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Preserve
Revitalize
Stabilize2
00
9/2
01
0
An
nu
al R
epo
rt
John Tuohy, Esq. Chairman
Calvin L. Holmes President
We hope that you will enjoy reading this year’s annual report. John Tuohy, CCLF’s board chair, and I are excited to share stories about the critical lending and technical assistance services that CCLF is providing to help preserve, stabilize and revitalize Chicagoland communities, especially in the midst of a challenging economic climate.
Please allow me to share a personal experience. I have commuted to the office and other places this summer on my bicycle, and it has been a wonderful way to stay in touch with our communities. In addition to lowering my own carbon footprint, I rode through neighborhoods devastated by foreclosures, through communities where new retail spaces sit idle, and past promising parcels left unfulfilled by partially-built structures. I talked with homeowners who have seen their home values plummet , many of whom had just experienced positive net worth for the first time in their lives. I spoke with community leaders and developers who worry that all of the transformational development completed over the past 30 years is being undone by the deep and stubborn recession eroding wealth, health, commerce, safety and hope in our lower wealth communities. This closer contact has translated into urgency: a call to action here at CCLF.
Dear Friends:John and I want you to know that CCLF is partnering with the City of Chicago’s Neighborhood Stabilization Program to rehabilitate hundreds of homes to help stabilize communities. We have stepped up our activities in the Cook County Preservation Compact to work with developers to preserve affordable rental housing. We have added more social enterprise and commercial/retail financing to our work to bring more jobs, businesses and goods and services to our communities to spur revitalization.
CCLF understands that conditions are still less than ideal in our communities – national unemployment rates remain over 9%, while unemployment rates in communities of color are even higher, between 12 and 14%. With foreclosure rates continuing to rise, property abandonment continuing and small businesses struggling, CCLF is continuing to provide responsive loans and technical assistance. We need to be there for the communities we care about the most; to give people a chance to succeed. Your investments, grant support, donations, referrals and partnership create opportunities for us to serve. This support is now, more than ever, helping us to help create communities where people thrive!
John Tuohy Chairman
Calvin L. Holmes President
CCLF Annual Report | 01
Proj
ect
Developer: Preservation of Affordable Housing
Woodlawn ParkA developer in Woodlawn is working for transformation—transformation of a housing development, a block, a neighborhood and a community.
Preservation of Affordable Housing (POAH) is a development company that has taken on the task of redeveloping the aging Grove Parc Plaza, a 504-unit apartment complex in Woodlawn that residents and the surrounding community agree is ready for transformation.
A primary goal of POAH’s redevelopment plan is to preserve the existing Section 8 subsidies—both in the new, renamed Woodlawn Park and in the surrounding community. “Over 300,000 units of housing have been lost in the last 5 years due to termination of project-based Section 8 contracts—we’re committed to helping residents stay in their community,” says Dan Burke, Chicago POAH Director.
CCLF provided a $750,000 predevelopment loan to POAH as a part of our participation in the Cook County Preservation Compact Gateway Fund. CCLF’s predevelopment lending covers critical early-stage costs and gives projects the stability they need to attract the additional layers of financing that help community development projects succeed.
The plans for the $135 million development of Woodlawn Park include a comprehensive redevelopment that will provide improved transportation and pedestrian access, two major anchor retail stores and other commercial development, mixed-income housing and community amenities.
Burke believes that POAH’s Woodlawn Park can be a key element in creating an overall revitalization of the Woodlawn community, giving the leg up that they need to funnel more investment into the community: “POAH expects the project to stimulate broader reinvestment and development in Woodlawn, bringing broad renewal to the community.” PRESERvE
Preservation CompactThe Preservation Compact brings together the region’s public, private and nonprofit leaders to address the loss of affordable rental housing stock in Cook County.
02 | CCLF Annual Report
Sustainable Strategies The plans for Woodlawn Park include LEED certification, which will implement a variety of sustainability features:
PRESERvE
High-efficiency furnaces
High R-value insulation
Advanced air sealing
Storm water management with bioretention planters
Photos and renderings courtesy of POAH
“We’re committed to helping residents stay in their community.”Dan Burke, Chicago POAH Director
CCLF Annual Report | 03
STABILIzE
Sustainable StrategiesNSP homes are rehabs, which require fewer new materials and have less negative environmental impact than new construction. City of Chicago NSP aims for a minimum of a 2-star environmental rating for each property using the Chicago Green Homes Program.
