Riverdale, IL — Kelvin Edwards has already picked out his dream home. The corner unit has a large yard, perfect for gardening and hosting barbeques.

Edwards, a five year resident of the Pacesetter subdivision, has high hopes for his neighborhood. The townhome down the street, which he has already begun to think of as his own, is slated for a full renova-tion as part of a large-scale effort to revitalize the 1960 development.

Beginning later this year, Pacesetter will be rebuilt as a com-bination of affordable and market-rate homes, with both rental and ownership opportunities.

Ninety brick-faced townhomes, including the home Edwards hopes to rent, have been placed on the National Register of Historic Places as examples of mid-century modern architecture. They will be preserved and rehabilitated.

HISTORY OF A SUBDIVISIONNearly 50 years ago, an entrepre-neur named Harry Quinn developed

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VIllAge ON THe mOVeLike many cities in the U.s., the village of Riverdale has found itself struggling to adapt to economic fluctuations and new market realities.

since the departure of heavy industrial businesses in recent decades, the sub-urb (with an approximate population of 15,000) has seen declines in housing values and employment rates. Worse, Riverdale has also been left with many “brownfields,” or environmentally-con-taminated sites.

Yet Riverdale, which borders the city of chicago, about 20 miles south of the Loop, is recovering. With the renaissance of the historic Pacesetter housing subdivision and a redeveloped 138th street industrial corridor,

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Nonprofit organizationU.s. Postage

PaIDPermit #6510chicago, IL

Chicago Community loan Fund

29 E. Madison, suite 1700

chicago, IL 60602-4115

www.cclfchicago.org

SAVe THe DATe: THURSDAY, SepTemBeR 28CCLF’S 15TH ANNIVERSARY CELEBRATIONMark your calendars now for an early evening event celebrating 15 years of ccLF’s work. For information, call 312.252.0440, ext. 202.

mAkINg THe CRITICAl DIFFeReNCe

CClF NewSleTTeR

OF CHICAgO COmmUNITY

DeVelOpmeNT pROjeCTS,

ISSUeS & FeATUReSC C l F C O m m U N I T Y B l U e p R I N T

mAkINg THe CRITICAl DIFFeReNCe

C C l F C O m m U N I T Y B l U e p R I N TChicago Community loan Fund

ReImAgININg RIVeRDAleCClF mAkeS ReCORD $1 mIllION lOAN TO pACeSeTTeR pARTNeRSHIp

S p R I N g 2 0 0 6

InsIde thIs Issue• CClF makes record loan for pacesetter • gRIp’s plans for Riverdale industry• Upcoming pRws• partner profile: religious investors• Credit memos• meet our new staff

MIssIonTo provide low cost, flexible financing to community development organizations engaged in affordable housing, social service and economic development initia-tives that benefit low–to moderate-income neighborhoods and families throughout metropolitan Chicago.

ContACt InFo29 east madison Street, Suite 1700Chicago, Il 60602-4115312.252.0440 tel 312.252.0419 faxinfo@cclfchicago.orgwww.cclfchicago.org

and Turnstone Development (aka cook county Housing Development corporation) have formed the Historic Pacesetter Limited Partnership to carry out this effort.

It is hoped that the redevelopment will ultimately serve as a model for revitalizing inner-ring suburban communities through large-scale public and private collaboration.

The overall permanent financing structure of the project will be quite complex: Potential funding sources include Illinois Housing Development authority and cook county HoME funds, Low-Income Housing Tax credits, Historic Preservation Tax credits, TIF funds, DcEo, HUD, and the Federal Home Loan Bank, among others.

ccLF made a $1 million loan last fall to assist the Pacesetter part-nership with predevelopment costs. BANk IS FINANCINg pARTNeRccLF had the resources to make a $1 million loan for the first time in its history in 2005, thanks in large part to a $3 million loan pool investment from charter one Bank. charter one’s investment in ccLF was part of a record-setting infusion of new investment capital in 2005.

