The Sperry Van Ness Legacy Foundation provided funds to The Chicago Community Loan Fund, which is a 501c3, providing low-cost, flexible financing to non- and for-profit community development organizations for the revitalization of low- and moderate-income neighborhoods throughout metropolitan Chicago.
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The Chicago Community Loan Fund (CCLF) is so grateful for the support we have received and we would like to share with you some highlights from the last fiscal year. With all the economic concerns these days, I am sure that you welcome some good news.
The $5,515,000 in loans closed in 2008 served 15 low to moderate income communities. This single year’s community impact was the most significant in our history. To date, CCLF ‘s programs have impacted 4,996 units of affordable housing, 1,075 jobs and 1,724,235 square feet of commercial/retail space to serve the target areas. As we have no doubt told you in the past, but it is always good to celebrate it again, CCLF loan dollars leveraged funds from other sources totaling $775,107,770. This was all made possible by you, the investor.
CCLF has positive cash flow, return on investment and liquidity, all while maintaining expenses. Management has been diligently monitoring reserve levels and applying a conservative methodology when reviewing them, leading to higher reserves, which we believe is appropriate in the current economic environment. Further, several highly qualified and experienced staff joined the team to augment the existing, tenured leadership.
At the writing of this letter, there is even more exciting news. CCLF was honored with the MacArthur Award for Creative and Effective Institutions that will allow us to expand and strengthen our sustainable building programming. CCLF was one of three organizations in the United States to receive this recognition.
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