Some properties have incorporated:
Energy-efficient windows
Rain barrels
Solar water heating systems
“I let them know I’m from the community, and we want to change lives.”Melvin Bailey, Executive Director of CMEP
04 | CCLF Annual Report
Proj
ect
Developer: Community Male Empowerment Project
Neighborhood Stabilization Program
Melvin Bailey is helping put his neighborhood to work, and inspiring and empowering along the way.
Bailey is the Executive Director of the Community Male Empowerment Project (CMEP), one of the qualified developers that are working with the City of Chicago’s Neighborhood Stabilization Program (NSP) to rehabilitate foreclosed properties in targeted neighborhoods. The City has been awarded three federal grants totaling more than $169 million for the program, which aims to mitigate the foreclosure crisis and prevent neighborhood decline, as blighted buildings are refashioned into homes.
CMEP is a nonprofit with a mission to build public/private partnerships that help people rise above often troubled pasts. For NSP, Bailey has hired sub-contractors and workers from the surrounding neighborhood, some of whom live on the same block as the project site in East Garfield Park.
“I let them know I’m from the community, and we want to change lives…we want our workers to look, ask questions, build skills and learn the process, so they can move on to even more success,” says Bailey.
CCLF is partnering with the City of Chicago NSP and Mercy Portfolio Services, using our experience and infrastructure to provide construction financing. So far, CCLF has provided three construction loans to CMEP and almost 20 loans to other NSP developers, with many more to come.
Bailey says that the homes CMEP has worked on have created a watershed effect. “I’ve met everyone on the block, in the neighborhood. They all come by to see what’s happening here, and seeing progress made in their neighborhood makes a difference.” STABILIzE
CCLF Annual Report | 05
Proj
ect
Developer: Holsten Real Estate Development Corporation
Wilson Yard
REvITALIzE
Kristy Butler and Yolanda Holmes are longtime residents of Chicago’s Uptown neighborhood. Because of an exciting new development, they now have opportunities they had never thought possible. Wilson Yard, a mixed-use development in Uptown built by Holsten Real Estate Development Corporation, promises to revitalize a commercial corridor, and includes 178 affordable senior and family apartments and over 30,000 square feet of commercial space, including Target and Aldi stores.
Holmes has lived in Uptown for 12 years, but in three different homes. She is one of the first residents of Wilson Yard, and as the owner of a neighborhood salon, Holmes is also excited about the new commercial developments, saying, “I believe Wilson Yard will attract a lot of new business for small business owners in the community.”
Butler has grown up in the community, but commuted to her job at Target in Evanston each day. She has now transferred to the new store in Uptown, saying, “I can now live and work in my community.” The Wilson Yard Target has hired over 300 employees, with 80% living within a two-mile radius.
Attractive and accessible retail in a community provides goods and services, jobs, stability and peace of mind for residents. CCLF made a $1 million early-stage loan for Wilson Yard, part of financing from more than 20 public and private sources. Celebrating the project’s grand opening, Alderman Helen Shiller said, “Wilson Yard will have a dramatic impact on the 46th Ward.” Chicago’s Mayor Richard Daley added, “Making key investments in our neighborhoods—developing sites for new retail stores and preserving affordable housing—makes for a more stable and secure community.”
06 | CCLF Annual Report
REvITALIzE
Sustainable Strategies Holsten Real Estate Development Corporation has made sure to incorporate a wide range of sustainable building techniques throughout Wilson Yard. The development is currently projected to achieve a Silver certification from the U.S. Green Building Council.
