Energy and Environmental Committee Chicago Community Loan Fund Helping create communities where people thrive Kane County Energy and Environmental Committee August 18, 2010 1
How CCLF Works Individuals, foundations, corporations, government and religious organizations invest in CCLF at below-market rates CCLF re-lends these funds to groups engaged in community development & social services CCLF now has over $25M under management CCLF is a Community Development Financial Institution (CDFI), sometimes called an Opportunity Finance Organization.
Impact Across Chicagoland Serve 6 county Chicago region Provided 165 loans since 1991, totaling over $36 million in community financing Leveraged $808 million of additional financing Over 5,000 housing units created or retained Over 1,000 jobs created or retained 1,700,000 square feet of nonprofit facility and commercial/retail space financed 3
Types of Projects Affordable housing Social service facilities Arts facilities Cooperatives Educational facilities Retail, commercial, or industrial facilities Social enterprises 4
Technical Assistance Resources Project Readiness Workshops Topical workshops Building for Sustainability Foreclosure Prevention for Affordable For-Sale Housing Developers Housing Cooperatives Resource referrals Comprehensive Development Assistance
Sustainable Building Resources Annual two-day “Building for Sustainability” workshop “A Guide to Building for Sustainability,” published in 2008 Sustainable Builders Working Group Referrals and general guidance www.greenaffordable.org
CCLF as TA Provider to Kane County Approved as subcontractor through Center for Neighborhood Technology in Winter 2009 Assist with design and implementation of Kane County Energy Efficiency Revolving Loan Fund Use energy plan as guide for Revolving Loan Fund Changed role in May / June to meet new DOE deadlines
CCLF as Loan Servicer w/ Kane County Create Application and Loan documents Conduct Underwriting Loan Servicing – Collections and Billing Borrower monitoring Kane County Approve loans Energy Audits / Assessments Monitor Energy Savings
Revolving Loan Fund Characteristics Borrowers must be non-profit or government entities Loan Sizes of $15K to $150K Anticipate 5 to 15 projects Used for ARRA eligible retrofit activities Interest Rates of 0% to 3% Prioritize projects that leverage other funds and have significant energy efficiency impact
Short Term Planning October 2010 1st Qtr 2011 June 2012 Launch of fund and begin formal marketing 1st Qtr 2011 Review and adjust program based on experience with first 2-3 projects June 2012 Initial $340K fully disbursed
Long Term Planning Possibilities Make fund a permanent resource Potential for more than $500K within 5 yrs Expand eligible borrowers Commercial / Retail Housing Grow fund balance to increase impact Partner with & leverage other programs Identify additional investment and grant sources