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Chicago Community Loan Fund

An Effective Practice

Description

The Chicago Community Loan Fund (CCLF) provides capital to nonprofits for affordable housing, economic development, and social service organizations in low- and moderate-income communities throughout the greater Chicago area. Through its loan program, CCLF often provides the gap financing necessary to acquire additional capital for community development projects. CCLF loan products may be used for a variety of community development capital needs, including:

-Acquiring, constructing, or rehabilitating affordable housing units;
-Acquiring or rehabilitating community facilities and commercial real estate; and
- Working capital for social enterprises and worker owned cooperatives.

Goal / Mission

CCLF's vision is to work creatively with their clients to help them rejuvenate neighborhoods and improve the lives of low-wealth individuals and families who live in those communities.

Results / Accomplishments

Since its inception in 1991, CCLF has made 133 loans worth more than $24.4 million to community development initiatives. This money has leveraged nearly $475 million in additional capital from the public and private sectors, helping to create or retain 3,000 affordable housing units and nearly 1,000 jobs.

About this Promising Practice

Organization(s)
Chicago Community Loan Fund
Primary Contact
Calvin L. Holmes, Executive Director
Chicago Community Loan Fund
29 East Madison Street, Suite 1700
Chicago, IL 60602
(312) 252-0440 x 230
cholmes@cclfchicago.org
http://www.cclfchicago.org/
Topics
Economy / Housing & Homes
Economy / Economic Climate
Organization(s)
Chicago Community Loan Fund
Source
Finance Project
Date of implementation
1991
Location
Chicago, IL
For more details
Michigan Health Improvement Alliance