Wilson Yard includes:
Green roof over Target and Aldi stores
Access to bus and train lines, as well as I-GO car sharing vehicles
Water-efficient landscaping
LEED-compliant carpet, paint, coatings and sealants
Construction waste management
“I can now live and work in my community.”Kristy Butler, Resident
CCLF Annual Report | 07
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Construction LoanChicago Metropolitan Housing Development Corporation: $250,000 for renovation of mixed-income rental properties in Washington Heights, Ashburn, Chicago Lawn and Albany Park
Five Points Economic Development Corporation: $383,798 for a mixed-use office/retail complex in North Chicago, IL
Genesis Housing Development Corporation 2: $281,000 for rehabilitation of property for NSP in South Shore
Mount Vernon Missionary Baptist Church: $50,000 for a community center in North Lawndale
OK Share & LakeShore New Homes LLC: $300,000 for new, for-sale housing in North Oakland
Equipment/Working Capital LoanAhadi Early Learning Center: $30,000 for a childcare center in South Shore
Portfolio in 2009
I-GO Alternative Transportation: $500,000 for program expansion and vehicle purchase
Neighborscapes NFP: $128,000 for a summer youth employment program in south suburban Cook County
Resource Center: $30,000 for a citywide recycling program
Salsedo Press, Inc.: $184,198 for printshop equipment in East Garfield Park and Humboldt Park
Housing Cooperative LoanFreedom Road Cooperative: $619,468 for limited equity cooperative housing in Uptown
Good News Partners (The Bosworth): $354,000 for cooperative housing in Rogers Park
Good News Partners (The Phoenix): $350,000 for cooperative housing in Rogers Park
Hesed House Cooperative: $250,000 for limited equity cooperative housing in Little village
HUB Housing Cooperative: $615,000 for limited equity cooperative housing in Little village
10 | CCLF Annual Report
Logan Square Cooperative: $512,000 for limited equity cooperative housing in Logan Square
NASCO Properties, Inc.: $1,022,495 for student limited equity cooperative housing in Hyde Park
Spaulding Collective Partnership: $185,000 for cooperative housing in Logan Square
Stone Soup Cooperative 1: $355,000 for limited equity cooperative housing in Uptown
Stone Soup Cooperative 2: $165,000 for limited equity cooperative housing in McKinley Park
Minipermanent Mortgage Loan4832 S. Vincennes, LP: $684,000 for a low- to moderate-income apartment building in Grand Boulevard
Arab American Family Services: $380,000 for a social service program and office building in Bridgeview, IL
Breaking Ground, Inc. 1: $250,000 for a mixed-use property (nonprofit offices and interim housing) in North Lawndale
Breaking Ground, Inc. 3: $50,000 for landbanking in North Lawndale
Chicago Mutual Housing Network 2: $125,000 for acquisition/build-out of nonprofit office space in Logan Square/East Humboldt Park
Community TV Network 2: $139,500 for program and office space in Logan Square/East Humboldt Park
East Lake Management & Development Corporation: $184,814 for affordable housing in Grand Boulevard
Geneva Foundation: $410,000 for a group home for youth in West Humboldt Park
Growing Home, Inc.: $250,000 for facility space at a year-round urban farm in Englewood
Ignatia Foundation: $144,000 for a supportive-living facility in Avondale
Mustard Seed of Chicago, Inc.: $349,500 for a social service program facility in Near North Side
The Resurrection Project: $54,086 for affordable rental housing in Pilsen
CCLF Annual Report | 11
Rimland Services 1: $252,938 for housing for adults with disabilities in Evanston, IL
Rimland Services 2: $125,400 for housing for adults with disabilities in Maywood, IL
Rimland Services 3: $180,000 for housing for adults with disabilities in Evanston, IL
Rimland Services 4: $117,000 for housing for adults with disabilities in Evanston, IL
Southside Preservation Portfolio, LLC: $1,000,000 for affordable housing in Auburn Gresham, Chatham, Roseland and South Shore
Tri-Fund Development: 600,000 for a shopping center in North Kenwood
Predevelopment LoanArches Retail Development LLC: $400,000 for mixed-use housing and a medical center in Oakland
Back of the Yards Neighborhood Council: $295,000 for mixed-use office space and a community center in Brighton Park
Featherfist Development Corporation: $193,000 for a social service facility in South Shore
Fellowship Educational and Economic Development Corporation: $250,000 for a retail development and community center in Chatham
Genesis Housing Development Corporation: $125,000 for single-family and two-flat homes in Washington Park and Bronzeville.