In fact, ccLF’s partnership with charter one and the Historic Pacesetter Limited Partnership is now multi-faceted: the bank plans to provide a portion of the financ-ing for the project’s construction.

pACeSeTTeR ReDeVelOpmeNT FROm pAge 2

member of Opportunity Finance Network

BoArd oF dIreCtorschair: Rafael M. León Vice chair: Patricia Y. Mccreary Treasurer: Edward J. Hoynes, cPasecretary: susan Kaplan, Esq.charles F. DaasMohammed ElahiToya Horn HowardEd JacobRev. Dr. B. Herbert Martinglenn M. MazadeRaymond s. Mcgaugh, Esq.Richard PeabodyNancy RadnerMatthew R. ReileinMaria saldañaKathryn TholinJohn L. Tuohy, Esq.

stAFFcalvin L. Holmes, Executive DirectorMichael L. Bradley, Director of Finance & administrationDena R. al-Khatib, senior Loan/Program officerMark Fick, senior Loan/Program officerTiffany Lee, senior Portfolio/Program officerRose seremala, office Managersarah Berke, External Relations associateamy Bergstrom, LVc Program assistantandrew stevenson, JVc Program assistantcheryl Hester, Receptionist

CredItsEDIToR/LaYoUT sarah BerkecoNsULTaNT cat DeancoNTRIBUToRs sarah Berke, amy Bergstrom PHoTogRaPHY Tony V. MartinDEsIgN Patt KellyPRINTER salsedo Press

NINeTY BRICk-FACeD TOwN-

HOmeS HAVe BeeN plACeD

ON THe NATIONAl RegISTeR

OF HISTORICAl plACeS AS

exAmpleS OF mID-CeNTURY

mODeRN ARCHITeCTURe. THeY

wIll Be pReSeRVeD AND ReHA-

BIlITATeD.

BUIlT IN 1960, THeSe HISTORIC pACeSeTTeR TOwNHOmeS HAVe FAlleN INTO DISRepAIR

kelVIN eDwARDS lOOkS FORwARD TO mOV-INg INTO A ReHABBeD pACeSeTTeR HOme

TReeS lINe THe STReeTS OF THIS SOUTH SUBURB

Most of the rest of the existing units will be entirely replaced. The development will also include commercial/office space for busi-nesses and social service provid-ers, as well as green space and a new community center. The design of the community will be progres-sive, environmentally friendly and energy efficient.

the tree-lined streets that make up the remainder of Riverdale will again be part of a truly vibrant community.

ccLF made two predevelopment loans in 2005 to organizations working to address the Village of Riverdale’s housing and economic development needs. In addition to the Pacesetter project profiled on the cover, ccLF provided financing to greater Riverdale Industrial Partnership.

ReSTORINg INDUSTRYPlans are in the works to revitalize an industrial corridor neighboring the Pacesetter housing site.

The greater Riverdale Industrial Partnership (gRIP), a local nonprofit formed in 2002, is spearheading the planned redevelopment of more than 200 acres along the village’s 138th street industrial corridor.

gRIP received a $250,000 predevel-opment loan from ccLF last year to assist in identifying, acquiring, and preparing underutilized or con-

taminated sites for new industrial and commercial businesses.

Working closely with the Village of Riverdale, the organization—led by Executive Director Michael Brown—is crafting land use and design criteria to keep development in line with the community’s priorities.

By attracting environmentally-safe and noninvasive businesses to the corridor, gRIP aspires to create up to 3,400 new livable-wage jobs in the redeveloped industrial corridor.

gRIP’s plans aim to give this south suburb new vitality with a coordinated mix of industrial and commercial development. The revitalized cor-ridor will be an asset to the residents of Riverdale, and especially to those in the newly-redeveloped Pacesetter neighborhood.

