CCV Signs Memorandum of Understanding with Chicago Community Loan Fund to Offer Comprehensive Services
On June 3, 2008, CCV and Chicago Community Loan Fund (CCLF) signed a Memorandum of Understanding (MOU) to leverage each organizations' strengths to assist entrepreneurs, landlords and developers (and other community change agents) rehabilitate or build new commercial retail space in low-income communities. Through the efforts of the individual organizations, over $500 million has been channeled into Chicago's communities to build housing, revitalize commercial corridors and reinforce the small business infrastructure, important to healthy vital communities. CCLF and CCV pledged to bring their respective but distinct resources and expertise to bear around the redevelopment of Chicago's communities.
Both organizations recognize the central role that dynamic commercial/retail corridors play in the overall prosperity of neighborhoods and the creation of accessible jobs. Focusing on Chicago's low-income neighborhoods, CCLF will offer financing and technical assistance resources to for-profit and non-profit property owners and developers to build new or rehabilitate existing commercial/retail or mixed used commercial/retail properties. CCV will provide financing and technical assistance to the small business tenants who will be occupying the new or rehabilitated space to ensure their growth and sustainability. Both organizations recognize that in order for commercial/retail corridors to become true community assets, the property owners need strong tenants and the tenants need appropriate locations. This collaboration aims to address these needs simultaneously.
For more information on Chicago Community Loan Fund, please visit their web site.