Good Shepherd Community Service Organization: $250,000 for affordable single-family homes in Washington Park
Greater Bethlehem Community Development Corporation: $250,000 for mixed-income for-sale homes in East Garfield Park
Greater Riverdale Industrial Partnership: $250,000 for mixed-income for-sale homes in Riverdale, IL
Latin United Community Housing Association (LUCHA): $225,000 for rehabilitation of affordable homes in West Town
Mission Metamorphosis, Inc.: $75,000 for a supportive housing facility in North Lawndale
12 | CCLF Annual Report
New Pisgah Missionary Baptist Church: $100,000 for affordable senior housing in Auburn Gresham
Oakwood Shores Terrace Associates LP: $200,000 for a mixed-use residential and medical facility in Oakland
People’s Community Development Association of Chicago: $250,000 for affordable townhomes in East Garfield Park
Quad Communities Arts & Recreation Center, LLC: $500,000 for a community arts center in North Kenwood/Oakland
Voice of the People in Uptown, Inc.: $250,000 for affordable rental housing in Uptown
Wisdom Bridge Arts Project: $429,000 for a community arts center and housing in Rogers Park
Predevelopment/Construction Loan: CHA TransformationGranite Partners for Oakwood Boulevard Phase II, LLC: $500,000 predevelopment loan for mixed-income housing in Kenwood/Oakland
Jazz on the Boulevard 1A/1B: $310,000 construction loan for mixed-income homeownership, rental and public housing in Kenwood
For-Profit Predevelopment/Construction Loan300 East 51st Street LLC (Urban Junctures): $400,000 predevelopment loan for commercial development project in Bronzeville
AA Holdings, LP/UAS Development Group: $286,000 predevelopment loan for mixed-use property rehabilitation in Roseland
CCLF Annual Report | 13
Alliance Property Group of Illinois II, LLC: $875,000 predevelopment loan for mixed-use and affordable senior housing in North Kenwood/Oakland
Bronzeville Emporium LLC: $450,000 construction loan for a mixed-use commercial rehabilitation in Bronzeville/Grand Boulevard
Englewood Housing Group II, LP: $375,000 construction loan for affordable rental housing in Englewood
Keeler-Roosevelt Road LP: $500,000 construction loan for affordable mixed-use housing in North Lawndale
King Legacy LLC: $85,000 predevelopment loan for affordable mixed-use housing in North Lawndale
Lawndale Douglas LLC: $300,000 construction loan for rental housing rehabilitation in North Lawndale
Logan Square Kitchen: $250,000 construction loan for kitchen incubator and event space in Logan Square
Oakwood Shores Senior Apartments LP: $500,000 predevelopment loan for affordable senior housing in North Kenwood/Oakland
Parkside Nine: $250,000 predevelopment loan for mixed-income rental housing in Near North
Preservation of Affordable Housing: $750,000 predevelopment loan for mixed-use affordable housing in Woodlawn
Racine Courts Cooperative: $400,000 for affordable cooperative housing in Morgan Park
Sixteen Hundred Investment Group: $50,000 predevelopment loan for affordable senior housing in Roseland
14 | CCLF Annual Report
First Midwest Bank
First Savings Bank of Hegewisch
First Security Trust & Savings Bank
HSBC - North America
Marquette Bank
The PrivateBank
Ron Freund & Associates, Inc.
Seaway Bank & Trust Company
US Bancorp Community Development Corp.
Foundation Investors
Calvert Social Investment Foundation
The Mayer & Morris Kaplan Family Foundation
Orange County Community Foundation/Sperry van Ness Legacy Foundation Fund
Wieboldt Foundation
Threshold Foundation
Religious Investors
Adrian Dominican Sisters
Basilian Fathers of Toronto
Platinum Investors $3 million +
U.S. Department of Treasury CDFI Fund
Gold Investors$2 million +
Charter One
Harris Bank N.A.
