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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

Djuana 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 invest@cclfchicago.org).

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: 312.252.0419info@cclfchicago.org