CCLF Awarded $2 Million from Chase at 20th Anniversary Celebration

Permanent capital grant will help preserve local affordable housing options

CCLF would like to enthusiastically thank everyone who helped us celebrate our 20th Anniversary on Thursday, November 3rd, especially our sponsors, partners and customers for their continuing support. The event was very successful, and we are thankful for everyone who helped us raise support to expand CCLF's investing and impact as we move into our third decade.

More than 300 community development professionals and civic leaders attended the celebration, including Cook County Board President Toni Preckwinkle and Chicago Commissioner of Housing and Economic Development Andrew Mooney. The program featured Master of Ceremonies Christian Farr from NBC5 News, and concluded with the presentation of the Fannie Lou Hamer Award for Grassroots Community Development to Lisa Boone of the Geneva Foundation, a CCLF borrower. 4th Ward Alderman Will Burns and IL-5 State Representative Ken Dunkin also participated.

Chase, a co-lead sponsor of the event with Citi Community Development, announced at the celebration an exciting new partnership with CCLF that will support the increase in demand for CCLF's lending to community development organizations throughout the Chicagoland area. Chase's $2 million donation will help provide much-needed financing to customers and community groups seeking to purchase or improve affordable housing units.

"Now more than ever, it is important for communities to preserve their affordable housing options. We are delighted to partner with CCLF and support their effort to channel critical financing to communities in need and borrowers who can make a difference," said Matt Reilein, Senior Vice President - New Markets Tax Credits, Chase.

The $2 million permanent capital award will help spur additional support and investment, resulting in CCLF's increased capacity to help create healthy, thriving communities. These funds will be used to support lending for the preservation of affordable housing in Chicagoland neighborhoods hardest hit by the foreclosure crisis, for both large multi-family and smaller 1-4 unit buildings. CCLF's preservation and stabilization lending will help protect decades of community investments that are at risk due to prolonged economic weakness, while helping small developers and contractors stay in business by giving projects capital to move forward.

"CCLF is very pleased that Chase is stepping up to provide critical permanent capital during a time when funding for CDFIs, including government sources, is more uncertain than ever. We hope that other institutions will follow Chase's lead in the future to boost the capacity of CDFIs like CCLF to finance innovative community development projects that spur job creation, economic growth and quality affordable housing," says Calvin L. Holmes, CCLF President.

Since its founding in 1991, CCLF has provided more than 240 loans totaling over $64 million that are creating or preserving more than 6,500 units of housing and 1,360 jobs. These investments are leveraging more than $915 million in additional public- and private-sector financing for community development projects throughout the Chicagoland region.

Chase has partnered with top-tier Community Development Financial Institutions (CDFI) such as CCLF for more than 20 years and remains a national leader in their financing. This month, Chase will give a total of $20 million in awards to CDFIs across the country.

To make a donation to the Chicago Community Loan Fund, visit our website.

If you have lost and found items to claim, please contact us at 312-252-0440 x206.

Photography: Steve Becker Media