Silver Investors$1 million +
The John D. and Catherine T. MacArthur Foundation
The Northern Trust Company
JPMorgan Chase & Co
Corporate Investors
Amalgamated Bank of Chicago
Cole Taylor Bank
Federal Home Loan Bank of Chicago
First Personal Bank
Catholic Health Initiatives
Congregation of the Passion
Congregation of the Sisters of Charity of the Incarnate Word
Congregation of Sisters of St. Agnes
Domestic & Foreign Missionary Society of the Protestant Episcopal Church
Episcopal Dioceses of Iowa
Evangelical Lutheran Church in America
First United Church of Oak Park
Our Lady of victory Missionary Sisters
Passionist Fathers
Racine Dominicans
School Sisters of St. Francis
Sinsinawa Dominicans, Inc.
Sisters of Charity of the Blessed virgin Mary, Dubuque, Iowa
Sisters of Charity of Saint Elizabeth
Sisters of Mercy of the Americas Regional Community of Chicago
Sisters of the Presentation of the Blessed virgin Mary
Sisters of St. Benedict
SSM International Finance, Inc.
Trinity Health
Wheaton Franciscan Sisters Corp.
Other Investors
Opportunity Finance Network
Individual Investors
At the end of 2009, CCLF managed capital from 32 individual investors. Taken as a whole, their capital represented approximately 2.3% of funds in the lending pool.
Funders
Bank Leumi USA
Bank of America Foundation
Builders Bank
Charter One Foundation
Citi Foundation
First Midwest Bank
Grand victoria Foundation
HSBC - North America
The John D. and Catherine T. MacArthur Foundation 20
09-2
010
Part
ners
CCLF Annual Report | 15
JPMorgan Chase Foundation
Marquette Bank
MB Financial Bank
The Northern Trust Company
The Partnership for New Communities
PNC Foundation
Polk Bros. Foundation
The PrivateBank
The Richard H. Driehaus Foundation
Searle Funds at The Chicago Community Trust
ShoreBank
Taproot Foundation
US Bancorp Foundation
Pro Bono Counsel
Chapman & Cutler LLP Mark O’Meara Kaitlin Corkran Adam Henkel
DLA Piper US LLP Peter B. Ross
Holland & Knight Jeff Kuta
Katten Muchin Rosenman LLP Geoff AuYeung Ari Krigel
Kirkland & Ellis LLP Garry Jaunal Mercedes McFarland Natalia Sokolova
Mayer Brown LLP Robert Baptista Christopher Ellis Geeta Kharkar Stack Nadav Klugman Rachel Kulpers Bates Kristin Rylko
McDermott, Will & Emery LLP Gerald Castro Ted Tuerk
Sonnenschein Nath & Rosenthal LLP Tara M. Reedy
Vedder Price P.C. Mark Diomede Robert Dixon William Hadler
Wildman, Harrold, Allen & Dixon LLP Jeffrey Gray Kate Price
Winston & Strawn LLP Devin Swaney Susan Wyse
Auditor
Desmond & Ahern, Ltd. Hugh Ahern, CPA
Consultants
Albert, Whitehead P.C.
Joy Aruguete, Bickerdike Redevelopment Corp.
Steve Becker, SB Media Inc.
Community Accounting Services (pro bono)
Erickson-Pearson Search
Great Realty Advisors
Huckstep and Associates
Integrated Realty & Property Management
Lopez-Martin Associates, Inc.
William O. McCollum
Net-Telligence, Inc.
NIA Architects
Heather Parish
Teresa R. Prim, Prim Lawrence Group
Jay Readey, MetroAlliance Consulting, Inc.
Rummel Associates, Inc.
Seyfarth Shaw LLP
Taproot Foundation Service Grant Team
Urban Equities, Inc.
Special Thanks
Jody Adler, Esq.
victor Agusta
David Arfa
Sylvia Arnold
Deborah Bennett
Sara Benson
Michelle Bibbs
Elida Brooks
Elyse D. Cherry
Center for Neighborhood Technology
Chicago Community ventures
Chicago Jobs Council
2009
-201
0 Pa
rtne
rs
16 | CCLF Annual Report
Gregory Jeffries
Tracie Johnson
Rachel Johnston
Gladys Jordan
Susan Kaplan, Esq.
