says that they received over5,000 applications and hired more than 300 team members, 80% of whomlive within a two-mile radius of the new store. Kristy Butler is one of thosehired. She used to work at the Evanston Target, but transferred to theWilson Yard store, saying, "I can now live and work in my community."

Register now forCCLF's Building for

SustainabilityWorkshop

Join us at the ChicagoCenter for Green

Technology for theBuilding for

SustainabilityWorkshop, a two-day

session aboutsustainable buildingand design, held on

Sept 30-Oct 1.

Register today atwww.cclfchicago.org

/assistance/workshops.

Director Honors,Transitions

Ed Jacob, a memberof CCLF's Board ofDirectors, recently

became the ExecutiveDirector of

NeighborhoodHousing Services of

Chicago. Edpreviously was

Manager of the NorthSide CommunityFederal Credit

Union.Congratulations, Ed!

Senior and family housing at Wilson Yard.

"As I drove up today, Isaid 'Wow! What animprovement,'" saysGloria L. Materre,Executive Director of theIllinois HousingDevelopment Authority(IHDA). "It's important inthis economic climate forpeople to haveaffordable, safe housingavailable to them."

CCLF Receives Grants from CDFI Fund, CityTreasurerPermanent Capital Grants Will Help Grow CCLF's Capacity

CCLF recently received capital grant awards from the U.S. Treasury CDFIFund and the City of Chicago Treasurer! These awards will support theincrease in demand for CCLF's lending to social enterprises and communitydevelopment organizations in the City of Chicago and suburbs.

New capital will help CCLF to do more commercial/retail and social enterprise lending.

CCLF received a $750,000 permanent capital financial assistanceaward from the U.S. Treasury Community Development FinancialInstitution (CDFI) Fund. This award will support CCLF's lending for theCity of Chicago's Neighborhood Stabilization Program (NSP),commercial/retail initiatives in underserved communities and an increase ingreen and sustainable building in metropolitan Chicagoland.

CCLF was one of six Illinois organizations to receive an award, and wasawarded the maximum amount nationwide. Since its first award in 1998,CCLF has secured over $5.8 million in financial and technical assistanceawards from the CDFI Fund. These awards have significantly boostedCCLF's capacity over the years, contributing to more than $43 million incommunity loans, which in turn have leveraged over $900 million inadditional public- and private-sector capital.

Matt Reilein & Erik Hall

Matthew Reilein, amember of CCLF'sBoard of Directors

and Chair of CCLF'sLoan Committee andSenior Vice Presidentat JPMorgan Chase &

Co., was recentlyhonored as a 2010

fellow of LeadershipGreater Chicago(LGC). Erik Hall, amember of CCLF'sRisk Management

Committee andDirector at Citi

Markets & Banking,was also inducted as

a LGC fellow thisyear. LGC fellows

participate in aten-month program to

study challengesfacing the Chicagoregion and further

develop theirleadership skills.

Congratulations, Mattand Erik!

John Tuohy, Chair ofCCLF's Board of

Directors, recentlyearned a Master's ofLiberal Arts from theUniversity of Chicago.Congratulations, John!

Holmes testifies at the Federal Reserve.

CCLF is also the recipient of a $500,000 capital grant from the Office ofthe City Treasurer as a part of its Small Business Development LoanProgram. This award will be used to make loans to social enterprises,worker-owned cooperatives and women- and minority-owned commercialreal estate developers. It will help CCLF's ongoing efforts to increaselending for economic development and create neighborhood-based jobs.

CCLF thanks the CDFI Fund and City Treasurer for these new permanentcapital investments as we look forward to continuing to grow our capacityto invest in Chicagoland's communities! Photo: Steve Becker

CCLF Applauds Financial Reform; SupportsUpdated Rules and Modernization for CRALegislation Key to Increasing Access to Capital

CCLF's work can only succeed when coupled with strong policies thatstrengthen access to capital for low-wealth neighborhoods. CCLF is proudto be a partner in the efforts for financial reform, and we are excited aboutmomentum to pass the CRA Modernization Act to strengthen this importantlegislation.

CCLF Executive Director CalvinL. Holmes stood with SenatorDick Durbin and other partnersat a press conference in May tocelebrate the passage of theDodd-Frank Wall Street Reformand Consumer Protection Act.Among many things, the billcreated the Consumer FinancialProtection Bureau andstrengthened reporting andaccountability for financialinstitutions.

