Chase has partnered with Chicago Community Loan Fund (CCLF) to support the increased demand for CCLF to lend to community development organizations throughout the Chicago metro area. Chase will donate $2 million to help provide financing to customers and community groups seeking to purchase or improve affordable housing units.
According to the firms, the permanent capital award will be used to support lending for the preservation of affordable housing in Chicagoland neighborhoods hardest hit by the foreclosure crisis, for both large multifamily and smaller one- to four-unit buildings.
‘CCLF is very pleased that Chase is stepping up to provide critical permanent capital during a time when funding for [community development financial institution (CDFIs)], including government sources, is more uncertain than ever," says CCLF President Calin L. Holmes. "We hope that other institutions will follow Chase's lead in the future to boost the capacity of CDFIs like CCLF to finance innovative community development projects that spur job creation, economic growth and quality affordable housing."