Sandra Kerr
Susan King
Warren King
Gloria King-Wright
Deborah Kramer
Jeff Kuta
Lake County Affordable Housing Commission
Rafael León
Sara Jo Light
Peter Ludwig
Lutheran volunteer Corps
Carl Malone
Glenn Mazade
Raymond McGaugh
William A. Miceli
zina Murray
North American Students of Cooperation
Chicago Rehab Network
Joel Chupack
Allison Clark
Community Accounting Services
The Law Project
Jesse Davis
Beth Dever
Delta Institute
Alderman Pat Dowell
Edwin F. Mandel Legal Aid Clinic
Ignacio Esteban
Nora Ferrell
Nancy Firfer
Art Fleming
Joel Freehling
Stephen Gladden
Theresa Handley
Growing Home
Housing Action Illinois
Andrew Hubbard
Eric Hudson
Karis Jackson
Kevin Jackson
Adam Natenshon
Mary Jo Noriega
David Oser
Partners for the Common Good
Kevin Pierce
Mark Pinsky
David-Anthony Powell
Alderman Toni Preckwinkle
Dory Rand
Mike Regan
Matthew Reilein
Randy Rice
Allen A. Rodriguez
Susan Rollins
Salsedo Press
Lynn Sasamoto
Rachel Scheu
Debra Schwartz
Jim Shannon
Thurman “Tony” Smith
Geoff Smith
Djuane Stoakley
John Tuohy
Brenda vance
Livia villarreal
Ujjval vyas
Jennifer Wang
Gregory Whitehead
Woodstock Institute
Elise zelechowski
CCLF Annual Report | 17
CCLF maintained a high level of subordinate debt, with 33% of total assets in this category. CCLF’s capital and subordinate investments totaled 64% of total assets under management. By increasing overall resources and expanding permanent and subordinate capital—as credit became even scarcer for small and midsized community developers—CCLF closed 18 loans, an increase of 20% over 2008, for a total of $5.7 million. Cumulative investments leveraged increased from $775 million in 2008 to $906 million in 2009, a 17% increase. This is a 109% increase since 2005.
CCLF saw a 93% increase in housing units supported through our lending, from 700 in 2008 to 1349 in 2009. However, as the housing and credit markets contracted severely, CCLF prudently increased loan loss reserves and devalued some assets on our balance sheet. In light of market conditions, CCLF also expanded our underwriting and due diligence while remaining flexible, and continued to monitor our portfolio closely.
2005
$434 $479
In millions of dollars
$538
$775
$906
2006 2007 2008 2009
CUMULATIVE INVESTMENTS LEVERAGED
2005
376
344
997
599
852
522
700
613
1,349
1,325
2006 2007 2008 2009
HOUSING UNITS SUPPORTED
Affordable homesAffordable and mixed income homes
Fina
ncia
ls
18 | CCLF Annual Report
CCLF grew total capital under management by 11%, from $23.6 million to $26.2 million, in 2009. The increase over the past five years is 70%. The composition of CCLF’s lending pool, separate from operating assets, is 55% ($13 million) from corporate sources, 25% from our internally generated funds and 20% from foundations, religious organizations, public funds, individuals and other.
CCLF’s loan portfolio includes $5.8 million for minipermanent loans, $5.3 million in predevelopment loans and $3.5 for housing cooperatives, with $1.2 million in construction, permanent and equipment/working capital loans.