Holmes also testified on August12th at the CommunityReinvestment Act (CRA)hearing at the Federal ReserveBank of Chicago, along withmany of CCLF's partners.Holmes said, "In the current economic climate, CDFIs throughout thecountry are seeing the cost of our available capital rise to an unsustainablelevel. Going forward, we need CRA application to encourage banks to offerlow-interest, long-term, low-cost investments for CDFIs, so we cancontinue to offer flexible, technical-assistance-supported communitydevelopment loans."

Holmes spoke at the third of four hearings held by federal bankingregulators to hear testimony from stakeholders about how to update rulesconcerning the implementation of CRA. The last update to CRA rules wasin 1995, before many major shifts in the banking industry. Moving forward,it is also important to support legislative reform in the CommunityReinvestment Modernization Act. For more information about CRAModernization, visit ncrc.org or the woodstockinst.org.

CCLF Hires NewDirector of TA and

Sustainability

CCLF is excited towelcome new staff

members to our teamthis year. CCLF has

hired ElizabethRichards for the

newly createdposition of Director ofTechnical Assistance

& Sustainability.

Elizabeth brings over18 years of

experience in thenonprofit sector,

mostly in communitydevelopment. She

most recently servedas Operations

Director at BickerdikeRedevelopment

Corporation, whereshe had a leadership

role in thedevelopment of the

Rosa ParksApartments, asustainable,mixed-use

development inHumboldt Park that

features sixcommercial spaces

and 94 rentalapartments. Elizabethis also pursuing LEED

Associatecertification.

CCLF is also excitedto welcome Lincoln

Stannard andBenjamin Gorsky, our

two new staffmembers courtesy of

the LutheranVolunteer Corps.

Building to be rehabbed throughCity of Chicago NSP.

CCLF Noteworthy

Thank You to Funders and Investors

For their recent grants, CCLF thanks Polk Bros. Foundation, CitiFoundation, PNC Foundation and MB Financial.

For their recent investment renewals or increases, CCLF thanks MarquetteBank, Charter One, School Sisters of St. Francis and Sisters of Charity ofSaint Elizabeth.

Credit Memos: CCLF Lends $2.28 Million

Revere Properties Development, LLC received $146,500 and $227,000construction loans to rehab properties in Greater Grand Crossing as partof the City of Chicago NSP.

Good News Partners received a $176,000 minipermanent mortgage forrental and cooperative housing in Rogers Park. Thanks to Geoff AuYeungof Katten Muchin Rosenman LLP for serving as CCLF counsel on thistransaction.

Vesta Property Development, LLC received $271,000 and $164,500construction loans to rehab properties in Chicago Lawn as part of the Cityof Chicago NSP.

Community Male Empowerment Project received a $305,000construction loan to rehab property in West Garfield Park as part of theCity of Chicago NSP.

Karry L. Young Development, LLC receiveda $174,500 construction loan to rehab propertyin Chicago Lawn as part of the City of ChicagoNSP.

Latin United Community HousingAssociation (LUCHA) received $233,500 and$254,200 construction loans to rehabproperties in Humboldt Park as part of the Cityof Chicago NSP.

Sherman Park, LLC received a $328,000construction loan to rehab property in NewCity/Back of the Yards as part of the City ofChicago NSP.

Staff

Calvin L. HolmesExecutive Director

Jane I. AmesDirector of Finance &

Administration

Rhonda McFarlandDirector of Lending

Elizabeth C. RichardsDirector of Technical

Assistance & Sustainability

Mark FickSenior Loan/Program

Officer

Paul GakhalSenior Loan/Program

Officer

N. Paul ElueSenior Portfolio

Management Officer

Clarice NorinLoan Closing/Portfolio

Officer

Juanita WalkerOffice Manager

Emily MoenExternal Relations

Associate

Angela BennettFinance & Administration

Associate

Kate McInerneyLending Program Assistant

Lincoln StannardFinance & Administration

Assistant

Benjamin GorskyLending Program Assistant

Credits

Editor/Layout Emily MoenPrinter Salsedo Press

Chicago Community Loan Fund (CCLF) | 29 East Madison St, Suite 1700 | Chicago | IL | 60602