Editor’s Note: community Blueprint includes regular profiles, recognizing our friends’ financial, in-kind and pro-grammatic contributions.

RelIgIOUS gROUpS INVeST IN CClF’S wORk

While many religious groups have backed the loan fund since its incep-tion, in 2005 ccLF experienced a surge in investments from religious organizations around the country. New investors include the Episcopal church; the sisters of st. Dominic in Racine, Wisconsin; and our Lady of Victory Missionary sisters in Huntington, Indiana.

Why has ccLF found such a strong ally in the religious community? sharon geertsen, Director of Finance for the Racine Dominican sisters, says, “[The sisters] are committed to supporting efforts which help the poor and marginalized better their lives and strengthen their commu-nities. one way [we] do this is by investing in local organizations like ccLF. By making a low interest loan to ccLF, the sisters support the work that ccLF does to provide affordable and supportive housing to persons in low-income neighborhoods.”

This shared vision is a catalyst for meaningful change in the lives of chicagoans. says Lura Mack of the adrian Dominican sisters:

“Through the hard work and persever-ance of ccLF [and its borrowers,] proj-ects are successfully carried out and empower people and their community. We are delighted to be in partnership with ccLF and appreciate all they do on behalf of those without means or voice.”

For more information about investing in CCLF, call 312.252.0440, ext. 206, or email investing@cclfchicago.org.

SUBURBAN INITIATIVe TO CONTINUe, expAND

ccLF recently received an important commitment of capital and operating support for its suburban outreach pro-gram. The grand Victoria Foundation will provide a $100,000 “equity” grant for ccLF’s loan pool, as well as $45,000 to support the suburban initiative’s operations.

Now in its third year, the initiative is a concentrated effort to fully realize ccLF’s mission to serve the greater chicago metropolitan area—while con-tinuing its strong performance in the city. ccLF is focusing on the south suburban corridor and certain lower-wealth suburban areas in the north lakefront region as areas of particular interest.

CReDIT memOS

6608 S. maryland, llC received a $50,000 predevelopment loan to build 6 mixed-income condominium units in Woodlawn. Special thanks to Perry D. Smith at McDermott Will & Emery for serving as CCLF’s counsel on this transaction.

TCB lorington limited partnership received a $200,000 predevelopment loan to acquire, rehab, and preserve 52 units of affordable rental housing in Logan square. Special thanks to Matt Huebsch at Chapman & Cutler for serving as CCLF’s counsel on this transaction.

woodlawn Renaissance partners #2, llC received a $594,000 predevelop-ment loan to purchase property for a 32 unit mixed-income condominium development in Woodlawn. Special thanks to Charles Boehrer, Ryan C. Green and Karen Weber at Winston & Strawn for serving as CCLF’s counsel on this transaction.

New FACeS

ccLF is pleased to welcome two new members to our team! Tiffany lee, Senior portfolio/program Officer, joined the loan fund in mid-February. she comes to us with a diverse background in

both banking and the nonprofit sector. Most recently, she was a Development officer at good News Partners—a ccLF borrower and affordable housing developer. Tiffany is responsible for loan monitoring and technical assis-tance, working closely with borrowers to help strengthen their operations and complete their development proj-ects successfully.

Dena Al-khatib came aboard in the begin-ning of March as ccLF’s new Senior loan/program Officer. Dena brings significant experience in the local commu-nity development field, most recently serving as Program Manager for the New communities Program at Bickerdike Redevelopment corporation. as our key lender for the city of chicago, Dena is respon-sible for the origination, underwriting, risk analysis, and closing of ccLF’s community loans.

mIleSTONeS

congratulations to Rose Seremala, who recently celebrated her 10th anni-versary of employment at the Loan Fund. Rose joined ccLF in February, 1996, as our Office manager. Thanks, Rose! We hope you can keep us orga-nized for another 10 years!.

pACeSeTTeR FRoM PagE 1

Pacesetter as a Riverdale subdivision with nearly 400 townhomes built in small, attached clusters. Pacesetter residents, many of whom worked at the nearby steel mill, enjoyed amenities that included a park and the nearby Pacesetter shopping center.

as manufacturing declined in the surrounding community, however, Pacesetter suffered. Most of the homes were purchased by negligent, absentee landlords and fell into disre-pair. The shopping center closed its doors.