Individuals $405,800, 2%
LENDING POOL CAPITAL
Public $300,000, 1%
Other $227,160, 1%
Religious $1,925,000, 8%
Foundation $1,925,000, 8%
Net Assets $5,926,635, 25%
Corporate $13,019,636, 55%
Total: $23,729,230
Construction $916,561.30, 5.8%
PORTFOLIO BY LOAN PRODUCT
Predevelopment $5,318,878.69, 33.6%
Equipment/Working Capital $56,796.95, 0.4%
Permanent $238,842.71, 1.5%
Minipermanent $5,809,819.06, 36.7%
Housing Cooperatives $3,495,763.98, 22%2005 2006 2007 2008 2009
$15.4$17.0
$21.0$23.6
$26.2TOTAL CAPITAL UNDER MANAGEMENT2005-2009, In Millions of Dollars
CCLF Annual Report | 19
Statement of Financial PositionAs of December 31, 2009 (with comparative totals for 2008)
Operating Lending Capital 2009 Total All Funds 2008 Total All Funds
ASSETSCurrent Assets
Cash and cash equivalents 2,564,731 237,380 2,802,111 5,257,867
Investments 0 8,652,508 8,652,508 5,952,257
Notes receivable (net) 0 2,656,237 2,656,237 2,216,159
Grants and contributions, interest and others receivable 171,377 6,637 178,014 1,300,517
Property held for sale 120,001 120,001 275,000
Prepaids, deposits and other assets 20,212 20,212 10,262
Interfund transactions (382,492) 382,492 0 0
Total current assets 2,373,828 12,055,255 14,429,083 15,012,062
Long-Term Assets
Notes receivable (net) 0 11,673,975 11,673,975 8,468,800
Fixed assets and other assets 86,770 0 86,770 87,395
Total long-term assets 86,770 11,673,975 11,760,745 8,556,195
Total Assets 2,460,598 23,729,230 26,189,828 23,568,257
Desmond & Ahern, Ltd., Certified Public Accountants, audited the financial statements for the fiscal year ended December 31, 2009 in accordance with generally accepted accounting principals and expressed an unqualified opinion. The audit was
accepted by the CCLF Board of Directors and is available upon request (email [email protected]).
CCLF remains committed to strengthening our financial position so that we can continue helping create communities where people thrive.
20 | CCLF Annual Report
Statement of Financial Position (Cont)As of December 31, 2009 (with comparative totals for 2008)
Operating Lending Capital 2009 Total All Funds 2008 Total All Funds
LIABILITIESCurrent Liabilities
Accounts payable and other 195,344 2,160 197,504 179,967
Notes and loans payable 0 6,245,136 6,245,136 2,941,692
Total current liabilities 195,344 6,247,296 6,442,640 3,121,659
Long-Term Notes and Loans Payable 0 11,555,300 11,555,300 12,356,800
Total Liabilities 195,344 17,802,596 17,997,940 15,478,459
Net Assets
Unrestricted 2,117,213 4,156,171 6,273,384 5,659,000
Temporarily restricted 148,041 45,145 193,186 730,480
Permanently restricted 0 1,725,318 1,725,318 1,700,318
Total Net Assets 2,265,254 5,926,634 8,191,888 8,089,798
Total Liabilities and Net Assets 2,460,598 23,729,230 26,189,828 23,568,257
Notes: 1. Loan loss reserve allowance was $1,506,450 and $1,332,511 in 2009 and 2008, respectively. 2. Statement of financial position is condensed for presentation purposes only.
CCLF Annual Report | 21
Statement of Activities For the year ended December 31,2009 (with comparative totals for 2008)
LENDING OPERATIONS TECHNICAL ASSISTANCE
Unrestricted Temporarily Unrestricted Temporarily Restricted Restricted Total
Revenue and support
Grants and contributions 417,090 175,000 42,698 5,000 639,788
Contracted services and workshop - - 2,985 - 2,985
Donated services 300,093 - - - 300,093
Notes receivable interest income 831,315 - - - 831,315
Loan closing fees 52,222 - - - 52,222
Investment income 384,583 - - - 384,583
Unrealized/realized gain (loss) on investments - - - - -
Loss on disposal of fixed assets -
Other 409 - - - 409
Net assets released from restrictions- satisfaction of program restrictions 169,612 (169,612) 45,985 (45,985) -
Total public support and revenue 2,155,324 5,388 91,668 (40,985) 2,211,395