The neighborhood’s 1960’s-style lay-out, with meandering streets, cut it off from the grid plan of the rest of Riverdale, and the increasingly isolated subdivision acquired a poor reputation.

A plAN FOR CHANgeThe Village of Riverdale—led by Mayor Zenovia Evans—identified Pacesetter’s condition as one of the Village’s most serious problems. In 2003 the Village invited a panel of experts sponsored by the Urban Land Institute and the campaign for sensible growth, with the Metropolitan Planning council, to create a new vision for the neighbor-hood.

The initiative culminated in a bold plan to redevelop Pacesetter as a mixed-use, mixed-income community. Holsten Development corporation

coNTINUED oN BacK PagE >>

CClF NOTewORTHY mAkINg THe CRITICAl DIFFeReNCeRIVeRDAle plANS New DeVelOpmeNT FRoM PagE 1

Real estate development is a tricky business by any measure. Developing affordable housing can be an especial-ly risky enterprise.

For this reason, ccLF regularly offers Project Readiness Workshops (PRWs) in the city and suburbs, designed spe-cifically with new and emerging orga-nizations in mind.

These intensive one-day primers pro-vide a good overview of the affordable housing development process and its implications for your organization.

For more information or to register, call 312.252.0440, ext. 205, or email work-shop@cclfchicago.org.

2006 WoRKsHoP scHEDULE

weDNeSDAY, ApRIl 19

@ Round Lake Beach, IL

TUeSDAY, jUNe 27

@ ccLF (29 E. Madison, #1700)

TUeSDAY, AUgUST 22

@ ccLF (29 E. Madison, #1700)Focus: Design and Sustainability

TUeSDAY, OCTOBeR 24

@ suburban location (TBD)

TUeSDAY, DeCemBeR 5

@ ccLF (29 E. Madison, #1700)

THe gReATeR RIVeRDAle INDUS-

TRIAl pARTNeRSHIp (gRIp)

plANS TO CReATe lIVABle-wAge

jOBS IN THe 138TH STReeT COR-

RIDOR BY ATTRACTINg eNVIRON-

meNTAllY-SAFe, NONINVASIVe

BUSINeSSeS TO UNDeRUTIlIzeD

SITeS.

DeNA Al-kHATIB

AS mANUFACTURINg DeClINeD

IN THe COmmUNITY, pACeSeTTeR

SUFFeReD. IN 2003, A pANel

CReATeD A New VISION FOR THe

NeIgHBORHOOD TO Be ReDeVel-

OpeD AS A mIxeD-USe, mIxeD-

INCOme COmmUNITY.

pROjeCT ReADINeSS wORkSHOpSupCoMIng sessIons For eMergIng CoMMunIty reAl estAte developers

[THe SISTeRS] ARe COmmITTeD TO

SUppORTINg eFFORTS THAT Help

THe pOOR AND mARgINAlIzeD BeT-

TeR THeIR lIVeS AND STReNgTHeN

THeIR COmmUNITIeS. ONe wAY

[we] DO THIS IS BY INVeSTINg IN

lOCAl ORgANIzATIONS lIke CClF.

- SHARON geeRTSeN, RACINe DOmINICAN SISTeRS

TIFFANY lee

In addition, catholic Health Initiatives chose to make a gener-ous twofold increase in their invest-ment. These new additions—total-ing $660,000—have raised the total amount invested by religious organizations to more than $1.2 million, accounting for over 20% of ccLF’s investor portfolio (which also includes individuals, corporations, and charitable foundations).