Expenses
Program 1,175,235 - 149,033 - 1,324,268
Administrative 437,483 - - - $437,483
Fundraising 84,861 - - - 84,861
Total expenses 1,697,579 - 149,033 - 1,846,612
Change in net assets 457,745 5,388 (57,365) (40,985) 364,783
Net assets, beginning of year 1,716,833 124,223 59,415 1,900,471
Net assets, end of year 2,174,578 129,611 (57,365) 18,430 2,265,254
Operating
22 | CCLF Annual Report
Unrestricted Temporarily Permanently 2009 Total 2008 Total Restricted Restricted All Funds All Funds
Revenue and Support
Grants and Contributions 350,000 25,000 1,014,788 1,993,991
Contracted services and workshop - - - 2,985 2,760
Donated Services - - - 300,093 216,549
Notes Receivable interest income - - - 831,315 784,294
Loan Closing Fees - - - 52,222 77,295
Investment Income - - - 384,583 342,230
Unrealized/realized gain (loss) on investments (101,904) - - (101,904) 65,380
Loss on disposal of fixed assets - - - - (1,403)
Other - - - 409 484
Net assets released from restrictions- satisfaction of program restrictions 501,697 (501,697) - - -
Total Public Support and Revenue 749,793 (501,697) 25,000 2,484,491 3,481,580
Expenses
Program 535,789 - - 1,860,057 1,567,234
Administrative - - - 437,483 457,818
Fundraising - - - 84,861 72,316
Total Expenses 535,789 - - 2,382,401 2,097,368
Change in Net Assets 214,004 (501,697) 25,000 102,090 1,384,212
Net Assets, Beginning of Year 3,942,167 546,842 1,700,318 8,089,798 6,705,586
Net Assets, End of Year 4,156,171 45,145 1,725,318 8,191,888 8,089,798
Lending Capital
Lending Capital
CCLF Annual Report | 23
Staff
& C
redi
tsStaff
President Calvin L. Holmes
Vice President – Finance and Administration Jane I. Ames
Vice President – Lending Rhonda McFarland
Vice President – Technical Assistance and Sustainability Elizabeth C. Richards
Senior Loan/Program Officer Mark Fick
Senior Loan/Program Officer Paul Gakhal
Senior Portfolio Management Officer N. Paul Elue
Loan Closing/Portfolio Officer Clarice Norin
Office Manager Juanita Walker
External Relations Associate Emily Moen
Finance and Administration Associate Angela Bennett
Lending Program Assistant Kate McInerney
LVC Program Assistant Nga Nguyen
Credits
Editor Emily Moen
Design Tamarack Media, tamarackmedia.com
Photography Steve Becker, beckermedia.com All photos taken by Steve Becker, unless otherwise noted.
Allen Rodriguez Charter One Bank
Lynn Sasamoto Community Representative
Mark Spears Fifth Third Bank
Brian Worth TLC Management Company
Charles Walls ComEd
COMMITTEE MEMBERSLeslie Davis ShoreCap Management
Stephen J. Gladden Illinois Housing Development Authority
Charles Goetze Harris Bank
Charles Hall Builders Bank
Cynthia Hall New Century Bank
Erik L. Hall Citi Markets & Banking
Gladys Jordan Interfaith Housing Development Corporation of Chicago
DuWarn Porter Chicago Housing Authority
Boar
d of
Dire
ctor
s
Board of DirectorsCHAIRJohn L. Tuohy, Esq. Chapman and Cutler (retired)
vICE CHAIRSusan Kaplan, Esq. The Law Project
TREASUREREdward J. Hoynes Community Accounting Services, LLC
SECRETARYMohammed M. Elahi Andes Capital Group LLC
Charles F. Daas Cambodian American Heritage Museum
Toya Horn Howard, Esq. Real Estate Attorney
Ed Jacob Neighborhood Housing Services of Chicago
Rafael M. León Chicago Metropolitan Housing Development Corporation
Glenn M. Mazade Charter One Bank
Patricia Y. McCreary Seaway Bank and Trust Company
Raymond S. McGaugh, Esq. Finance Attorney
Kay McNab, Esq. Winston & Strawn
Richard S. Peabody Home Helpers Network
Nancy Radner, Esq. Chicago Alliance to End Homelessness
Matthew R. Reilein JPMorgan Chase & Co.
Kathryn Tholin Center for Neighborhood Technology
CCLF Annual Report | 25
Chicago Community Loan Fund29 East Madison Street, Suite 1700, Chicago, IL 60602
phone: 312.252.0440 | fax: [email protected]